Umbrellas are one of the most common items we use to protect ourselves from rain, snow, or harsh sunlight. They come in various shapes, sizes, and colors, making them a popular fashion accessory as well. But have you ever wondered how many umbrellas are sold each year? In this article, we will analyze the global umbrella market and forecast its growth in the upcoming years.
The global umbrella market size was valued at USD 4.09 billion in 2020 and is expected to reach USD 5.22 billion by 2027, with a CAGR of 3.5% during the forecast period. The growth of the global umbrella market can be attributed to the increase in demand for umbrellas as a fashion accessory, as well as their practical use.
History of Umbrellas
In the History of Umbrellas, the first ever recorded use of umbrellas dates back to ancient civilizations, where they were used to protect from the sun. However, the modern umbrella was invented by an Englishman, Jonas Hanway, in the 18th century. He introduced the umbrella as protective gear against rain, and it soon gained popularity.
Types of Umbrellas
There are many different types of umbrellas which come in different shapes and sizes, such as parasols, folding umbrellas, and golf umbrellas. The first waterproofed umbrellas were made in the early 19th century, and since then, there has been a significant improvement in their design and functionality. Today, umbrellas are available in different fabric such as nylon, polyester, and even eco-friendly options.
Umbrella Market Size and Growth
The global umbrella market size was valued at USD 4.09 billion in 2020 and is expected to reach USD 5.22 billion by 2027, with a CAGR of 3.5% during the forecast period. The growth of the global umbrella market can be attributed to the increase in demand for umbrellas as a fashion accessory, as well as their practical use.
What Is The Largest Market for Umbrellas?
Asia-Pacific is the largest market for umbrellas, accounting for 37.4% of the global market share. Countries like South Korea, Japan, and Indonesia are major importers and exporters of umbrellas. The growth of the umbrella market in these countries can be attributed to their high population density, which leads to a higher demand for umbrellas.
Promotional Use of Umbrellas
Umbrellas are also used for promotional purposes by companies.
A company logo or slogan can be printed on an umbrella, making it an excellent marketing tool.
This has led to an increase in the demand for umbrellas for promotional use.
Average Number of Umbrellas Sold Each Year
It is difficult to estimate the exact number of umbrellas sold each year as the data varies from country to country. However, it is estimated that on average, a person buys 1-2 umbrellas per year. This number may vary depending on the climate of the region and the availability of umbrellas.
Bradford E. Phillips and the Umbrella Market
Bradford E. Phillips is a professor at the Tuck School of Business at Dartmouth College, who has done extensive research on the umbrella market. In one of his studies, he found that the umbrella market is highly competitive, and there is little differentiation between products. This makes it challenging for manufacturers to increase their market share.
Umbrellas are not just used for their practicality but also as a fashion accessory. They come in various colors and designs, making them an excellent addition to any outfit. Many fashion designers have included umbrellas in their collections, making them trendy items.
Conclusion
In conclusion, the umbrella market size is growing, and it is expected to continue to do so in the upcoming years. The largest market for umbrellas is in Asia-Pacific, where many countries are major importers and exporters of umbrellas. Umbrellas are used not only for practical purposes but also for promotional and fashion purposes. While it is difficult to estimate the exact number of umbrellas sold each year, on average, a person buys 1-2 umbrellas per year.
The growth of the umbrella market can be attributed to a variety of factors, including the increase in demand for umbrellas as a fashion accessory, the practical use of umbrellas, and the promotional use of umbrellas by companies. With the rise in eco-consciousness, there has also been an increase in demand for eco-friendly umbrellas, made from sustainable materials.
