Global Retractable Awnings Market Prediction Based on Industry Demand and Trends through 2018-2028 | Declared Key Players are Thule Group, Stobag, SunSetter Awnings, Markilux, Thompson Awnings Company, etc.

In order to study the various trends and patterns prevailing in the concerned market, FactMR has included a new report titled “Global Retractable Awnings Market Prediction Based on Industry Demand and Trends through 2018-2028” to its wide online database including upcoming trends and growth factors. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report studies the retractable awnings market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions.

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Immense popularity of retractable awnings with their efficient UV filtration function is just the tip of the iceberg. Apart from creating cooling effect and maintaining indoor temperature, retractable awnings also aid in considerable cost cutting with respect to indoor power consumption. In addition, significant growth opportunities can be grabbed in the retractable awnings market with growing renovations and remodeling of houses and commercial spaces across the world. Furthermore, the demand for retractable awnings is expected to increase with increasing number of eateries, cafes and quick service restaurants that employ retractable awnings, considering them as an additional means of brand image visibility apart from their regular functionality.

That said, the increasing residential and commercial sectors are prevailing as a boon for players involved in manufacturing of retractable awnings, with new developments abound in the retractable awnings market. This is expected to auger well for the growth of the overall retractable awnings market during the period of forecast.

A recent research report by FactMR has revealed key growth prospects of the retractable awnings market along with opportunity analysis and projections with respect to demand and supply scenario of retractable awnings. According to the report, the retractable awning market is projected to expand at a robust CAGR of 6.7% with respect to value throughout the period of forecast, 2018-2028, during which the demand for retractable awnings is expected to reach its peak in terms of sales volume. Sales of retractable awnings are expected to remain concentrated in the emerging economies of Asia Pacific excluding Japan (APEJ) region across countries of China, Australia and India, consequently portraying a higher market attractiveness index of APEJ region during the period of forecast.

Fabric as a material for retractable awnings as gained widespread attention, given its enhanced UV filtering efficiency coupled with better durability. Knowing this factor, companies involved in the manufacturing of retractable awnings are focusing on introducing retractable awnings with advanced material that reflect high durability and effectiveness. Fabrics with no-fade qualities and self-cleansing technology have been developed.

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As global demand for retractable awnings continues to witness a significant upsurge, volume sales of retractable awnings remain competitive in developed regions of North America and Europe. Albeit, Europe being a shade better in terms of sales of retractable awnings, the North America retractable awnings market is expected to spur at a relatively higher pace, given the increasing number of remodeling expenditure witnessed in the region, particularly in the United States. According to the report of Joint Center for Housing Studies, the house owners in the United States are expected to spend an excess of US$ 330 billion on up gradation of homes and remodeling along with routine maintenance programs, that has presented potential opportunities for installation of retractable awnings, in turn pushing growth of retractable awnings market in the region.

On the other hand, home investment in Europe has played a major role in pushing growth of retractable awnings market across European countries. This can be attributed towards increasing GDP per capita that has given a push to the purchasing power parity of people in Europe. For instance, GDP per capita of Germany reflected an increase of US$ 2300 in 2017 over 2016, a 5.44 percent increase. Likewise, GDP per capita of France was US$ 38,205 in 2016 that increased to US$ 38,578 in 2017, which has translated into increased spending on home expenditure and retractable awnings are not an exception.

Retractable awnings are relatively expensive than regular awnings, which makes it essential for the user to purchase retractable awnings from reputed companies and known brands in order to gain price satisfaction. However, high price of retractable awnings has been challenging the growth of the retractable awnings market, given the possibility of probable customer reluctance in purchasing the product. Moreover, replacement of electric sensors becomes essential during adverse weather conditions.

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