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Jun 21, 2023

Garage Door Market to Grow at a CAGR of 5.0% from 2023 to 2031, Reaching US$ 27.6 billion: As per TMR Study

Rapid urbanization and infrastructure development, is another factor that is anticipated to stimulate the market share in the coming years Wilmington, Delaware, United States, May 24, 2023 (GLOBE

Rapid urbanization and infrastructure development, is another factor that is anticipated to stimulate the market share in the coming years

Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global garage door market stood at US$ 18.0 billion in 2022 and the global market is projected to reach US$ 27.6 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.0% between 2023 and 2031.

The market value of garage door is increasing, owing to the booming construction and real estate industries, which play a vital role in driving the demand for garage doors. The need for durable, secure, and aesthetically pleasing garage doors increases, as new residential and commercial buildings are constructed.

The rise in urbanization, coupled with an increasing number of housing projects and infrastructure development, fuels the demand for garage doors. The renovation and reconstruction activities, is another significant factor contributing to the market growth. There is a growing trend of renovating existing buildings and replacing outdated garage doors, with changing consumer preferences and the desire for improved functionality and aesthetics.

Homeowners and businesses are investing in modernizing their properties, including upgrading their garage doors to enhance curb appeal, energy efficiency, and security. The trend is expected to drive the growth of the garage door market as consumers seek innovative and technologically advanced solutions.

The market prospects have been driven by factors such as the increasing focus on energy efficiency, which has become a significant consideration for consumers, leading to the demand for garage doors that offer better insulation properties.

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Energy-efficient garage doors help to reduce heat loss or gain, leading to lower energy consumption for heating or cooling the garage space. The increasing awareness of environmental sustainability and the potential for energy cost savings are key factors driving the adoption of energy-efficient garage doors.

Market Scope:

Report Coverage

Details

Market Revenue

USD 18.0 Bn

Estimated Value

USD 27.6 Bn

Growth Rate - CAGR

5.0%

Forecast Period

2023 - 2031

No. of Pages

170 Pages

Market Segmentation

Type, Category, Material, End-use, Distribution Channel

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Key Players

Frontier Pacific, Integrity Overhead Doors, Wayne Dalton, Raynor, Safe-Way Door, Martin Door, Windsor Door, Alulux GmbH, First United Door Technologies, General Doors Corporation, Novoferm GmbH, DoorHan Group Of Companies, Other Key Players

Key Findings of the Market Report

By type, sectional doors are likely to be most preferred, attributed to the increasing demand for smart garage solutions, as well as the benefits it offers such as enhanced security, ease of operation, versatility and customization, thermal insulation, and durability and longevity.

By category, automatic doors are anticipated to hold the major share, owing to their convenience and ease of use, safety and security, technological advancements, and energy efficiency.

By end-use, residential segment is expected to boost the market growth

Global Garage Door Market: Growth Drivers

The global garage door market is projected to expand at a steady pace from 2023 to 2031, owing to the increasing focus on safety and security, rising demand for customization and aesthetics, and increasing awareness of maintenance and repair.

Another factor that is projected to augment the market growth includes the government initiatives and regulations, as well as growth in e-commerce and online sales channels.

Additionally, the rapid urbanization and infrastructure development, and growing awareness of smart home integration, are the major factors that are anticipated to fuel the market prospects in the near future.

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Global Garage Door Market: Regional Landscape

North America is expected to dominate the garage door market during the forecast period, attributed to increasing residential construction, renovation and replacement needs, and emphasis on energy efficiency.

The regional market is witnessing an increase, due to the factors such as increasing focus on security, and technological advancements.

Growing home improvement and renovation market, and favorable economic conditions in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Garage Door Market: Key Players

Some of the key market players in the global garage door market are:

Frontier Pacific

Integrity Overhead Doors

Wayne Dalton

Raynor

Safe-Way Door

Martin Door

Windsor Door

Alulux GmbH

First United Door Technologies

General Doors Corporation

Novoferm GmbH

DoorHan Group Of Companies

Other Key Players

Competitive Landscape

Prominent players in the garage door industry are taking advantage of the rapidly increasing demand for garage door. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

In 2022, Clopay Corporation introduced a new line of garage doors with enhanced durability and resistance to extreme weather conditions, providing homeowners with added protection and peace of mind.

In 2022, Amarr Garage Doors launched a smart garage door opener system that integrates with home automation platforms, allowing users to control their garage doors through voice commands and smartphone apps.

In 2022, Overhead Door Corporation unveiled a new series of garage doors with built-in security features, such as biometric fingerprint scanning and advanced encryption technology, ensuring the safety of homeowners and their belongings.

In 2022, Wayne Dalton introduced a revolutionary garage door design that incorporates transparent panels, allowing natural light to enter the garage space and reducing the need for artificial lighting.

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Global Garage Door Market: Segmentation

Type

Overhead Door

Roll-up Door

Fire-rated Door

Sectional Door

Others (High-speed Door, etc.)

Category

Manual

Automatic

Material

Steel

Aluminum

Wood

Vinyl

Others (Composite, etc.)

End-Use

Residential

Commercial

Warehouse and Distribution Center

Hypermarket and Mall

School and College

Hotel and Restaurant

Auto Dealer and Service Center

Hospital and Clinic

Office and Commercial Complex

Others (Construction Project, Airport, etc.)

Distribution Channel

Direct

Indirect

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

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