The future is looking uncertain for a landmark sculpture that looms over a busy stretch of motorway and rail track in Somerset after a crowdfunding campaign to secure its future fell short of its target.

Since the Willow Man appeared next to the M5 in Somerset at the turn of the century, the 12-metre-high sculpture has become a familiar – and generally beloved – sight both for local travellers and holidaymakers heading to and from Devon and Cornwall.

But time has taken its toll, and running repairs carried out by its creator, Serena de la Hey, are no longer deemed sufficient. She launched an appeal, hoping to raise £75,000 to rebuild the figure, but only £16,000 was pledged, triggering fears the Willow Man’s days are numbered.

De la Hey said she was considering her next move but warned that if nothing was done this could be the last summer getaway overseen by the Willow Man.

She told the Guardian she was sad – but also philosophical. The nature of the material used meant Willow Man was originally envisaged as a temporary piece, which would stand for only about three years.

“Back then three years seemed enough to be going on with,” she said. “But it has become part of people’s lives and has also become part of my professional and personal life. It is my calling card and it will be difficult to let it go.

“As a person working in willow you have to make difficult decisions. Sometimes it’s easier if you make those decisions at the start. You say this has a certain life and you put in place procedures in the beginning as to what happens when you reach that point.”

The sculpture, made of steamed black maul willow from the Somerset Levels woven around a three-tonne steel framework, was commissioned by the Arts Council and built as part of the Year of the Artist in 2000.

A year later it was set on fire by vandals and rebuilt thanks to funding and public contributions. Over the years Sedgemoor council and local businesses have helped keep the Willow Man standing proud.

But the council has made it clear that squeezed budgets mean it can no longer help out. A spokesperson said: “Sedgemoor district council is fully aware of the Willow Man’s significance to the area. We been helping Serena right from the very inception of the piece and, along with others, have helped fund numerous re-weaves and patching up over the years.” But the cash needed is just too much for the council.

De la Hey decided to go down the crowdfunding route because of the sense of public ownership in the piece – and as a way of testing if people really wanted it to remain. Though she did not reach the target she needed, so many people were supportive that she is not yet prepared to give up on the project.

Many of those who donated clearly feel passionately about it.

Ali Alway, who lives within sight of the sculpture, said: “I have come to view him as the friendly giant that signifies I’ve arrived home when he comes into vision as I pull up to my front door. The sight of him lifts my spirits.

“When I see him, sometimes his stance looks to me like he’s on a mission to do something very purposeful, and other times, that he’s just about to envelop something or someone into an embrace. He can mean so many things at different times.”

Holidaymakers said he represented an important landmark as they travelled south-west. Jamie McDonagh said: “We wave to him every time we go past him on holiday. He always reminds me of wonderful times.”

There are naysayers, however. One Taunton man, Mike Sutton, said: “When it was first erected it was billed as the south-west’s answer to the Angel of the North and initially I used to drive past it with pride and awe but 90% of the time since it has been a shabby embarrassment. If you repair it, we will be in exactly the same position in a few years’ time. Nice idea, just the wrong materials I’m afraid.”