U.S. Recreational Vehicle (RV) Awnings Market Analysis Report By Product, Distribution Analysis, Competitive Landscape And Segment Forecasts From 2018 To 2025

Industry Insights

The U.S. recreational vehicle (RV) awnings market size was accounted for USD 1.20 billion, in 2017. It is projected to grow at a CAGR of 4.2% over the forecast period, 2018 to 2025. Growing consumer inclinations towards recreational outdoor activities such as camping are propelling the demand for the product. In addition, the technological innovations with expansion and retraction approach and installation of the product are projected to boost the market growth.

Further, a strong OEMs network in the supply chain and awnings customization is expected to support the growth of the product. The installation of products such as LED lights, fans, and speakers enhances the functionality of the vehicle awning.

There are a large number of local & international players operating in the market. Thus, the electric awnings prices are expected to fall owing to rising competition between companies. Reduced product differentiation is also projected to lower down the price of the product.

The market is comprised of OEMs, local repairing centers, and awning manufacturers. Localized repair operators provide aftermarket accessories and components related to the product. Moreover, increasing fabric sales are anticipated to bolster market growth. The manufacturers in the market operate through various dealers. These dealers sell the products to OEMs or top manufacturers and directly to customers.

Product Insights

Based on the product, the U.S. RV awnings market is segmented into an electric and manual variants. Manual awnings are projected to grow at the CAGR of around 3.2% over the forecasted period, mainly owing to their low costs. However, the availability of substitute products along with electric operation is expected to hamper the market growth. Electric awnings are anticipated to have substantial growth in the next few years, due to their high reliability and durability. Automated systems are growing in demand along with enhanced retraction mechanisms for the product.

Furthermore, a growing number of recreational vehicle grounds and parks are expected to influence consumers to look for an RV. Additionally, increasing demand for medium and high-priced RV along with rising consumer spending is projected to positively impact market growth.

Development in manual and electric awnings owing to technological advancement is expected to support the market growth. Moreover, product customization in RV awnings is anticipated to propel the need for the product in the next few years.

Impact of COVID-19

COVID-19 pandemic has negatively impacted the U.S. recreational vehicle awnings market. Coronavirus crisis has resulted in the stoppage of recreational vehicle (RV) awnings production and all recreational activities are in lockdown or under restriction. The automotive industry in the U.S. has been severely impacted by lockdown restriction, loss of trade/transportation activities. Manufacturing factories had been close down in March and April 2020.

Supply chain disruption and decline in export from China are expected to impact the market. According to United Nations Conference on Trade & Development (UNCTAD), during the pandemic, there has been a reduction of 2.0% in the export of automotive parts from China to the North American market. Thus, the market is expected to grow at a moderate rate over the forecast period.

U.S. Recreational Vehicle (RV) Awnings Market Share Insights

Leading players in the market sell their products through technology patents and also charge a premium for the products patented. However, stiff competition among companies is expected to lower the prices of products.

The key players in the market focus a lot of investment in research and development, new product development based on expansion & retraction of awnings. Some of the players focus on developing products with enhanced functionality using advanced technologies. In the U.S. market discounts and price differentiation is a key factor propelling the demand for the RV awnings.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For this study, Million Insights has segmented the U.S. recreational vehicle awnings market report based on product:

• Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
    • Electric
    • Manual