The U.S. recreational vehicle awnings market size is estimated to attain USD 1.7 billion by 2025 and is projected to grow at a CAGR of 4.2% from 2018 to 2025, according to the new report by Million Insights. Increasing demand for recreational vehicle (RV) awnings owing to its benefits such as weather protection and greater versatility is expected to be a key factor fostering growth of the market.
Growing consumer affinity regarding electrical awnings is projected to support the market growth. Further, various benefits associated with electric awnings which include expansion time, decreased retraction and better ability to mount fans, LED lights and speakers. These factors are anticipated to bolster the product demand. In case of buying vehicle, awnings consumer look for advanced technology functioned product, which in turn is expected to boost market growth.
Manufacturers such as Herculite, and Sunbrella engages in developing awning fabrics like polyester vinyl, acrylic and vinyl composites. In addition, raw material supplier offer customized fabrics with customer requirement.These new product developments along high demand for customized fabric materials are expected to boost the growth of the U.S. recreational vehicle (RV) awnings market.
Vinyl and acrylic fabric are most commonly used in awnings. Moreover, the companies are spending huge amount of money on research & development activities for developing advanced fabrics. These fabrics provide high reliability and operational performance.
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Further key findings from the report suggest:
• Rising technology innovations for expansion and retraction of awnings is fostering the demand for RV awnings. Moreover, advanced features like automatic system, LED lights and speakers are also supporting the market growth.
• Electric vehicle awnings are anticipated to propel the CAGR of around 6.2% during the forecasted period.
• In 2017, manual awnings accounted for over USD 128.4 million in the overall market.
• Key players focus on developing new product designs and invest in R&D activities to remain competent in the market.
Million Insights has segmented the U.S. recreational vehicle awnings market based on product:
U.S. Recreational Vehicle Awnings Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)