Awning Market Size, Share & Industry Analysis, By Type (Fixed, Retractable), By Product (Patio, Window, Freestanding), By Application (Household, Commercial) And Regional Forecast, 2024-2032

Awning is a sheet of canvas or other material which is stretched on a frame used for keeping the sun or rain off a window and doorway. Its ability to block harmful UV rays, enhanced the looks and styles of the places of use, and its low and easy maintenance helped to increase its utilization. The rising production of the smart awning, which is controllable using a smartphone, Alexa, and others, act as an opportunity for market growth. For instance, The Awning Company come up with a smart awning that can even be controlled from far-off places using Google Home, Alexa, Android, and OSI devices.

The escalating establishment of restaurants in countries around the world is surging the usage and acting as a driving factor for the market growth. For instance, the data released by the National Restaurant Association 2020, is stating that the United States possessed one million-plus restaurant locations, which is employing about 15.6 million employees. In addition, the rising popularity of the usage of the product in car parking for safeguarding it from sunlight and rain is likely to fuel the demand.

Nevertheless, the need for constant cleansing when being open for an extended period of time is acting as a hampering factor for the market growth.

Key Market Driver -

The increasing establishment of restaurants in countries around the world is acting as a driving factor for the market growth

Key Market Restraint -

The need of regular cleansing repelling people to use the product is acting as a restraining factor for the market growth

Key Players Covered:

Durasol Awnings, Inc., Global Awnings, Sunair Awnings, Awning Company of America, Inc., Advanced Design - Awnings & Signs, Carroll Awning Company, Eide Industries, Inc. are the key players operating in the awning market.

The awning market is segmented by type, product, application, and geography.

On the basis of type, the market is bifurcated into fixed and retractable. Retractable is anticipated to be the dominant owing to the offerings of easy installation and use, provides versatility depending on the weather condition, and reduces home cooling cost is helping surge its preference rate.

Based on the product, the market is fragmented into patio, window, and freestanding. Patio is estimated to be the leading segment on account of the widespread usage of the product in attaching indoors of restaurants, hotels, resort, and others with outdoor spaces increase the consumption rate.

By application, the market is divided into household and commercial. The commercial is projected to be the larger market due to the massive usage of the product in food outlets, vacation resorts, beach houses, and others for enhancement of the appeal and blocking sun rays helps to increase the usage of this segment.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America is assessed to hold a prominent share and is anticipated to continue throughout the forecast period of 2021-2028. The rising number of construction of luxury homes tends to surge the product's usage is acting as a driving factor for the market growth. For instance, USA Today, in November 2018, declares that homes which are worth USD 1 million dollars plus have witnessed an increase of 400,702 in 2018. In addition, the escalating expenditure made on lawns and gardens resulting in to increase in the utilization of the product for garden tents and for controlling a nursery plant from heat and rain is likely to fuel the consumption rate. For instance, the data released by the National Gardening Association, in the United States, the lawn and garden spending is assessed to be USD 52.3 billion in 2018.

Europe is evaluated to exhibit a crucial impact in awning the market, owing to the increasing growth of tourism led to escalating the need for the product for the used in hotel, resort, vacation homes, and others. For instance, the data issued by the UNWTO.Org, in 2018, the number of International tourist arrivals in Europe is evaluated to be 710 million. Furthermore, the popularity of hosting a large number of exhibitions in this region increases the need for the product for the installation of stalls. For instance, the data released by the European Major Exhibition Centers Association is declaring that the EMECA venues in Europe have organized and hosted about 2,000 exhibitions a year with roughly 400,000 exhibitors in 2019.

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Segmentation

Key Industry Developments-

• In March 2019, Perfect Awning declared the launch of its new website with the full product range of Thule awnings at discounted prices and free delivery.


• In October 2020, AP Awning Partners announced the acquisition of American Awning and Sign which is expected to have a positive impact on the company’s growth.