The North America freestanding canopy market size is expected to reach USD 83.5 million by 2030 and expand at a CAGR of 6.1% from 2023 to 2030. The market growth is attributed to the rising popularity of luxury canopies in urban areas owing to the limited availability of outdoor spaces. In addition, the growing tourism and hospitality industry has increased the demand for freestanding canopies in resorts, restaurants, and hotels. This, in turn, is expected to drive market growth.
People living in urban areas usually have a higher average income due to the presence of various businesses and industries providing better job opportunities. This increased income in the urban population results in a larger market share of luxury goods and services, including luxury canopies. Urban populations are willing to spend more on high-end products in order to showcase their improved lifestyle. These factors are likely to support the growth of the freestanding canopy market in urban areas in the coming years.
The demand for the freestanding canopy is likely to be hampered on account of its higher cost, which restricts its usage. It is positioned as a high-end product, resulting in a smaller customer base and potentially lower sales volume. It can only attract buyers who prioritize high-quality materials and products with advanced features, thus limiting the market growth. Moreover, the availability of low-cost umbrellas and other canopies, which are priced comparatively less and have higher usage in residential and commercial applications, is likely to challenge the market growth.
The market is highly competitive in nature owing to the presence of a large number of players. Market players are collaborating with installers and distributors to offer value-added services to increase their market share. Moreover, major manufacturers in the U.S. are concentrating on research & development, geographical expansion, new product & technological development, and mergers & acquisitions to gain a competitive advantage.
People living in urban areas usually have a higher average income due to the presence of various businesses and industries providing better job opportunities. This increased income in the urban population results in a larger market share of luxury goods and services, including luxury canopies. Urban populations are willing to spend more on high-end products in order to showcase their improved lifestyle. These factors are likely to support the growth of the freestanding canopy market in urban areas in the coming years.
The demand for the freestanding canopy is likely to be hampered on account of its higher cost, which restricts its usage. It is positioned as a high-end product, resulting in a smaller customer base and potentially lower sales volume. It can only attract buyers who prioritize high-quality materials and products with advanced features, thus limiting the market growth. Moreover, the availability of low-cost umbrellas and other canopies, which are priced comparatively less and have higher usage in residential and commercial applications, is likely to challenge the market growth.
The market is highly competitive in nature owing to the presence of a large number of players. Market players are collaborating with installers and distributors to offer value-added services to increase their market share. Moreover, major manufacturers in the U.S. are concentrating on research & development, geographical expansion, new product & technological development, and mergers & acquisitions to gain a competitive advantage.
North America Freestanding Canopy Market Report Highlights
- The market is expected to expand at a CAGR of 6.2% over the forecast period. Residential areas are increasingly using freestanding canopy and luxurious cantilever umbrellas near the poolside or over the patio as a result of the growing popularity and trend of outdoor living spaces, particularly in high-income groups. Additionally, as consumer expenditure on outdoor leisure activities is increasing due to rising per capita income in economies such as the U.S. and Canada, the demand for freestanding canopy is expected to grow in coming years
- The non-residential segment led the market owing to increasing product use in commercial locations such as hotels, resorts, restaurants, and recreational areas in the U.S. and Canada. The expansion of the freestanding canopy market in the region is also being fueled by the preference to enhance the overall dining experience, develop usable outside spaces, and meet the rising demand for outdoor amenities in commercial spaces
- The freestanding canopy market in the U.S. was valued at $41.8 million in 2022 and is expected to grow significantly over the forecast period. This growth is attributed to the increasing popularity of outdoor living in residential spaces. Moreover, the growing hospitality and tourism industries in the U.S. contribute significantly to the growth of the freestanding canopies market. In addition, the recovery from the Covid-19 pandemic is expected to further fuel the hospitality industry, thereby increasing the demand for freestanding canopies in coming years
- The competitive rivalry among manufacturers of the freestanding canopy in North America is high as the market is characterized by the presence of a large number of regional players. The major players typically offer a diverse range of canopies rather than producing only specific types of products. These manufacturers primarily compete based on pricing and brand image. In addition, companies compete for market share by offering specialized installation services
- The major manufacturers in the market include Poggesi, ShadeFX, FIM S.r.l, Tucci, The Shade Experts USA, BambrellaUSA, Galtech International, Shademaker, Tropitone, and Hauser Industries Inc.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. North America Freestanding Canopy Market Variables, Trends & Scope
Chapter 4. North America Freestanding Canopy Market: Type Estimates & Trend Analysis
Chapter 5. North America Freestanding Canopy Market: Application Estimates & Trend Analysis
Chapter 6. North America Freestanding Canopy Market: Regional Estimates & Trend Analysis
Chapter 7. North America Freestanding Canopy Market Supplier Intelligence
Chapter 8. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Poggesi
- ShadeFX
- FIM S.r.l
- Tucci
- The Shade Experts USA
- BambrellaUSA
- Galtech International
- Shademaker
- Tropitone
- Hauser Industries Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | September 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 52 Million |
| Forecasted Market Value ( USD | $ 83.5 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | North America |
| No. of Companies Mentioned | 10 |
