U.S. RV Awnings Market Size Worth $1.7 Billion By 2025 | CAGR: 4.2%

The U.S. RV awnings market size is expected to reach USD 1.7 billion by 2025, according to a new report by Grand View Research, Inc., at a 4.2% CAGR during the forecast period. Increasing product demand can be attributed to increased versatility and numerous benefits rendered by them, such as protection from the weather.

Increasing affinity of consumers toward use of electric awnings is a key trend observed in the market in recent years. Superior properties of electric awnings, such as decreased retraction and expansion time and ability to install advanced components such as LED lights, speakers, and fans, is expected to drive demand for these products. Buyers in the RV awnings market lay high emphasis on the technology of operation and functionality of awnings as factors impacting purchasing decisions.

Companies such as Sunbrella and Herculite are involved in the production of awning fabrics such as vinyl, acrylic, and polyester vinyl composite materials. Raw material suppliers provide highly customized fabric material in accordance with requirements and demand.

Most fabrics used in RV awnings are either acrylic or vinyl. Companies in the country have been investing significantly in R&D activities in a bid to produce advanced fabrics for use in RV awnings. Advanced fabrics aid in increasing the operational lifetime of the awning.

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Further key findings from the report suggest:

• The RV awnings market is likely to be driven by increasing technological innovations pertaining to retraction and expansion of awnings. Introduction of advanced features such as speakers, LED lights, and automatic retraction systems is expected to increase product demand over the forecast period

• Demand for electric RV awnings is expected to rise at a CAGR of 6.2% from 2018 to 2025 in terms of volume. This is attributed to ease in operation and higher functionality provided by the product

• The manual awnings segment recorded a revenue of USD 128.4 million in 2017 on account of high product demand for installation in low-end recreational vehicles

• Key players operate through a number of patents related to product design and deployment mechanism, thereby limiting the threat of new entrants and maintaining a continuous revenue inflow.

Grand View Research has segmented the U.S. recreational vehicle awnings market on the basis of product:

U.S. Recreational Vehicles Awnings Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)

• Electric

• Manual