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The awnings market share is expected to increase by USD 2.50 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.47%.
This awnings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers awnings market segmentation by type (fixed and retractable) and geography (North America, Europe, APAC, South America, and MEA). The awnings market report also offers information on several market vendors, including Advanced Design Awnings and Signs, Awning Company of America Inc., Carroll Architectural Shade, Eide Industries Inc., KE USA Inc., Marygrove Awning Co., NuImage Awnings, Springs Window Fashions LLC, Sunair Awnings, and Sunesta Products among others.
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The growing home improvement market is notably driving the awnings market growth, although factors such as high usage of blinds and shades in windows may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the awnings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Awnings Market Driver
The rise in the home improvement market is one of the key drivers for the awnings market growth. With improved standards of living, consumers demand more comfortable living spaces that is making home improvement and décor a top priority. Moreover, the rise in globalization has resulted in many manufacturers expanding their presence globally for promoting innovations in home improvement products and grabbing the attention of retailers and consumers. Also, the rise in the spending capacity of the millennial population for home improvements is estimated to drive the global awnings market growth during the forecast period.
Key Awnings Market Challenge
The increase in the use of blinds and shades in windows is a key challenge for the awnings market growth. Awnings are used to install in the windows, doors, and patios to protect and provide shade from heat and rain. However, blinds and shades are considered to be feasible as substitutes, which is expected to hamper the sales and impact the awnings market growth during the forecast period. Moreover, these substitutes do not require separate components like that in window awnings, reducing the need for skilled manpower for installation. Thus, the rising demand for blinds and shades is estimated to create a threat to the awnings market vendors.
This awnings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio calculates the global building products market size based on combined revenue generated by manufacturers of building and home improvement products and equipment.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the awnings market encompasses successful business strategies deployed by the key vendors. The awnings market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The awnings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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33% of the market's growth will originate from Europe during the forecast period. Germany, the UK, and France are the key markets for awnings market in Europe. Market growth in this region will be slower than the growth of the market in APAC regions.
The growing interest in outdoor recreational activities will facilitate the awnings market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The awnings market share growth by the fixed segment will be significant during the forecast period. Fixed awnings provide perfect shades and protection from the weather. Also, they ensure cool temperature inside with optimal utility bills. Moreover, manufacturers are launching innovative awnings to compete with the substitutes and meet the requirements of the consumers. Additionally, the rise in new constructions and infrastructure investments are key factors estimated to drive the fixed awnings segment growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the awnings market size and actionable market insights on post COVID-19 impact on each segment.
Awnings Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.47% |
Market growth 2022-2026 |
$ 2.50 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.24 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
Europe at 33% |
Key consumer countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Advanced Design Awnings and Signs, Awning Company of America Inc., Carroll Architectural Shade, Eide Industries Inc., KE USA Inc., Marygrove Awning Co., NuImage Awnings, Springs Window Fashions LLC, Sunair Awnings, and Sunesta Products |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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