Key Findings of the Global Motorized and Smart Awnings Market | Technavio

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LONDON–()–The latest market research report by Technavio on the global motorized and smart awnings market predicts a CAGR over 8% during the period 2017-2021.

The report segments the global motorized and smart awnings market by application (door, window, and patio and open places), by distribution channel (offline and online), by material (acrylic and others), by end-user (residential and commercial), and by geography (APAC, EMEA, and the Americas). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global motorized and smart awnings market, according to Technavio consumer retail researchers:

  • Technological innovations and product line extension leading to product premiumization: a major market driver
  • The residential end-user segment dominated the market with approximately 67% share in 2016
  • The Americas dominated the global motorized and smart awnings market with a share of 46% in 2016
  • ADVANING, AlekoAwning.com, American Building Products, Awntech, and Nulmage Awnings are the leading players in the market

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Technological innovations and product line extension leading to product premiumization: a major market driver

The vendors are introducing innovative designs for potential and prospective customers to create product differentiation and value proposition key. To maintain high brand associations with customers, innovation is the key criteria followed by vendors and brands. By introducing high-priced variants of motorized and smart awnings, vendors are strengthening the product mix. Various materials are used by brands to enhance their product portfolios, and some of these materials which costs less are durable and can be formed in the desired designs in the premium segment, and a greater profit margin can be achieved.

Brands market the designs with key messages to create product differentiation and expand their product portfolios. With the vendors focusing on innovative awnings in the recent years, they have not only registered their presence physically but are also venturing into online retail. One such example is of Awntech, which manufactures various awnings and MAUI is one of their bestselling patio awnings available in a motorized option with remote control.

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Americas: largest motorized and smart awnings market

Technavio researchers anticipate that major revenue contributor to the global motorized and smart awnings market is credited to Americas. The offline distribution channel is used for most of the awnings sold in this region. The US in Americas has the largest market for awnings, followed by Canada and Brazil. The US and Canada, together control more than 60% of the motorized and smart awnings market in Americas.

According to Tamal Saha, a lead analyst at Technavio for research on retail goods and services, “The US was the largest country in terms of revenue generation in this region. The US registered a powerful performance for the motorized and smart awnings market. Fall in fuel prices and rising employment has allowed consumers to invest more on smart homes or home improvement technologies. There has been a rise in the adoption rate for smart home products and it is further expected to increase in the future.”

Competitive vendor landscape

The global motorized and smart awnings market is highly competitive. The presence of a few multinational players and many small and medium local and regional players has led to the market being fragmented. Some of the major vendors in the market are ADVANING, AlekoAwning.com, Americana Building Products, Awntech, and NuImage Awnings. Developed markets such as the US, Japan, Germany, the UK, and France, offer strong potential for growth for this product category due to the high adoption rate of smart home products when compared to developing markets. North America and Western Europe consist of the most numbers of the manufacturers of motorized and smart awnings.

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Sarah Thompson

Sarah Thompson

Sarah is a financial reporter, focusing on technology, national security, and policing. Before joining Daily Telescope she worked as a staff writer at Fast Company and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.
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