An awning is a piece of material which is attached to a building or caravan and provides shelter from the sun or rain. There are many varieties of different types of awnings available in the market depending upon the requirement of customer. Awnings offer numerous benefits for home and commercial space such as keeps cool in hot summer days, protecting from harmful effects of ultraviolet rays, helps to prevent carpets and furniture from fading, adds an outdoor room that can be virtually bug-free, protecting from the rain while sitting outside. Generally, awnings are made up of cotton, wood, canvas, and metal material.
Stiff competition
With major manufacturers and suppliers in the Awnings industry competing at globally, the intensity of competition within the Awnings industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. Major players in the market include SunSetter Products、Warema、Kampa、KE Durasol.
Source: Market Monitor
Development of the construction industry
A rapidly advancing construction industry is a primary factor that is causing the market to experience rampant growth. This is mainly because the awning and canopy structures are not only considered as a good addition for protection against sun, rain, winds, and other natural elements, but also as an attractive aesthetic entity. Rising tourism in certain regions too has made the market gain extensive revenue. In this case, awnings and canopies are perfect choices for use in places usually thronged by tourists, such as hotels, beaches, cafes, and other outdoor structures. Meanwhile, the global awnings market is expected to witness significant growth on account of increasing use in residential and commercial sector. Growing demand in shops, house, and hotels, owing to durability and unique design is expected to propel market expansion over the next six years. Rising disposable income coupled with urbanization is expected surge demand over the forecast period. Growing demand for awning in house, shops, and restaurant, hotels, due to its high durability and unique design are the major key factors expected to drive the revenue growth of the target market over the forecast years. In addition, rising per capita income level coupled with urbanization, increasing investments for the development of commercial spaces are some of the other factors expected to drive revenue growth of the target market. By application, the Residential segment occupied the biggest share from 2018 to 2022.
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By Type |
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Fixed Awning segment accounted for the largest share of market in 2022 |
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By Application |
Commercial |
The Residential segment occupied the biggest share from 2018 to 2022 |
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Residential |
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By Region |
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In 2022, the share of the Awnings market in North America stood at 38.21% |
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