Global Motorized and Smart Awnings Market 2017-2021
About Motorized and Smart Awnings
Awnings are primarily used as sunshades in outdoor places, including doors, windows, and patios. Awnings that have the motor mechanism are considered motorized awnings. These awnings can be run manually or automatically. Automatic motorized awnings can run on electricity or through wireless connectivity. Electric awnings are operated through electric switch connectivity. Smart awnings are operated through infrared (IR), remote-controlled, and wireless technologies including Wi-Fi, Bluetooth, Wi-Max, and ZigBee (operated through apps in smartphones or tablets).
Technavio’s analysts forecast the global motorized and smart awnings market to grow at a CAGR of 8.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global motorized and smart awnings market for 2017-2021. To calculate the market size, the report considers the value sales of motorized and smart awnings.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motorized and Smart Awnings Market 2017-2021
Technavio recognizes the following companies as the key players in the global motorized and smart awnings market: ADVANING, AlekoAwning, Americana Building Products, Awntech, and NuImage Awnings.
Other Prominent Vendors in the market are: Bradcot Awnings Direct, Hangzhou SHY Sunshading Technology, Lamda Awnings, Riverside Works, and Rödelbronn (VARISOL).
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand for patio furniture. A patio is an area in the back or front yard of homes which consumers use for outdoor lounging, dining, or other recreational activities. It is also called a courtyard and is an open space in houses. With the increase in the disposable income and changing lifestyle, consumers are opting for houses that have space to build a patio and customize it based on their requirements. This trend leads to a growing demand for patio furniture such as tables, chairs, and hammocks.”
According to the report, one of the major drivers for this market is Technological innovations and product line extensions leading to product premiumization. Innovations in design allow key vendors and brands to maintain high brand associations with customers. Innovative designs are being introduced by key vendors to create product differentiation and value proposition for potential and prospective customers. Vendors, by introducing high-priced variants of motorized and smart awnings, are strengthening the product mix. Brands also work with varied materials to enhance their product portfolios. Some materials can be sourced at lower costs but can still be used to create durable and desired designs in the premium segment to enable greater profit margins for manufacturers and retailers.
Further, the report states that one of the major factors hindering the growth of this market is Increase in raw material cost. The raw materials used in motorized and smart awnings are metal, acrylic, plastic polyester, and various other fabrics. The increase in the prices of fabric material, metal, and smart-connected devices has affected the profit margin of manufacturers and distributors. This results in high cost for the end-consumer, which poses a major challenge for manufacturers. The prices that manufacturers pay to suppliers for acrylic is rising. Acrylic awnings are popular among homeowners due to their low price compared to metal, aluminum, and other awnings materials. Smart devices have been witnessing a rise in prices due to product innovation, which results in product premiumization. With suppliers increasing the prices for these devices, it is necessary for manufacturers to adopt new technologies to sustain themselves in the market. The increase in the prices of these raw materials has resulted in the overall cost and decrease in the profit margin for everyone in the product value chain.
ADVANING, AlekoAwning, Americana Building Products, Awntech, NuImage Awnings, Bradcot Awnings Direct, Hangzhou SHY Sunshading Technology, Lamda Awnings, Riverside Works, and Rödelbronn (VARISOL).
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