LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global portable fabric canopies market to grow at a CAGR of close to 4% during the forecast period, according to their latest report.
This market research report segments the global portable fabric canopies market based on product (shade canopy, garden canopy, event tent, and portable garage) and geography (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global portable fabric canopies market:
- Rise in number of outdoor restaurants and recreational activities
- Growing popularity of portable fabric canopies
Rise in number of outdoor restaurants and recreational activities
Pubs and outdoor restaurants such as QSRs, pubs, hotels, and cafes, which cater to changing consumer preferences and lifestyle choices have experienced a hike over the last few years. Subsequently, the pub culture has undergone a constant evolution, usually because of the increase in the millennial population base who frequent these places. Factors such as rising dual-household income, increasing number of working women, hectic work schedules, increasing urbanization, and improved living standards are responsible for the growing demand for these places. At present, food service vendors are coming up with innovative infrastructure involving different themes, thus fostering the demand for portable fabric canopies.
Due to the increase in fast-paced and hectic lifestyles, consumers are opting for various ways to de-stress. Owing to such needs, the demand for leisure activities and outdoor sports is on the rise. An increase in disposable income that has been observed across the world will also aid in meeting this demand. This is because consumers will be able to afford portable fabric canopies and opt for premium products.
According to a senior analyst at Technavio for outdoor gear, “An increase in recreational expenditures is expected over the next five years. This will enhance the popularity of leisure activities and outdoor activities. This is one of the primary drivers of the market. People's interest in nature-based outdoor adventure travel has increased. Therefore, the rise in adventure activities will fuel the demand for global fabric canopies during the forecast period.”
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Global portable fabric canopies market segmentation
In 2017, the global portable fabric canopies market was dominated by shade canopies with a share of more than 41%. This was followed by garden canopies, event tent, and portable garage market.
Geographically, the Americas dominated the market, accounting for a market share of close to 41% in 2017. It was followed by EMEA and APAC respectively. The markets in Eastern Europe and Latin America will gain traction after two to three years. The market in APAC is growing, with major growth coming from emerging nations such as China and Japan.
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