Smart Umbrella market size is USD 97.8 billion in 2023 and will grow at a CAGR of 6.80% from 2023-2030: Cognitive Market Research
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Introduction of the?Smart Umbrella Market
The growing need for sustainable and eco-friendly materials has been a major factor in expanding the smart umbrella industry. Connectivity between smart umbrellas and other home smart devices is becoming more feasible as the number of Internet of Things devices in homes continues to grow. Several smart umbrellas can access additional features through dedicated apps since they connect to mobile devices via Bluetooth. Apps that let users find an umbrella, change notification settings, and check weather forecasts will improve the user experience and attract more customers in the coming years. Additionally, the marketplace is expanding due to rising disposable income and consumers' increased interest in purchasing technologically advanced products like smart umbrellas. This is expected to fuel growth in the Smart Umbrella market over the next few years.
For instance, in January 2022, introducing the KISHA Mini, a fantastic companion for people who appreciate functionality and portability due to its exceptionally lightweight and durability.
Key Insights from Smart Umbrella Market Report
The Global Smart Umbrella market size is USD 97.8 billion in 2023 and will grow at a CAGR of 6.80% from 2023 to 2030.
Connectivity to Intelligent Devices is Driving the Market Output
The increasing prevalence of smart devices is a key driver because one key factor is the easy integration of smart umbrellas with other smart devices and ecosystems. For instance, users can automate the control and monitoring of umbrellas by talking to them or connecting them with smart home systems or virtual assistants. Users value the convenience of remaining updated about changing weather conditions, so providing them with real-time weather updates and notifications is likely a significant driving force that will affect the development of the smart umbrella market throughout the forecast period.
For instance, in January 2023, the testing procedure used cutting-edge methods to determine the fabric's composition precisely. The fact that no fluorine compounds are in the tested umbrella fabric shows how OK UMBRELLA has devoted itself to making products that comply with strict safety regulations. With the help of this research, we can reassure consumers about the security and calibre of their umbrella purchases.?
The global smart umbrella business is experiencing growth due to rising consumer spending power, particularly in developing nations. Wealthier consumers prefer to spend money on high-quality umbrellas with cutting-edge features that keep them dry in the rain and other bad weather. The market for smart umbrellas is expected to rise in the next few years due to their trendy design, ability to detect wind speed and direction, ease of connectivity, and GPS capabilities.
For instance, in August 2023, Euroschirm introduced an eco-friendly automatic pocket umbrella called "The environmentally friendly", constructed mostly from recyclable and natural materials. The robust canopy is available in two colour options: navy blue and navy blue with various dot and circle designs. It is made from recycled PET bottles.?
Market Dynamics of the?Smart Umbrella
Smart umbrella higher cost is likely to affect its demand. Because of the additional expenses associated with integrating smart technologies, smart umbrellas are possibly more expensive than their more conventional alternatives. Consumers' concerns about affordability mean that smart umbrellas could have trouble breaking into the market if their prices are too high, and people need to be made aware of all the features and benefits they offer. To let consumers know what these products are good for, manufacturers may have to spend money on advertising and customer education.
Impact of?COVID–19 on the?Smart Umbrella Market
Due to lockdowns, the smart umbrella sector was likely resistant to supply chain disruptions induced by restrictions, limits, and logistical challenges. Manufacturing facilities' closings or reduced capacity could cause production and delivery delays. Changes in consumer behaviour and the economy during the pandemic may have affected the smart umbrella industry.
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Competitive Landscape of the Smart Umbrella Market
Market leaders in the smart umbrella industry are concentrating on expanding existing product lines and increasing revenue rather than finding new uses for their material. The industry witnessed participation from well-established brands and newer, up-and-coming businesses. Companies that specialized in linked gadgets and those that traditionally made umbrellas but expanded into smart products were significant players. Constant innovation and technical progress in many companies and stores provide functionally identical wares, strengthening competition in the smart umbrella sector.
Smart Umbrella Industry News:
Top Companies Market Share in Smart Umbrella Industry:
Smart Umbrella Market Analysis
Product Type Segment Analysis:
According to Cognitive Market Research, stick umbrellas hold a prominent market share because customers appreciate the extra convenience of automatic open and closure mechanisms. These mechanisms are a lifesaver if you need to quickly set up or remove the umbrella, which also helps boost their popularity.
The foldable umbrella is the fastest-growing category over the forecast period, as people can link their foldable umbrellas to a smartphone app. The umbrella can be equipped with long-lasting materials resistant to numerous weather conditions and can be connected to your smartphone. Hence, you can track its location, receive weather alerts, and change its settings from anywhere, contributing to the market's overall growth.
Umbrella Handles Segment Analysis:
Component Segment Analysis:
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Material Segment Analysis:
The Asia Pacific Smart Umbrella Market Dominate the Largest Share of Global Market
According to Cognitive Market Research, Asia Pacific dominated the market in 2023 because the demand for smart umbrellas has been driven by the increasing use of smart technology and the growing number of tech-savvy consumers. Lifestyle shifts have resulted from the increased reliance on technology and the proliferation of online shopping platforms generated by the fast urbanization of many Asia Pacific nations. Additionally, government efforts to improve smart standards will likely contribute to market growth during the forecast period.
Middle East and Africa is the fastest-growing category in the region because the increase in innovation among digital enterprises and entrepreneurs has led to the creation of new and improved smart umbrella models. The rising demand for smart umbrellas in this region has led to better products, a better understanding of regional customer tastes, and more government programs that support innovation and technology adoption in the region, all contributing to the need for smart umbrellas in the Middle East and Africa.
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