(MENAFN- America News Hour) Global Umbrella Market is projected to expand at a compound annual growth rate (CAGR) of 1.72%, reaching USD 7,122.91 Mn by 2023. Uncertain weather conditions, higher incidence of skin cancer, and the popularity of designer umbrellas which are endorsed or used by celebrities, are some of the key factors driving the growth of the market.
Product segment insights:
Based on product types, the umbrella market is divided into two fold, three fold or more, walking stick umbrellas, garden umbrellas, and others. Umbrellas having three or more folds are dominating the global market, primarily because of their convenience and ease of use. However, the North American umbrella market earns half of its revenue from the garden variants, since their use is not restricted to just gardens, but extends to commercial spaces as well.
Gender segment insights:
Based on gender, the revenue generated from umbrellas designed for women, is more. Men prefer using solid, dark colours and walking stick umbrellas, whereas women prefer bright colors and floral patterns. The global market share of umbrellas designed for women is ~51%.
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Distribution channel segment insights:
Based on the distributional channel, the umbrella market is
segmented into offline and online methods. The offline channel dominates the
global market. In North America, the offline distribution channel accounted for
a market share of ~91.5% in 2017.
Regional insights:
China has been the largest exporter of umbrellas for a while,
and its share in the global market is increasing. In 2000, mainland China held
a global market share of 52.3%, which increased to 87.7% in 2017. North
American and European countries were the highest importers of umbrellas in
2017. In Europe, Germany accounts for the highest amount of foreign trade in
umbrellas.
Companies covered:
o Blunt Umbrellas
o Zhejiang Haizhou Umbrella Limited Company
o Swaine Adeney Brigg
o RainStoppers Umbrellas
o Zhejiang Hongye Umbrella
o James Smith & Sons Ltd.
o Fox Umbrellas
o Hangzhou Paradise Umbrella
o Aisin Seiko Co.
o Mobileye
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