DUBLIN, Dec. 15, 2017 /PRNewswire/ --
The "Global Motorized and Smart Awnings Market 2017-2021" report has been added to Research and Markets' offering.
The global motorized and smart awnings market to grow at a CAGR of 8.18% during the period 2017-2021.
Global Motorized and Smart Awnings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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.
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.
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.
- Americana Building Products
- NuImage Awnings
Other prominent vendors
- Bradcot Awnings Direct
- Hangzhou SHY Sunshading Technology
- Lamda Awnings
- Riverside Works
- Rdelbronn (VARISOL)
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Five Forces Analysis
Part 07: Market Segmentation By Application
Part 08: Market Segmentation By Distribution Channel
Part 09: Market Segmentation By Material
Part 10: Market Segmentation By End-User
Part 11: Regional Landscape
Part 12: Decision Framework
Part 13: Drivers And Challenges
Part 14: Market Trends
Part 15: Vendor Landscape
Part 16: Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/research/6ql7g8/global_motorized?w=5
Laura Wood, Senior Manager
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SOURCE Research and Markets