The global Retractable Awnings Market, valued at USD 3.81 billion in 2021, is projected to grow at a compound annual growth rate (CAGR) of 7.46% from 2022 to 2030, reaching USD 7.28 billion by the end of the forecast period. This growth is fueled by increasing consumer demand for outdoor living spaces, rising environmental awareness, and advancements in awning technology.
Retractable awnings, which provide shade and protection from harmful UV rays while allowing users to enjoy natural sunlight when desired, are becoming a popular choice for both residential and commercial properties. These versatile structures can be manually or motorized, offering convenience and aesthetic appeal. The market’s expansion is further supported by the growing trend of home renovations, sun protection needs, and the rising number of cafes, restaurants, and hotels adopting retractable awnings for outdoor seating areas.
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Market Scope and Research Methodology
The comprehensive market analysis conducted by Straits Research covers the period from 2018 to 2030, with 2021 as the base year. The study provides historical data from 2018 to 2020 and forecasts market trends from 2022 to 2030. The research methodology includes a combination of primary and secondary research, ensuring accurate and reliable insights. Primary research involves interviews with industry experts, manufacturers, and distributors, while secondary research includes data from industry reports, company websites, and government publications.
The report segments the market by product type, application, and region, offering a detailed analysis of key drivers, restraints, opportunities, and challenges. The study also highlights the competitive landscape, profiling major players and their recent developments.
Segmentation
By Product Type
- Freestanding Awnings: Expected to grow at the highest CAGR of 6.24% during the forecast period, driven by their use in public spaces, gardens, and outdoor dining areas.
- Patio Awnings: Dominated the market in 2021, fueled by rising consumer spending on patio furniture and accessories.
- Others: Includes window and door awnings, which are gaining popularity for their aesthetic and functional benefits.
By Application
- Residential: Accounted for 60% of the market share in 2021, driven by the growing demand for outdoor living spaces and energy-efficient home solutions.
- Commercial: Projected to grow at a CAGR of 8.49%, supported by the increasing number of cafes, restaurants, and hotels adopting retractable awnings.
Key Players
- Thompson Awning Company
- Levens Australia
- Aristocrat
- Advanced Design Awnings & Signs
- MARKILUX GmbH + CO. KG
- Mitjavila
- Marygrove Awnings
- Shades Awnings
- Sunesta
- Warema Renkhoff SE
Regional Insights
- North America: The largest market in 2021, driven by the United States’ booming residential construction sector. Mexico is also witnessing growing demand for retractable awnings in commercial applications.
- Asia-Pacific: The fastest-growing region, with India expected to achieve a CAGR of 9.98%. The rise of outdoor dining culture and increasing urbanization are key growth drivers.
- Europe: Steady growth is anticipated, supported by the demand for garden houses and outdoor living spaces in countries like Germany and the United Kingdom.
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FAQs
- What is driving the growth of the retractable awnings market?
The market is driven by increasing demand for outdoor living spaces, rising environmental awareness, and advancements in awning technology. - Which region is expected to grow the fastest?
The Asia-Pacific region is projected to grow at the highest CAGR of 9.24%, led by India and China. - What are the key challenges in the market?
High costs, installation complexities, and maintenance requirements are the primary challenges. - Who are the major players in the market?
Key players include Thompson Awning Company, Levens Australia, Aristocrat, and MARKILUX GmbH + CO. KG, among others. - How do retractable awnings contribute to energy savings?
Retractable awnings reduce solar heat gain by up to 77%, lowering the need for air conditioning and saving homeowners up to USD 200 annually.
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