GVR Report cover North America Awnings Market Size, Share & Trend Report

North America Awnings Market Size, Share & Trend Analysis Report By Product (Stationary, Retractable), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2016 - 2024

  • Report ID: GVR-4-68039-387-3
  • Number of Pages: 90
  • Format: Electronic (PDF)

Industry Insights

The North America awnings market size was USD 2.47 billion in 2015 and is predicted to grow at a CAGR of 4.4% from 2016 to 2024. Increasing consumer preference for the outdoor deck and seating space construction units is expected to drive demand for retractable products in residential application over the forecast period. In addition, product innovation to offer additional features including remote control assistance, sun, and wind sensors are expected to have a positive impact on the industry growth over the next eight years.

Stationary awnings are expected to gain high market share in various commercial applications including hotels, resorts, and retail stores applications owing to their low cost and high strength. In addition, ease in installation, low maintenance, and high durability offered by the product is anticipated to stimulate demand over the forecast period. However, the presence of substitutes including blinds, shutters, and canopies is likely to hamper growth over the forecast period.

U.S. awnings market

North America is one of the fastest growing markets with respect to awnings consumption as well as production. SunSetter, Sunair, Sunesta, Durasol are the major contributors to the market in the region. The U.S. residential sector is growing rapidly, post the sub-prime lending crisis. The installations of the product in the residential sector are increasing at a substantial rate in the region.

Installation of the product enhances the aesthetic value of the house and protects the interior from direct sunlight, heat, and UV rays. The installation of window awnings aids the reduction in consumption of electricity as it reduces solar heat gain by 65% to 77%.

The innovation in material used and different types of blinds & shutters are expected to restrain the market growth. Low maintenance, durability, and ease in installation are expected to be the contributing factors for the growth of blinds in the commercial sector. In addition, growing installation of canopies and shades is expected to further restrain market growth.

Product Insights

Retractable awnings dominated the market in 2015 and was valued over 1.50 billion in 2015. Growing demand for the product in residential applications is expected to be the key driver for the industry growth. Retractable awnings are further segmented as patio, traditional and vertical.

Patio dominated the industry and accounted for over 70% of the retractable product revenue in 2015. Increasing installation of patio in various applications such as front doors, outdoor decks, and seating spaces is expected to have a positive impact on the industry growth over the forecast period.

Stationary awnings are fixed and non-retractable. They are segmented into horizontal, vertical, traditional, patio, metal, and others. Stationary metal segment accounted for the largest share in the stationary segment and is expected to grow at a CAGR of just under 4% from 2016 to 2024. Growing demand for the product in the construction of outdoor parking and backyards of commercial buildings is anticipated to propel demand.

Stationary awnings demand is expected to grow at a significant rate owing to its increasing demand in hotels, retail stores, cafes, and restaurants. Furthermore, as these products are printable, they can be printed with the name and logo of the business entity. As a result, the market is expected to grow in commercial applications over the next eight years.

Application Insights

The demand for the product in North American residential sector accounted for over USD 1.5 billion in 2015. Growing residential construction industry in the region coupled with growing consumer preference for outdoor decks and seating areas is expected to drive demand over the forecast period.

Awnings enhance the aesthetic value of the residential buildings, thereby attracting attention from the consumers. Moreover, they reduce solar heat gain by over 70% and facilitate increased privacy to the house. These aforementioned factors drive the residential awnings market growth in North America

North America awnings market

Higher installation of the product in the commercial sector is expected over the forecast period owing to the application in retail store, hotels, restaurants, and cafés. The rapid commercial growth of North America is expected to open new avenues for various industries including hospitality, retail, and others, which are lucrative sectors for market growth.

Regional Insights

The demand for the product in the U.S. was valued at over USD 1.5 billion in 2015. Patio awnings are expected to dominate the market in the U.S. owing to the growing demand in the residential sector and in resorts in the commercial sector.

The retractable segment is expected to witness significant growth in the country owing to the consumer preference, ease of installation, and its high-performance efficiency. However, the manufacturers are witnessing difficulty in keeping up with the constant changing consumer preferences which in turn is expected to restrain growth in the country.

The demand for the product in Mexico is expected to grow significantly over the forecast period owing to the growing application in the commercial sector. The stationary segment is expected to gain market share owing to use as shades in school and college vehicle parking and other commercial places. Furthermore, growing penetration of polycarbonate awnings in the country is likely to propel growth for stationary products over the next eight years.

North America Awnings Market Share Insights

Key players involved in the manufacturing of the product have their distribution and supply facilities established across the region. The manufacturers are likely to reduce product cost to tap the increasing demand from residential consumers.

The North America awnings market is fragmented in nature. Key participants in the industry include SunSetter Products, Sunesta, KE Durasol Awnings, Inc. and SUNAIR Awnings, Aristocrat Awnings, Advanced Design – Awnings & Signs, Awning Company of America, Inc., Stobag International, and Eide Industries, Inc.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2014

Forecast period

2016 - 2024

Market representation

Revenue in USD Million and CAGR from 2016 to 2024

Regional scope

North America

Country Scope

U.S., Canada, and Mexico

Report coverage        

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

 

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.