Umbrella Market 2020 to Witness a Pronounce Growth During COVID-19 Crisis with Dominating Key Players and Demands
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COVID-19 Scenario Analysis:
• The umbrella market has faced loss in production due to the lockdown scenario as many manufacturing units had to shut down and loss of labor has reduced the output, which is expected to affect the profit of industries in prime season.
• The distribution channel such as retail stores and specialty stores have faced a reduction in their sales due to the shutdown condition in most parts of the world.
• The post lockdown scenario is anticipated to turn out profitable for the umbrella market as it can be used to maintain the required social distancing practices and is likely to be considered as an essential item in India.
•Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Umbrella is considered to be one of the most useful inventions in the world as it can provide shelter and protection from rain and sunlight. Various types of umbrellas are available in the market which provide innovative and new features, making umbrella an essential household item. Innovation and automation have brought many reforms in the traditional umbrellas and has gained popularity in many countries. The awareness about the automation and technology, improved attributes and additional features, concerns regarding the protection of skin from sunlight and harsh climate, improved aesthetics of the product, multipurpose umbrellas, wide choice of design, and enhanced raw material drive the growth of the global umbrella market. However, the lack of automation in the production of umbrellas and reliability on the hand assembly technique, expensive cost per unit, and limited distribution channels hinder the growth of the market. Contrarily, investments in innovation and automation, new product launches, an increase in the sustainable products and improved life and quality of the umbrellas present new opportunities in the umbrella market.
• Improved features of traditional umbrellas
The augmenting fashion and style in the millennial and preceding generation Z have created the trend of improved design and style in the traditional and commonly used items. The improved technology and innovative proposals have led to the automation of umbrellas. Variants of umbrella such as classic umbrellas, bubble umbrellas, wind-resistant umbrellas, automatic umbrellas, golf umbrellas, artistic umbrellas, paper umbrellas, and child umbrellas are the recent trends in the market. The umbrella market has a huge market share as the use of umbrellas is not only limited to protect against rain and sunlight but is also used commercially. The promotional strategy by the use of beach umbrellas is followed by many leading companies such as Coca-Cola and PepsiCo; therefore the key players are focused to bring new variants of umbrella for entertainment as well as promotional use.
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The new trends in the umbrella market such as LED umbrella have LED light installed within the handle or throughout umbrella, the prints on the canopy have advanced features of being visible while in contact with water and disappear as it dries, customized handle, and attractive design of the umbrella present attractive features for the customers. GustBuster, a leading brand has launched a series of smart umbrellas that have an automatic open and close system, is weatherproof to storms, and has incorporated wind-release technology. The key players have inclined towards improving the basic features of the umbrella by making it lightweight, weatherproof, wind-resistant, water leakage-free, and enhancing its sustainability.
Companies covered GustBuster, CrownCoast, Cloud Nine Rain Ducky, Repel Umbrella, Blunt Umbrellas, Alexander McQueen, London Undercover, RainStoppers, KolumboNonbreakable, Lewis N. Clark.
Key Benefits of the Report:
• This study presents the analytical depiction of the umbrella industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global umbrella share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global umbrella growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global umbrella analysis based on competitive intensity and how the competition will take shape in the coming years.
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