Window covering manufacturers are pushing for strategic collaborations with online distribution channels to increase sales, despite lockdown restrictions during pandemic
DUBAI, UAE / ACCESSWIRE / June 18, 2020 / As governments impose stay-at-home orders on local populations to counter the covid-19 crisis, new interior design events have been delayed, home décor sales have also slowed down. Further, people are not as likely to visit retailers to purchase window coverings. These factors, compounded with frequent supply disruptions will hurt the prospects of the window coverings market in the months to come.
The window coverings market is anticipated to grow at a moderate 4% CAGR throughout the forecast period 2020 - 2030. As per FMI analysts, the temporary slowdown of construction projects arising due to a shortage in materials and labor will impact the sales of window coverings. This trend is likely to continue till the end of lockdown restrictions. Recovery is expected to be sluggish, with only luxury products retaining pre-pandemic levels of demand in the short term.
"Novel tech improvements in hardware and automation in window covering designs are supporting sales. Growth in demand for smart homes will propel developments in the industry, including remote operations, and varied functionality. These trends will bode well for the window coverings market after the pandemic comes under control," says the FMI analyst.
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Window Coverings Market - Important Takeaways
- Blinds and shades remain the most popular window covering options, driven by automation tech advancements in these products. Curtains to gain traction owing to affordability.
- Offline distribution channels such as brick and mortar retailers account for more than 80% of overall sales. However, changes in consumer demographics are boosting the role of online channels.
- Window coverings for residential applications remain the most popular owing to rapid urbanization in China and India. Rise of travel industry contributes to commercial applications.
- North America is a leader in window coverings with wider range of product options and tech improvements. Asia Pacific is displaying remunerative opportunities owing to growth in tourism sector and urban growth in India and China.
Window Coverings Market - Driving Factors
- Growth of global urban centers, and the consequent rise in the number of residential properties contributes to adoption.
- Government public housing initiatives and a rise in hospitality and tourism will support market growth.
Window Coverings Market - Leading Constraints
- High capital needs associated with tech innovations in window covering offerings are set to restrict sales.
- Customization in window coverings is fairly expensive, hindering adoption and sales.
Anticipated Impact on Market by COVID-19 Outbreak
The coronavirus outbreak has resulted in the temporary closure of offline distribution channels including associated retail businesses. This has significantly impacted sales figures. It has also pushed many market players into adopting online sales and marketing channels to mitigate losses during the pandemic. Further, cancelled orders, and factory closures have hit supply chains, slamming industry prospects in the near term.
Recovery strategies can include personalized marketing campaigns, diversification of prices and product offerings, and the integration of new technologies, which will aid in rebuilding demand once the contagion is brought under control.
Explore the window coverings market with 196 figures and 136 data tables, along with the table of contents. You will also find market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11666
Competition Landscape
Some of the top players in the window coverings market are Comfortex Window Fashion, Hunter Douglas, Lafayette Interior Fashion, Lotusblind, MechoShade Systems LLC, Bombay Dyeing, Skandia Window Fashion, Insolroll, Welspun India Ltd., and Mariak.
Market players are pushing for expansion of product portfolios and strategic mergers and acquisitions. For instance, Springs Window Fashions LLC acquired Mariak Industries Pvt. Ltd in a bid to bolster market presence. Welspun India has launched a new, durable variant of composite window covering fabric.
More on the Report
FMI's provides in-depth insights on window covering market. The market is segmented in terms of product type (blinds and shades, curtains, shutters, and others), window treatment (hard window treatment, soft window treatment, and layered window treatment) applications (residential and commercial) sales channel (offline and online), functionality (manual and electronic), material type (natural and synthetic) and price range (economic, mid-range, and premium) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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SOURCE: Future Market Insights