The global window covering market is projected to touch USD 36.8 billion by the end of 2025, according to a new report by Million Insights. The market is estimated to grow at a CAGR of 4.2% during the forecast years. The rise in the number of households and rapidly growing urbanization coupled with increasing consumers’ purchasing power are the primary factors supplementing the market growth.
Blinds and shades held nearly 40% of the market share, in 2018. Changing preferences and the introduction of innovative technologies are fueling the segment growth. On the other hand, curtains occupied 31.5% of the market share because of its cost-effectiveness and easy availability.
Based on the application, the residential sector held the largest market share with over 50%, in 2018. The rise in the number of households in emerging countries such as China, India and Brazil is propelling the growth of this segment. The commercial sector is anticipated to grow at the fastest CAGR of 4.2% over the forecast years. Rise in the hospitality industry coupled with the increasing tourism industry in countries such as Malaysia, Thailand and others are driving the growth of the commercial sector.
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Among different sales channels, the offline segment held 84.6% of the market share, in 2018. Consumers’ inclination for purchasing through wholesalers is driving the offline segment growth. The online segment, on the other hand, is projected to exhibit a CAGR of 4.7% during forecast years, 2019 to 2025. Factors such as availability of a wide range of products, easy doorstep delivery, price comparison and others are aiding to the growth of the online segment.
North America held the largest window covering market share, in 2018 with over 40%. The presence of key market players and changing trends towards home decoration are driving the region’s growth. Asia Pacific is likely to grow at the fastest CAGR, during the forecast period. Rising urbanization in countries such as India and China is the key factor driving regional growth. Further, growing tourism in countries such as Malaysia and Thailand is also proliferating the region’s growth.
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Further key findings from the report suggest:
• Among different types, blinds and shades segment is expected to grow at a CAGR of 4.5% over the forecast period.
• Among different applications, the residential segment occupied the largest share, in 2018.
• Offline channels alone held over 80% of the market share, in 2018.
• North America was the leading region, for 2018 in terms of revenue. However, Asia Pacific is likely to grow at the highest CAGR during the forecast period.
Million Insights has segmented the global window covering market on the basis of type, application, distribution channel, and region:
Window Covering Type Outlook (Revenue, USD Billion, 2015 – 2025)
• Blinds & Shades
Window Covering Application Outlook (Revenue, USD Billion, 2015 – 2025)
Window Covering Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Window Covering Installation Outlook (Revenue, USD Billion, 2015 – 2025)
• New Construction
Window Covering Technology Outlook (Revenue, USD Billion, 2015 – 2025)
Window Covering Region Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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