Awning Market

Awning Market Overview:

The global awning market size reached US$ 9.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032. The market is driven by the growing focus on saving energy by blocking direct sunlight and lowering heat buildup within the property, increasing prevalence of skin cancer due to the harmful impact of ultraviolet (UV) radiation, and the escalating demand for home decor items.

Awning Market Analysis:

• Major Market Drivers: The growing number of luxury hotels that prioritize constructing visually appealing and distinct exteriors is offering a favorable market outlook.
• Key Market Trends: The increasing focus among individuals to minimize their sun exposure is catalyzing the demand for awnings across the globe.
• Geographical Trends: North America enjoys the leading position in the market on account of rising investments in useful and comfortable outdoor spaces, such as patios, decks, and gardens for entertainment, leisure, and eating.
• Competitive Landscape: Some of the major market players in the awning industry include Advanced Design Awnings & Signs, Awning Company of America Inc, Carroll Architectural Shade, Eide Industries Inc., KE Durasol Awnings Inc., Marygrove Awnings, NuImage Awnings, Sunair Awnings, Sunesta, SunSetter Products, and Thompson Awning, among many others.
• Challenges and Opportunities: The market faces challenges, such as fluctuating raw material prices and high installation costs, while opportunities lie in the growing demand for energy-efficient solutions and advancements in motorized and smart awnings.

Awning Market Trends:

Growing number of luxury hotels

The IMARC Group’s report shows that the luxury hotel market size reached US$ 109.8 Billion in 2023. Luxury hotels prioritize constructing visually appealing and distinct exteriors. Awnings can be personalized with colors, patterns, and logos, which contributes to a hotel's brand identity and overall appeal. As luxury hotels strive for distinctiveness, awnings are a popular way to add elegance and appeal to outdoor spaces, such as entranceways, patios, and pool areas. Awnings give shade and protection from inclement weather like sun, rain, and wind. Outdoor amenities, including dining areas, lounges, and rooftop terraces are common in luxury hotels, where guests value a comfortable setting. Awnings enable hotels to make the most of their outside spaces year-round, resulting in a better guest experience.

Rising prevalence of skin cancer

People are looking for ways to decrease their sun exposure as they are becoming more concerned about the detrimental consequences of ultraviolet (UV) radiation, particularly its role in the development of skin cancer. Awnings are a useful solution for outdoor areas since they block harmful UV rays, allowing for shaded places and reducing the danger of skin damage. This is resulting in the increased demand for awnings in both residential and commercial settings, particularly for patios, outdoor dining areas, and entertainment areas. Health groups and campaigns are generating awareness about the necessity of sun protection in preventing skin cancer, and so both homeowners and businesses are investing in sun-protective items, such as awnings. In areas with a high UV index, governments and health authorities frequently promote or reward the development of shade structures, further increasing the sales of awnings. According to an article published on the website of the ScienceDirect, the prevalence of melanoma skin cancer is anticipated to rise to 510,000 new cases and 96,000 deaths by 2040 worldwide.

Increasing focus on home decor

As homeowners are becoming more design-conscious, they are seeking ways to enhance not only their interiors but also their outside spaces, such as patios, decks, and gardens. Awnings are an attractive way to extend living space outside while adding beauty. Awnings, which come in a wide range of colors, patterns, and materials, provide customization possibilities that can compliment a home's overall look, allowing homeowners to match them to their external decor. Contemporary home decor concepts prioritize seamless indoor-outdoor living. Awnings contribute to visually harmonious rooms by extending interior design to the exterior, blurring the distinction between inside comfort and outdoor ambiance. Retractable awnings, pergolas with integrated canopies, and designer shade solutions are becoming popular, allowing homeowners to create elegant outdoor spaces. Smart home designs are very popular among people and awnings are gradually included in these designs. Because of technological innovations, integrating motorized and automated awning systems is becoming easier. As per the IMARC Group’s report, the global home decor market is expected to reach USD 1,087.5 Billion by 2032.

Awning Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, product, and end user.

Breakup by Type:

• Fixed Awning
• Retractable Awning
  • Manual
  • Motorized
     

Retractable awning accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes fixed awning and retractable awning (manual and motorized). According to the report, retractable awning represents the largest segment.

Retractable awnings can expand or retract the awning according to the weather or personal preferences of individuals. This flexibility allows users to enjoy shade when needed while retracting the awning when not in use, making them more adaptable than fixed awnings. This is especially appealing to homes and companies seeking versatile outdoor spaces. Unlike fixed awnings, retractable awnings can be retracted during inclement weather, such as strong winds, storms, or snowfall, preventing potential damage. This trait increases their durability and longevity, making them an economical choice in the long term. Their retractable design protects both the awning and the structure to which it is attached, which is a major selling feature.

Breakup by Product:

• Patio
• Window
• Freestanding
• Others
   

Patio holds the largest share of the industry

A detailed breakup and analysis of the market based on the product have also been provided in the report. This includes patio, window, freestanding, and others. According to the report, patio accounts for the largest market share.

The growing tendency of expanding living spaces outside is a primary driver of patio awnings. Homeowners are investing in comfortable and useful outside spaces, such as patios and decks, for dining, lounging, and entertaining. Patio awnings give shade and protection from the elements, making outdoor spaces useable in all weather conditions. This tendency is resulting in a strong demand for patio awnings in the residential sector. Patio awnings are quite versatile, coming in a variety of sizes, styles, and designs that may be tailored as per different sorts of outdoor settings. They can be customized to match the home's architecture or the space's individual requirements, whether it's a little deck or a large patio. This flexibility is creating the need for personalized awnings among homeowners for their patios.

Breakup by End User:

• Commercial
• Residential
   

Residential represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end user. This includes commercial and residential. According to the report, residential represents the largest segment.

Homeowners are investing in outdoor living spaces like patios, decks, and balconies as extensions of their indoor spaces. The need to create comfortable and useful outdoor spaces for activities, such as dining, resting, and entertaining, is propelling the awning market growth. Awnings provide shade and weather protection, making outdoor spaces more functional and enjoyable all year. In the residential market, awnings are frequently chosen because of their potential to improve the appearance of a home. Awnings come in a variety of shapes, colors, and patterns that can compliment a home's architectural style while also adding visual appeal to outdoor areas. Homeowners value the flexibility to modify awnings to match their home's style, which boosts their appeal in the residential market.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest awning market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for awning.

In North America, there is an increase in the trend of extending living rooms into the outdoors. Homeowners are investing in useful and comfortable outdoor spaces, such as patios, decks, and gardens for entertainment, leisure, and eating. Awnings provide valuable shade and weather protection, making outdoor spaces more useful all year. This trend is a key contributor to the need for awnings, particularly in residential applications. Besides this, awnings are used in North American business settings, such as restaurants, cafes, and hotels, to enhance outside seating and dining options. This tendency is catalyzing the demand for commercial awnings, which provide shade and cover for outdoor locations. As luxury hotels are growing in the North American region, especially US, there is a rise in the demand for awnings. For instance, in September 2024, Palm House luxury hotel, which is a part of L+R hotels, announced that it will open the luxury Palm House Hotel in November in USA.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the awning industry include Advanced Design Awnings & Signs, Awning Company of America Inc, Carroll Architectural Shade, Eide Industries Inc., KE Durasol Awnings Inc., Marygrove Awnings, NuImage Awnings, Sunair Awnings, Sunesta, SunSetter Products, and Thompson Awning.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key companies in the awning industry are implementing a variety of methods to strengthen their positions and capitalize on rising trends. Many top companies are focusing on product innovation by producing technologically improved awnings, such as motorized and retractable types, that are easy to use and can be operated by smartphones or home automation systems. This shift towards smart solutions reflects rising consumer demand for convenience and advanced functionality. To better serve a varied user base, awning manufacturers are expanding their product portfolios with customizable design, material, and color options. This personalization is especially appealing to residential customers who want to improve the aesthetics of their houses, and commercial establishments wishing to improve outdoor spaces. Moreover, key players are focusing on collaborations, partnerships, and mergers and acquisitions (M&A) to expand their customer base. For instance, in May 2024, Softek Awnings, a renowned metal, fabric, and retractable awning company in Atlanta, Georgia, announced its recent acquisition by Blackwing Advisors to focus on growth and establish new relationships with partners.

Awning Market News:

• June 2024: Dometic announced that it will bring awning manufacturing and distribution back to northern Indiana because of high market demands. To ensure on-time delivery and quality, the company is also optimizing the total number of awning SKUs and implementing a dedicated fleet of trucks for awning deliveries.
• October 2023: Viking Mergers & Acquisitions announced about the successful sale of Discount Awnings, a provider of custom awnings, to Hedson and Natalie Robinson.

Awning Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the awning market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global awning market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the awning industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.