The Garage and Overhead Doors Market, estimated at USD 6.98 billion in 2022, is positioned for significant growth, with projections indicating an increase to USD 10.55 billion by 2030. This trajectory reflects a substantial Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period from 2023 to 2030.
The market for garage and overhead doors is characterized by intense competition and rapid expansion, fueled by the increasing demand in both residential and commercial property sectors. The growing emphasis on secure and safe door systems, coupled with the rising demand for modern technologies and smart home systems, has played a pivotal role in driving the expansion of this industry in recent years.
Residential and commercial properties are witnessing sustained demand, contributing to the overall growth of the garage and overhead doors market. The market dynamics are shaped not only by the need for functional and secure door systems but also by evolving preferences for aesthetics and design. Garage and overhead doors, serving as essential components of buildings, play a crucial role in enhancing the overall safety, security, and visual appeal of properties.
The adoption of modern technologies, including smart home systems, has been a key factor in the industry's growth. The integration of advanced features and connectivity options in garage and overhead doors aligns with the broader trend of smart home automation, contributing to the market's expansion.
As the market continues to evolve to meet the demands of both residential and commercial sectors, the forecasted CAGR signifies sustained growth and opportunity in the Garage and Overhead Doors Market. The period from 2023 to 2030 holds promise for the industry as it responds to the changing dynamics of property development and the increasing importance of secure and technologically advanced door systems in modern structures.
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.
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KEY MARKET SEGMENTATION
- ProBy Material Type
- Aluminium
- Steel
- Wood
- Fiberglass
- Vinyl
- Others
- End User
- Residential
- Commercial
DRIVERS
1. Renovation and Remodeling Projects Driving Demand:
Homeowners and businesses, undertaking renovation and remodeling projects, frequently replace or update their garage doors, contributing to an increased demand in the market.
2. Technologically Advanced and Safe Door Systems:
The development of advanced and secure garage and overhead door systems is fueled by the growing demand for increased security and access control in both residential and commercial premises.
3. Energy-Efficient Doors Amid Rising Energy Prices:
The surge in demand for energy-efficient doors, featuring enhanced insulating qualities, is a response to escalating energy prices and environmental concerns. This trend propels the industry's expansion.
OPPORTUNITY
1. Continuous Innovation in Product Differentiation:
Businesses can leverage continuous innovation to differentiate their products. This includes creating more effective motors, utilizing superior insulating materials, and incorporating smart features into door systems.
2. Environmentally Friendly Door Materials:
Manufacturers now have the opportunity to provide recyclable and environmentally friendly door materials, aligning with the movement toward sustainability and heightened environmental awareness.
3. Direct-to-Consumer Business Strategies and Online Sales Channels:
Leveraging direct-to-consumer business strategies and expanding internet-sales channels enables door-makers to reach a wider audience. This approach facilitates greater outreach and provides customization possibilities for consumers.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Garage and Overhead Doors Market Segmentation, By Material Type
... Continued
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