Umbrella Market Trends

Growth Drivers

• Increasing Popularity of Designer Umbrellas and Varying Applications of Umbrellas- Umbrellas may no longer be limited to protection from the rain. The use of these devices has evolved to cover sun protection, wind resistance and even technological characteristics. An increase in demand for designer umbrellas has occurred due to the growing trend of using umbrellas as a fashion accessory. As a result, manufacturers are making use of that demand to offer innovative designs, materials, and elements suited to the broad range of consumer preferences and needs. With USD 3.2 billion in overall trade, umbrellas ranked 641st in the world in 2021. Umbrella exports increased by 24.9% to USD 3.2 billion in 2021 from USD 2.56 billion in 2020. Trade in umbrellas makes about 0.015 percent of global trade.
• Emergence of Smart Umbrellas- Integrating technologies such as sensors, Bluetooth communication and weather forecasts to provide more functionality is an essential element in the development of Smart Umbrellas. This umbrella can alert you about weather events, record rainfall patterns and connect to your smart phone app for personalized updates. Intelligent umbrellas have the ability to gather timely information such as temperature, humidity and sunlight by means of intelligent technology. If an individual want to keep the umbrella open or closed, this data will help guide your umbrella's automation system. In order to enjoy a longer period of outdoor space, these devices may also be able to activate built-in lights when the sun goes down.
• Increasing Adoption of Sustainable and Eco-Friendly Umbrella Represents Significant Growth Opportunity- A positive change to more environmentally responsible consumer choices is reflected by an increase in the adoption of sustainable and eco-friendly umbrellas. On April 22, 2023, the day after Earth's anniversary, Deirdre Horan, a resident of Berkshire County and creator of this initiative, plans to launch an Indiegogo campaign. In the first batch of Dri umbrellas, a goal has been set to use eight plastic bottles for each umbrella canopy in order to prevent about 16,000 plastic bottles from coming into the ocean. Environmental-conscious consumers are attracted to sustainable umbrellas, which can be manufactured from reused material or clean energy sources.

Challenges

• Rising Popularity of Alternatives- Umbrella sales could be affected by the increasing popularity of compact or portable rain gear, such as raincoats and ponchos. Innovative alternatives, such as water resistance clothing and accessories, are also posing a challenge to the umbrella market. Fashion trends and personal preferences have resulted in the emergence of alternate umbrellas. Furthermore, water resistant and water-repellent clothing has been developed as a result of advances in textile technology. Such products may keep people dry without the necessity of carrying an additional item, such as a umbrella. The umbrella market will be faced with adapting to change consumer preferences and finding ways of differentiating itself from these alternative markets, given that alternatives are continuing to develop and respond to the various needs of consumers.
• Presence of Large Unorganized Market
• Raw Materials Used to Manufacture Umbrellas Are of a Low Quality