The Garage and Overhead Doors Industry was estimated to be worth USD 6.98 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 5.3% during the forecast period of 2023-2030, reaching a market value of USD 10.55 billion by 2030.
This industry encompasses the manufacturing and installation of garage doors and overhead doors, which are essential components of residential, commercial, and industrial buildings. The steady growth in the construction sector, coupled with the increasing demand for secure and convenient access solutions, is driving the expansion of the Garage and Overhead Doors Industry.
The forecasted CAGR of 5.3% reflects the industry's potential for substantial growth over the next decade. Factors such as urbanization, rising disposable incomes, and the need for efficient space utilization are contributing to the increasing adoption of garage and overhead doors. Additionally, advancements in technology, such as smart door systems and remote-controlled operations, are further fueling the market's growth.
Furthermore, the Garage and Overhead Doors Industry is witnessing a shift towards eco-friendly and energy-efficient solutions. This trend is driven by the growing awareness of environmental sustainability and the need to reduce energy consumption. Manufacturers are focusing on developing doors with improved insulation properties and utilizing sustainable materials, thereby catering to the evolving preferences of consumers.
Geographically, North America currently holds a significant share in the Garage and Overhead Doors Industry, owing to the robust construction activities and the presence of key market players in the region. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Rapid urbanization, increasing disposable incomes, and the expanding commercial and industrial sectors in countries like China and India are driving the demand for garage and overhead doors in this region.
In conclusion, the Garage and Overhead Doors Industry is poised for substantial growth in the coming years. The increasing construction activities, demand for secure access solutions, and technological advancements are key factors.
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KEY MARKET SEGMENTATION
By Material Type
- Aluminium
- Steel
- Wood
- Fiberglass
- Vinyl
- Others
By End User
- Residential
- Commercial
Key Players
The major key players are Clopay Corporation, Sanwa Holdings Corporation, Wayne Dalton, and CHL. Overhead Doors, Raynor Garage Doors, PerforMax Global, Dynaco, Rite Hite, Rytec Corporation, Chase Doors, Goff's Enterprises and others.
Driving Factors
- When undertaking renovation and remodeling projects, homeowners and businesses frequently replace or update their garage doors, which increases market demand.
- The development of technologically advanced and safe garage and overhead door systems is driven by the demand for increased security and access control in both residential and commercial premises.
- Growing demand for energy-efficient doors with greater insulating qualities is a result of rising energy prices and environmental concerns, which helps the industry expand.
Opportunities
- Continuous innovation gives businesses the chance to differentiate their products, such as through the creation of more effective motors, better insulating materials, and smart door features.
- Manufacturers now have the chance to provide recyclable and environmentally friendly door materials, thanks to the movement toward sustainability and environmental awareness.
- Direct-to-consumer-business strategies and expanding internet-sales channels let Door-Makers contact more people and provide customization possibilities.
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Garage and Overhead Doors Market Segmentation, By Material Type
- Garage and Overhead Doors Market Segmentation, By End User
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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