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The motorized and smart awnings market size has the potential to grow USD 717.96 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (residential and commercial), distribution channel (offline and online), material (acrylic and others), application (door, window, and patio and open spaces), and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Advaning, ALEKO, Americana Outdoors, Awntech Corp., BAT Spa, Futureguard Building Products Inc., LAMDA LEVENTIS SA, Rödelbronn GmbH, Signs NY, and The Scott Fetzer Co.
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The market is fragmented. The motorized awnings market is characterized by the presence of a few multinational players and many small and medium local and regional players. Advaning, ALEKO, and Americana Outdoors are some of the major market participants. Although the technological innovations and product line extensions leading to product premiumization will offer immense growth opportunities, the increase in raw material cost will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this motorized and smart awnings market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this motorized and smart awnings market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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The majority of consumers prefer to have door awnings as they provide shade to the front of a house or any commercial establishment. They can be attached or installed to the outer walls of the property. The motorized and smart awnings market is experiencing growth in the door awnings segment due to their ability to protect against sun, snow, rain, and strong winds. They are also available in different shapes, sizes, and textures.
Market growth in this segment will be slower than the growth of the market in the window and patio and open spaces segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the motorized and smart awnings market size.
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North America was the largest motorized and smart awnings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the growing interest in outdoor recreational activities among the young population, especially in the age group of 15-24 years, are fostering the demand for recreational vehicles, which fuels the need for different types of awnings that will significantly drive motorized and smart awnings market growth in this region over the forecast period.
31% of the market’s growth will originate from North America during the forecast period. The US is the critical market for motorized and smart awnings in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.
Vendors maintain their brand position by innovating products. Key vendors are focusing on creating product differentiation and value proposition for potential and prospective customers using these innovative designs. As a result, these key vendors and brands are introducing high-priced variants of motorized and smart awnings, which will strengthen the product mix. The increase in product premiumization is one of the significant factors that will drive motorized and smart awnings market growth. They are using different low-cost materials to create durable and desired designs in the premium segment. This will help them to enhance their product portfolios with better motorized and smart awning products.
The US is one of the largest contributors to the motorized and smart awnings market. Consumers are increasingly spending on smart homes or home improvement technologies due to the falling fuel prices and rising employment rate. As a result, the adoption of smart home products such as smart and motorized awnings will also increase. The motorized and smart awnings market will grow in the Americas due to the increasing focus on product innovations, premiumization, and the growing popularity of outdoor recreational activities. Such factors will drive market growth at a CAGR of over 3% by 2024.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Market Segmentation by Distribution Channel
Market Segmentation by Material
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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