PUBLISHER: The Business Research Company | PRODUCT CODE: 1270530
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270530
“Garage And Overhead Doors Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on garage and overhead doors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for garage and overhead doors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The garage and overhead doors market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the garage and overhead doors market are Clopay Corporation, Wayne Dalton, Raynor Garage Doors, Delden Garage Doors Inc., Hormann, Assa Abloy AB, Midland Garage Door, PerforMax Global LLC, Dynaco, Rite-Hite, Rytec Corporation, Chase Industries Inc., Goff's Enterprises Inc., and Sanwa Holdings Corporation.
The global garage and overhead doors market is expected to grow from $6.55 billion in 2022 to $6.93 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The garage and overhead doors market is expected to grow to $8.46 billion in 2027 at a CAGR of 5.1%.
The garage and overhead doors market consists of sales of sectional, roll-up, slide to the side, side hinged, tilt-up canopy, and tilt-up retractable garage and overhead doors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
An overhead door refers to a door that rotates on a horizontal axis and is supported horizontally whereas open and garage door refers to a large door on a garage that can either be opened manually or by a garage door opener.
North America was the largest region in the garage and overhead doors market in 2022. The regions covered in the garage and overhead doors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The materials included in the garage and overhead doors are aluminum, steel, wood, fiberglass, and vinyl. Steel refers to an alloy of iron and carbon containing less than 2% carbon and 1% manganese and small amounts of silicon, phosphorus, sulfur, and oxygen. The various applications include exterior and interior with residential and commercial end users.
The rising investment in residential infrastructure projects and construction activities are expected to propel the growth of the garage and overhead door market going forward. Residential infrastructure and construction refer to public services and facilities necessary to support residential development, including sewer and water lines, wastewater treatment plants, waterworks, schools, parks, streets, street lights, and stormwater management facilities. The overhead garage doors have many advantages, and the ability to tailor construction projects to needs and make a greater addition to construction projects. For instance, according to FMI, a US-based consulting and investment banking firm, spending on engineering and construction overall in the United States increased by 8% in 2021. Construction of single-family homes is projected to cost $380 billion, a 22% increase from 2020. The expected value of multi-family home buildings increased by 18% last year to $111 billion. $92 billion was spent on a commercial building in 2021, an increase of 6% from the year before. Spending on home improvements rose by 19% in 2021. Therefore, the increase in investment in residential infrastructure projects and construction activities is driving the growth of the garage and overhead door markets.
Technological advancements are a key trend gaining popularity in garages and the overhead door market. Major companies operating in the garage and overhead door markets are focused on innovating new technologies to sustain their position in the market. For instance, in November 2020, Centurion Garage Doors, an Australia-based firm providing quality garage doors and opening products launched a new MY CGD SmartPhone App and Garage Door Opener with a built-in camera and video access. After installing the app and downloading the new software the user can operate the garage door from anywhere and see exactly what's happening. Users can receive notifications from the app each time door is opened or closed. It keeps track of the condition of the door and notifies if anything is amiss. Users may check the full diagnostics, including activity, to find out when and who has entered and exited the building.
In June 2022, Nucor Corporation, a US-based manufacturer of steel and related products acquired C.H.I. Overhead Doors for an amount of $3.0 billion. This acquisition is expected to increase Nucor's product offerings into markets that are a logical progression of the company's current operations and make use of its effective manufacturing strategy. C.H.I. Overhead Doors is a US-based manufacturer of high-quality residential garage doors, commercial doors, and rolling steel doors.
The countries covered in the garage and overhead doors market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The garage and overhead doors market research report is one of a series of new reports from The Business Research Company that provides garage and overhead doors market statistics, including garage and overhead doors industry global market size, regional shares, competitors with garage and overhead doors market share, detailed garage and overhead doors market segments, market trends, and opportunities, and any further data you may need to thrive in the garage and overhead doors industry. This garage and overhead doors market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.