Awning Market: Introduction
- An awning is a secondary covering on a building above a door, window, or above the area along a footpath. It is usually composed of canvas woven of acrylic, cotton, or polyester yarn, or vinyl laminated to polyester fabric that is pulled out tightly over a light structure of aluminum, iron or steel, wood, or transparent material.
- The awning market is witnessing significant popularity in commercial areas as well as residential buildings. Available in different styles, patterns, and colors, an awning provides shade, offers protection from rain or snow, acts as a sign or billboard, and prevents carpets and furniture from fading in sunlight. Profuse application of awnings in restaurants, hotels, shops, and retail stores owing to unique design and patterns is expected to propel the market.
Key Drivers and Opportunities of the Awning Market
- The rising need for luxurious accommodation due to an increase in disposable income, need for attractive outdoor living spaces, protection from the sun, and social status helps the awning market to grow. Moreover, availability of different patterns, colors, and fabrics in awnings gives customers an attractive opportunity to buy the product. However, sometimes high installation cost and fluctuation in raw material prices may hinder the growth of the market.
- Manufacturers are focusing on creating innovative awnings with advanced technology along with reusable products which is expected to boost customer demand. Furthermore, investment in construction activities due to rising population and urbanization is projected to accelerate the growth of the awning market during the forecast period.
- The Covid-19 pandemic has affected all sectors of the global market. The resulting stoppage of many businesses and disruptions in the economic cycle, besides the gradual shift in supply and cost of raw materials hampers production activities. These factors may act as a restraint to the growth of the awning market.
North America to Hold Major Share of the Awning Market
- In terms of region, the awning market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to hold dominant position in the global awning market. One of the key factors driving the demand for awnings in this region is the rising adoption of awnings and extensive usage of motorized retractable products in the residential sector. Canada, Mexico, and the United States are likely to be the leading countries generating demand for awning in the North America region.
- The market in North America is likely to be followed by the markets in Asia Pacific and Europe during the forecast period.
Key Players Operating in the Awning Market
- Advanced Design Awning & Sign
- Awning Company of America
- Carroll Awning
- Durasol Awnings, Inc.
- Eide Industries
- KE Durasol
- Marygrove Awning
- NuImage Awnings
- Reed Awnings
- Rollup Awnings
- Sunair Awnings
- Sunsetter Products
- Thompson Awning Company
Awning Market: Research Scope
Awning Market by Product Type
- Fixed Awning
- Retractable Awning
Awning Market by Application
Awning Market, by End-user
Awning Market, by Distribution Channel
Awning Market, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.