Market Drivers

Increasing Demand for Outdoor Living Spaces

Because of various reasons, the global market for awnings is growing significantly and transforming them into an important feature of houses and businesses that meet new requirements, building styles and environmental needs. According to the Home Improvement Research Institute (HIRI), spending on exterior changes has risen by 21% from 2020 to 2023, mainly in hardscaping and outdoor entertainment areas. Meanwhile, the National Association of Landscape Professionals (NALP) reveals that 85% of landscape builders noted more requests for better outdoor living spaces like sitting areas, cooking areas and areas protected from the weather. More and more, people want outdoor spaces in their homes and outside their workplaces. Based on a 2023 report by the National Association of Realtors (NAR), both homeowners and investors find outdoor living projects such as adding a new patio or outdoor kitchen attractive due to a good rate of return on investment, between 60 and 80%. Many homeowners are routinely making their patios, decks and balconies more comfortable and useful for inside the home. Having an awning adds shade, blocks rain, provides some privacy and turns these outdoor areas into usable and comfortable places for longer. In a business setting, such as in cafes, restaurants, hotels and stores, awnings let owners share more space, provide appealing seating outside, make the brand more recognisable and attract more attention from passers-by. This trend is most seen in cities where people need more outdoor accessible space.

Market Restraints

High initial cost of installation and the price volatility of raw materials

Having to pay a high price for installation, and the swings in the prices of necessary raw materials. Good awnings, for example, advanced retractable or motorised ones, often cost a fair amount upfront. Such costs might stop some people from buying solar power and instead choose to use their money on essential home improvement since solar is sometimes seen as a luxury. Further, the pricing of raw materials such as aluminium, steel and various fabrics (polyester and acrylic) is affected by supply chain problems, international conflicts like the Russia-Ukraine war and changes in market prices. When these price rises happen, manufacturing expenses go up, which in turn raises prices for buyers and may affect both profit and affordability for producers and sellers.

By Awning Type

In 2024, retractable awnings had a market share of 40.44% of market sales with a market value of USD 3,865.66 million.

Retractable awnings provide flexibility with the capability to extend or retract based on weather, sunlight intensity or change in shade. This certainly appeals to both residential and commercial end-users because of the dynamic nature and control. For homeowners, it means maximising when they want full sun, getting instant shade or rain protection when desired for the maximum use out of patios, decks and balconies. For businesses such as restaurants and cafes, it provides flexibility in outdoor seating and taking into account changing weather and customers’ interest throughout the day. The usage of smart technology is also driving the retractable awning market. Motorised retractable awnings, and sensor-based models that open up when it is sunny or retract when it is rainy or windy, are being utilised more and more. Motorised models can utilise a remote control, smartphone app or voice commands to operate as well.

By Product Type

In 2024, Patio awnings has market share of 36.07% of market sales with a market value of USD 3,448.56 Million.

Awnings for patios now seem necessary to make outside spaces such as decks, terraces and gardens more usable and pleasant. People want their outdoor areas to be comfortable and useful as much as they can be. Patios in sun-dominated places can stay shaded and protected from UV rays, and they often also protect against light drizzle. Being able to retract and motorise patio awnings has made them more flexible, so that people can adjust how they use their patio based on weather and their own wishes, affecting the popularity of patio awnings. Patio awnings come in handy and they also improve the look of modern homes and new constructions, and are even among the most eye-catching additions to any house.

By Industry

The residential sector currently holds the major share, and this dominance is anticipated to continue throughout the forecast period.

More and more, homeowners focus on creating nice outdoor areas, which is leading to more gardening products being sold. Many are now trying to make their patios, decks and gardens more comfortable and useful by investing in them. They are needed for places like these since they block the sun, rain and various elements, letting people use the space for a long time. Because of these changes in lifestyle, people now prefer to have relaxation and entertainment more available at home. Because people focus on home improvements, the residential segment has the highest share. Because of the rising disposable income in many places and because moving is becoming expensive due to higher mortgage interest rates in some regions, homeowners are choosing to renovate their homes.

By Geography

North America dominates the Awnings market with an estimated market value of USD 4,333.22 Million in 2024, and is expected to reach USD 7,530.87 Million in 2032.

In North America, and particularly in the United States, there is an ingrained culture of improving residential properties and making outdoor spaces (patios, decks, balconies, etc.) as usable as possible. This disposition includes a wealth of expenditures on products that provide comfort and shade and also make aesthetically are pleasing products to look at. These changes benefit the demand for awning products, including various styles, sizes, and types of awnings. The future holds uncertainty, but many consumers will continue working on improving their outdoor living areas with functional product options, along with aesthetic ones that provide enjoyment for entertainment and leisure activities. Overall, North America is the clear leader in awning product opportunities due to the continued push for energy efficiency and sustainable building options.

List of Top Players

• SunSetter Products
• Global Awnings
• Advanced Design - Awnings & Signs
• SUNAIR Awnings
• Awning Company of America
• Carroll Awning Company
• Nulmage
• Durasol Awnings
• Eide Industries
• Aristocrat
• A&A International
• Others

Key Industry Developments

• In September 2024, Trane Technologies bought Damuth Services Inc., a top HVAC distributor with established service expertise in Chesapeake, Virginia. When Trane Technologies acquired Damuth, it recruited 240 staff members across its Virginia and Bermuda facilities, plus North Carolina. Damuth Trane gained immediate market access across the region by this purchase to develop its total business presence.

• In January 2024 drove Trane Technologies plc established its third manufacturing facility in Grand Rapids, Michigan. The company doubled its regional air-cooled chiller output after creating multiple new production sites. The new change expanded Trane Technologies' network space at its base location by 300%.

Table of Contents

1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
   1. MARKET INTRODUCTION
   2. MARKET DRIVERS
   3. MARKET RESTRAINTS
   4. FUTURE OPPORTUNITIES
   5. MARKET TRENDS
   6. PORTER’S FIVE FORCES ANALYSIS
      1. Threat of New Entrants
      2. Threat of Substitutes
      3. Bargaining Power of Suppliers
      4. Bargaining Power of Buyers
      5. Intensity of Competitive Rivalry
   7. VALUE CHAIN & PROFIT MARGIN ANALYSIS
   8. PRICING ANALYSIS
   9. REGULATORY FRAMEWORK
   10. COVID-19 IMPACT ANALYSIS
   11. PRODUCT LIFE CYCLE ANALYSIS
   12. PESTLE ANALYSIS
   13. MICRO ECONOMIC ANALYSIS
   14. Market Premium Insights (Enterprise license)
       • Consumer Analysis (List of Potential Consumers)
       • Top 10 Country-Wise Import & Export Data (If Applicable)
       • Regulatory Bodies & Authorization Across the Globe
       • Key Conferences & Events: Next Two Years
       • Top Patents for The Market
5. GLOBAL AWNINGS MARKET REVENUE & SHARE ANALYSIS (2023-2032)
   1. By Awning Type
      1. Fixed Awnings
      2. Retractable Awnings
   2. By Product
      1. Patio Awnings
      2. Window Awnings
      3. Door Awnings
      4. Freestanding Awnings
      5. Others
   3. By Industry
      1. Commercial
      2. Residential
6. GLOBAL AWNINGS MARKET REVENUE & SHARE ANALYSIS (2023-2032), BY REGION
   1. NORTH AMERICA 
      1. U.S.
      2. Canada
      3. Mexico
   2. EUROPE
      1. Germany
      2. UK
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
   3. ASIA PACIFIC 
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Rest of APAC
   4. MIDDLE EAST & AFRICA
      1. GCC
      2. South Africa
      3. Rest of MEA
   5. LATIN AMERICA
      1. Brazil
      2. Argentina
      3. Rest of LATAM

For all the segments and sub-segments, Qualitative as well as Quantitative data will be provided. In Quantitative we provide the historic (2023), base (2024), estimated (2025) and forecasted (2025-2032) market value in USD Million, Share in % with a CAGR (2025-2032). This data would be provided on a regional as well as country level.

1. COMPETITIVE LANDSCAPE
   1. OVERVIEW
   2. KEY PLAYERS MARKET SHARE ANALYSIS
   3. LIST OF KEY STRATEGIC DEVELOPMENTS 
2. COMPANY PROFILES
   1. SunSetter Products
      1. Company Overview
      2. Company Financial Insights (Total Revenue, Revenue By Business Segments, and By Region)
      3. Product Benchmarking
      4. Key Strategic Developments (Merges & Acquisitions, Partnership /Agreements/Joint Venture, Expansion, New Product Launches, and other developments)
      5. Business Strategic Overview
      6. SWOT Analysis
   2. Global Awnings
   3. Advanced Design - Awnings & Signs
   4. SUNAIR Awnings
   5. Awning Company of America
   6. Carroll Awning Company
   7. Nulmage
   8. Durasol Awnings
   9. Eide Industries
   10. Aristocrat
   11. A&A International
   12. Others
3. LIST OF SOURCES
4. DISCLAIMER