North America Awnings Industry Survey and 2024 Future Outlook

High level of customization coupled with rising application scope in residential and commercial sectors is expected to propel growth. Furthermore, rising penetration of motorized retractable products in the residential sector is expected to augment demand over the forecast period. North America Awnings Market is expected to reach USD 3.64 billion by 2024, according to a new report by Grand View Research, Inc.

The industry is characterized by a large number of local manufacturers and distributors owing to the region-specific products. Fabric awnings are primarily used in tropical areas owing to its high aesthetic appeal and improved functionality. Fabrics are the most widely used material in manufacturing awnings. These products accounted for 85% of the overall market in 2015; this is attributed to the utilization of the product in manufacturing retractable awnings. However, limitations of fabric awnings during heavy snowfall are likely to restrict growth.

Retractable awning was the largest product segment, accounting for over 75% revenue share in 2015. Enhanced functionality, high consumer preference, and ease of the installation are the key aspects driving the market growth. Growing construction of outdoor decks is expected to contributing factor to aid market demand over the next eight years.

Stationary awnings market is expected to grow in Canada owing to the growing installation of metal awnings in the residential and commercial sectors. These products, unlike fabric, provide more durability, particularly in extreme weather conditions. Furthermore, rising use of composite material in manufacturing the product owing to improved corrosion resistance is expected to have a positive impact on growth.

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The metal awning was the largest product segment in stationary awnings and is expected to witness substantial growth, growing at a CAGR of just under 4% from 2016 to 2024. Metal awnings are sturdy and tough and can sustain heavy snowfall, owing to which demand for the product in Canada is expected to witness significant growth over the forecast period as the country is close to the North Pole and experience heavy snowfall.

Top Players of North America Awnings Market:

Key players in the industry include SunSetter Products, Durasol Awnings, Inc., SUNAIR Awnings, and Sunesta. Other industry participants include Aristocrat Awnings, Advanced Design – Awnings & Signs, Awning Company of America, Inc., Carroll Awning Company, Eide Industries, Inc., NuImage Awnings, Marygrove Awnings, Thompson Awning Company, Stobag International, The Awning Factory and Lloyd's of Millville.

Market Segmentation of North America Awnings Market:

The North America Awnings Market segmented on the basis of Product, Application and Region.

By Product:

    Stationary awnings
        Metal
        Patio
        Traditional
    Retractable awnings
        Patio
        Traditional
        Vertical

By Application:

    Residential
    Commercial

By Region:

North America

    US
    Canada
    Mexico

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