Awnings Market Size 2024-2028
The awnings market size is forecast to increase by USD 2.33 billion at a CAGR of 5.1% between 2023 and 2028.
- The market is experiencing significant growth due to the increasing demand for sunlight and rain protection solutions for residential and commercial properties. With the rise of smart home technologies, there is a growing preference for smart awnings that can be controlled via smartphones or voice assistants like Google Home. UV ray protection is another key factor driving market growth, as consumers seek to reduce their exposure to harmful rays while enjoying the outdoors. Companies offer a range of fixed and retractable awnings, including patio and window awnings, to meet this demand. The home improvement market's continued growth and high online penetration are also contributing to the market's expansion. Key trends include the increasing popularity of retractable awnings and the integration of advanced features like sensor technology and automatic retraction systems.
What will be the Size of the Market During the Forecast Period?
- The market continues to gain significance in both commercial and residential sectors due to the growing demand for sun protection and enhancing the aesthetic appeal of outdoor living spaces. Awnings offers a practical solution for businesses and households, providing protection from sunlight, rain, and UV rays. Commercial spaces, such as restaurant establishments, benefit from awnings by offering shade collection for their patio areas, creating an inviting atmosphere for customers. In restaurant locations, awnings provide an additional seating area, extending the usable space and increasing revenue. Car parking areas also benefit from awnings, offering protection for vehicles from the sun and rain. Residential spaces also experience the advantages of awnings.
- Furthermore, households use awnings for their patios, windows, and freestanding installations to protect their living areas from sunlight, UV rays, and rain. Awnings come in various materials, including fabric, aluminum, and iron, catering to diverse design preferences and functional requirements. Smart awnings have emerged as a popular trend in the awning market. Fixed and retractable awnings are the two primary types of awnings in the market. Fixed awnings offer permanent shade solutions, while retractable awnings provide flexibility and can be adjusted based on weather conditions. Patio awnings and window awnings are common types of retractable awnings, while freestanding awnings offer shade for larger outdoor spaces. In conclusion, the market continues to grow, catering to the increasing demand for sun protection, rain protection, and aesthetic appeal in commercial and residential spaces. Awnings come in various types, materials, and smart technology solutions, offering versatility and functionality for businesses and households.
How is this market segmented and which is the largest segment?
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Type
- Fixed
- Retractable
- Geography
- North America
- US
- Europe
- Germany
- UK
- France
- APAC
- China
- South America
- Middle East and Africa
- North America
By Type Insights
- The fixed segment is estimated to witness significant growth during the forecast period.
Awnings are an essential architectural design element for both residential and commercial spaces, offering sun protection and enhancing living areas. The fabric material used in awnings shields against sun damage, keeping interiors cooler and reducing energy consumption, particularly when running air conditioning, by approximately 25%. Awnings provide ideal shade and weather protection for patios, verandahs, and external windows and doors. They significantly improve a building's overall appearance, making them a popular choice for restaurant owners. However, smart window blinds and shades pose a challenge to the market. Despite this competition, the increasing home improvement trend and the expanding food service sector will fuel the growth of the global awnings market.
Further, awnings are available in various types, including fixed and freestanding, catering to diverse requirements. In stormy weather, some awnings come with sensors that automatically retract, ensuring safety and minimizing potential damage. These advanced features make awnings a luxurious addition to any property.
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The fixed segment was valued at USD 3.94 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
- North America is estimated to contribute 34% to the growth of the global market during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is poised for significant growth due to the expanding economy and increasing demand for energy-efficient solutions. Motorized awnings, in particular, are gaining popularity as they offer convenience and protection from UV radiation, contributing to the market's expansion. Skin cancer is a major health concern, and awnings provide an effective solution for shielding against harmful UV rays. Home decor and indoor-outdoor living trends continue to influence the market, with retractable awnings and patio awnings being the most sought-after options. Fixed awnings remain popular in both developed and developing countries, while window awnings and freestanding awnings cater to specific needs.
The US restaurant industry, with over one million establishments in 2023, is a significant market for awnings, with the number of restaurants projected to grow further. Additionally, the rising preference for outdoor recreational activities among the younger demographic is driving demand for RVs and other vehicles, thereby fueling the demand for various types of awnings.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise in adoption of Awnings Market?
The growing home improvement market is the key driver of the market.
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The home improvement and decor sector continues to hold significant importance as consumers seek to enhance their living spaces and uphold elevated living standards. The growing purchasing power of the Millennial demographic is set to fuel market expansion, as they exhibit a strong inclination towards investing in home improvement projects.
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As globalization advances, major players in the market are broadening their reach to cater to the varied needs of the population. The increasing demand for aesthetic appeal and weather protection solutions is expected to create lucrative opportunities for market participants in the coming years.
What are the market trends shaping the Awnings Market?
High online penetration is the upcoming trend in the market.
- In today's fast-paced world, consumers are increasingly turning to online shopping due to its convenience and cost-effectiveness. International and domestic companies are capitalizing on this trend by selling awnings, including motorized and smart models, online. This distribution channel's growth is significant in the global awnings market.
- Furthermore, the rise of e-commerce platforms has led to an increase in demand for awnings, particularly among those who value ease and accessibility. Smart awnings, which can be controlled via smartphones or voice assistants like Google Home, are gaining popularity due to their ability to protect against both sunlight and rain while filtering out harmful UV rays. Brands offer a variety of fixed, retractable, patio, and window awnings online. By selling directly to consumers, these companies can reduce overhead costs and offer competitive prices. Additionally, online retailing provides an excellent platform for companies to expand their reach and build their brand image. Thus, such trends will shape the growth of the market during the forecast period.
What challenges does Awnings Market face during the growth?
High usage of blinds and shades in windows is a key challenge affecting the market growth.
- Awnings serve an essential function in both Commercial and Residential spaces by offering Sun Protection and enhancing Outdoor Living Spaces with their Aesthetic Appeal. Installed primarily on patios, windows, and doors, they provide shelter from harsh weather conditions. However, the increasing preference for Blinds and Shades as cost-effective alternatives poses a challenge to the Awnings Market.
- Furthermore, blinds and Shades, which can be used on windowpanes with minimal installation effort, are gaining popularity due to their affordability and convenience. Window Awnings, on the other hand, require professional installation, especially for motorized and smart awnings. This trend towards Blinds and Shades may impact the demand for Awnings in the future. Restaurant establishments and other Non-Residential locations, including Car Parking areas, are significant consumers of Awnings for Shade Collection. However, the shift towards blinds and shades may affect the growth of the market. Hence, the above factors will impede the growth of the market during the forecast period
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- A and A Awnings and Storm Shutters
- Advanced Design Awnings and Signs
- Awning Company of America Inc.
- Carroll Architectural Shade
- Eide Industries Inc.
- Global Awning Accessories Aust Pty Ltd
- GS World
- KE USA Inc.
- Luxaflex
- Marygrove Awning Co.
- NuImage Awnings
- Orion Blinds
- RR Production
- Springs Window Fashions LLC
- Sunair Awnings
- Sunesta Products
- The Awning Factory
- Thompson Awning Co.
- Torbay Blinds Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
Awnings have become an essential addition to both residential and commercial spaces, offering sun protection and enhancing the aesthetic appeal of outdoor living spaces. In commercial establishments such as restaurants and shops, awnings provide shade collection, sunlight and rain protection, and UV ray filtration, ensuring a comfortable environment for customers. Freestanding awnings are popular choices for car parking areas, offering rain protection and adding to the visually appealing exteriors of buildings.
Furthermore, for residential spaces, awnings are not just functional but also add to the luxurious design of households, including luxury homes and tourist locations. The choice of materials, including fabric, aluminum, iron, and wood, caters to various architectural designs and sun exposure requirements. Advanced design awnings offer energy-efficient solutions, motorized controls via smartphones or home automation systems like Google Home, and sensors for weather protection. Awnings protect against sun damage, offering shade and UV ray filtration, making them an essential part of indoor-outdoor living.
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Market Scope |
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Report Coverage |
Details |
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Page number |
130 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
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Market growth 2024-2028 |
USD 2.33 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.9 |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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