Rise in Urban Population Provides Growth Opportunities for External Blinds Market
According to our latest market study on "External Blinds Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Operating System, Material and End use," the market is expected to grow from US$ 15,715.3 million in 2021 to reach US$ 24,623.4 million by 2028; it is anticipated to grow at a CAGR of 6.7% from 2022 to 2028.
The increasing number of prospective residential and commercial construction activities, and a surge in government initiatives to build smart industries are fueling the adoption of external blinds. The rising popularity of bioclimatic and other eco-friendly construction techniques, and innovations in external blinds also support the market growth. External blinds are used to maximize outdoor space by covering verandah and patio to make extra usable space if the area of houses and commercial blocks is small. The population in the urban cities/areas across the world is increasing rapidly. According to the article published by StatisticsTimes.com in September 2021, the world's urban population was 4.5 billion in 2021, and it is likely to reach 6.7 billion by 2050. Further, the urban population across Asia and Africa is likely to surge by 90% from 2021 to 2050. Northern America, Europe, and South America are among the most urbanized regions, while the trend is growing at a significant rate in Asia Pacific and the Middle East & Africa.
Asia Pacific held the largest share of the external blinds market in 2021. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. China is expected to provide ample growth opportunities to the market during the forecast period. The growth of the external blinds market in China is ascribed to the rise in construction activities and a widescale uptake of façade systems in residential and commercial buildings across the country. Further, due to the ample untapped potential and easy availability of low-cost labor, APAC has emerged as the first choice of leading multinational companies, such as Microsoft and Apple, for setting up production facilities and outsourcing operations. Such industrial developments make APAC a potentially large market for external blinds. Moreover, the region has a few of the largest construction companies in the world, such as China State Construction Engineering and L&T Constructions. The consequent progress in construction activities, owing to the rise in urbanization, is further augmenting the external blinds market size.
According to publicly listed data, there is a need for at least ~350,000 additional homes every year in Germany. Low borrowing rates and rising disposable incomes have pushed up property prices, particularly in major cities, making it difficult for middle-class families to buy houses. The German government has established the Housing Construction Campaign, a comprehensive package of policies targeting housing shortages and price hikes to alleviate some pressure from the housing market. Thus, the probable growth of the housing sector in the coming years is expected to drive the external blinds market in Germany.
The external blinds market analysis has been carried out on the basis of product type, operating system, and material. Based on product type, the market is further segmented into venetian blinds, roller blinds, vertical blinds, panel blinds, and others. On the basis of operating system, the external blinds market is segmented into manual and automated. Based on material, the market is segmented into metal, wood, plastic, and others.
External Blinds Market Size, Share, Industry, Trends by 2028
Download Free SampleExternal Blinds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Venetian Blinds, Roller Blinds, Vertical Blinds Panel Blinds, and Others), Operating System (Manual and Automated), Material (Metal, Wood, Plastic, and Others), and End-Use (Residential and Commercial)
Hunter Douglas, NEVA, Schenker Storen, Alulux GmbH, and GRIESSER AG are among the key players profiled during this study on the external blinds market. In addition, several other important market players were also studied and analyzed during the course of this research study to get a holistic view of the global external blinds market and its ecosystem. The report provides detailed market insights that may help the key players to strategize the growth in the coming years.
Before the COVID-19 pandemic, the high need for external blinds was associated with the rising global population. Authorities in metropolitan cities provided essential services and affordable housing solutions to overcome the needs of expanding population. According to the World Bank data, ~55% of the world's population (~4.2 billion inhabitants) lived in metro cities in 2019. The population in metro cities was continuously rising, propelling the need for infrastructure development. Further, in 2021 and 2022, the relaxation of lockdown measures and resumption of construction activities in urban areas are likely to support the progress of the external blinds market. According to the World Bank Group data, the urban population in the world is likely to spike to 6 billion by 2045. Such surge in the urban population would further add to the demand for external blinds during the forecast period. The external blinds market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth.
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