Market Trends of North America Awnings Industry
This section covers the major market trends shaping the North America Awnings Market according to our research experts:
Residential Application Dominates the Market
The United States residential sector is growing rapidly, post the sub-prime lending crisis. The installations of awnings in the residential sector are increasing at a substantial rate in the region. Installation of the product enhances the aesthetic value of the house and protects the interior from direct sunlight, heat, and UV rays. The installation of window awnings aids the reduction in consumption of electricity as it reduces solar heat gain by 65% to 77%. Furthermore, the rising penetration of motorized retractable products in the residential sector is expected to augment demand over the forecast period. These aforementioned factors drive the residential awnings market growth in North America.
United States Accounts for Major Market Share
The United States accounted for a major market share in 2021 and is expected to continue growing during the forecast period. Growing demand for the product in the hospitality industry owing to its high aesthetic appeal is expected to have a positive impact on industry growth. Patio awnings are expected to dominate the market in the U.S. owing to the growing demand in the residential sector and resorts in the commercial sector. The rising number of construction of luxury homes tends to surge the product's usage is acting as a driving factor for the market growth. In addition, the escalating expenditure made on lawns and gardens resulting in to increase in the utilization of the product for garden tents and for controlling a nursery from heat and rain is driving the demand.
The escalating establishment of restaurants in the country is surging the usage and acting as a driving factor for the market growth. For instance, the data released by the National Restaurant Association 2020, is stating that the United States has one million-plus restaurant locations. In addition, the rising popularity of the usage of the product in car parking to safeguard it from sunlight and rain is likely to fuel the demand.
