Global Awnings Market Size is expected to grow to $8653.18 million by 2028

Global Awnings Market Overview

According to Global Market Monitor, the global awnings market size will reach $6081.29 million by 2023 and is expected to grow to $8653.18 million by 2028.

An awning is a piece of material that 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 the customer. Generally, awnings are made of cotton, wood, canvas, and metal material.

Stiff competition

With major manufacturers and suppliers in the awnings industry competing globally, the intensity of the competition 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. At the same time, small companies and retailers enter the business consequently as venturing into an awnings business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established awnings manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes.

Development of the Construction Industry

A rapidly advancing construction industry is a primary factor that boosts the market to experience rampant growth. Rising tourism in certain regions has also made the market gain extensive revenue. In this case, awnings and canopies are perfect choices 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 the residential and commercial sectors. Growing demand for awnings in houses, shops, and restaurants, hotels due to their high durability and unique design is the major key factor to drive the revenue growth of the awnings market over the forecast years. In addition, rising per capita income levels coupled with urbanization, and increasing investments for the development of commercial spaces are other factors to boost the growth of the market. By application, the residential segment occupied the biggest share in 2022.

By Type	Fixed Awnings	The fixed awning segment accounted for the largest share of the market in 2022.
	Retractable Awnings
By Application	Commercial	The residential segment occupied the biggest share in 2022.
	Residential
By Region	North America	In 2022, the share of the awnings market in North America stood at 38.21%.
	Europe
	Asia-Pacific
	Middle East & Africa
	Others

For more industry information, please refer to our latest released "2023 Global Awnings Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".