The global awning market size is set to gain momentum due to the rising number of restaurants worldwide. For instance, data released by the U.S. National Restaurant Association in 2020 states that the country had 1 million-plus restaurant locations, employing about 15.6 million employees. In addition, the rising popularity of the product in car parking for protection against rain and sunlight is likely to drive the market growth. Fortune Business Insights presents this information in its report titled “Awning Market, 2023-2030."
An awning is a material or sheet of canvas that stretched on a frame. It is used to keep rain or sunlight off a doorway or window. The product has the ability to block harmful UV rays. It’s low-cost and easy to maintain and enhances the aesthetic feel of the area. Several companies have launched advanced awning solutions. For example, the Awning Company launched a smart awning that can be controlled from far-off places using Alexa, Google Home, Android, and OSI devices.
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The Report Lists the Key Players Profiled in the Market Report:
Global Awnings (U.S.)
Eide Industries (U.S.)
Awning Company of America, Inc. (U.S.)
Carroll Awning Company (U.S.)
Durasol Awnings, Inc. (U.S.)
Sunair Awnings (U.S.)
Advanced Design – Awnings & Signs (U.S.)
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Number of Restaurants to Promotes Awning Adoption
Awning market growth is expanding due to the rising number of restaurants worldwide. For instance, data released by the U.S. National Restaurant Association in 2020 states that the country had 1 million-plus restaurant locations, and employed about 15.6 million employees. In addition, the rising popularity of the product in car parking applications for protection against rain and sunlight drives the market growth in the forthcoming years.
On the contrary, the need for regular cleaning when kept open for extended durations may hinder the market during the forecast period.
Market Segments:
According to type, the market is segmented into retractable and fixed.
In terms of product type, the market is broken down into windows, patio, and freestanding.
By application type, the market is divided into commercial and household.
Region-wise, the market is segregated into the Asia Pacific, Europe, North America, South America, and Middle East & Africa.
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Regional Insights:
Increasing Construction Activity in North America to Drive Market Share
Awning market share is divided into Europe, Asia Pacific, South America, North America, and Middle East & Africa in terms of region. North America holds the majority of the market share due to the increasing number of luxury homes and increasing expenditure on gardens and lawns that require protection from heat and rain. According to the National Gardening Association, in the U.S., the gardens and lawns spending reached USD 52.3 billion in 2018.
Europe is expected to significant growth owing to the growth of tourism sector and growing demand in hotels, vacation homes, resorts, and others. For instance, according to the UNWTO.Org, in 2018, the number of international tourists in Europe was about 710 million. Besides these factors, the large number of exhibitions that take place in the region is likely to increase the product demand for installation of stalls.
Competitive Landscape:
Key Players Adopt Acquisition Strategy to Strengthen Market Position
The market players are adopting various growth & expansion strategies to boost their market presence. These strategies include mergers, acquisitions, and collaborations. Additionally, companies are also investing in R&D and launching new products to expand their product portfolio.
Notable Industry Development:
October 2020 – AP Awning Partners acquired American Awning and Sign. This acquisition had a positive impact on the company’s growth.
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