Pune, India, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global Garage And Overhead Doors Market size was valued at USD 6.79 billion in 2021. The market is projected to grow from USD 6.99 billion in 2022 to USD 9.94 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period.This information is provided by Fortune Business Insights, in its report titled, “Garage and Overhead Doors Market, 2022-2029.”
The garage and overhead doors market is a highly competitive and rapidly growing industry. The market is driven by the rising demand for residential and commercial properties, as well as the increasing need for safe and secure door systems. In recent years, the adoption of advanced technology and smart home systems has also contributed to the growth of this market.
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List of Key Players Mentioned in the Report:
- Clopay Corporation (U.S.)
- Sanwa Holdings Corporation (Japan)
- Wayne Dalton (U.S.)
- C.H.I. Overhead Doors (U.S.)
- Raynor Garage Doors (U.S.)
- PerforMax Global (U.S.)
- Dynaco (Belgium)
- Rite Hite (U.S.)
- Rytec Corporation (U.S.)
- Chase Doors (U.S.)
- Goff's Enterprises (U.S.)
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
COVID-19 Impacts:
Unintended Shutting of Production Divisions Broadened Supply Demand Disparity in Market
Amid the COVID-19 pandemic, many of the chief manufacturers observed a negligible deterioration in their annual revenue production and have successively perceived drop in their profit margins. The declines are principally due to incompetence to continue updated supply of their products across their operative territories following the global breakdown of supply chains.
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Segments:
Steel to Preserve Lead in the Market Backed by its Cost-Efficient and Strong Feature
By material type, the market is classified into aluminum, steel, wood, fiberglass, vinyl, and others (wood composite). Steel is expected to have a substantial market share in the global market, owing to its robustness and affordability.
Residential Segment to Attain Benefit Over Other Fragments Due to Remarkable Performance of Residential Infrastructure Sector
The market is divided into residential and commercial as diverse end-users of garage and overhead doors. In the residential segment, the materials utilized for making garage and overhead doors are steel, wood, and aluminium.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Consciousness Toward Green Energy Solutions to Spur Sales of Ecological Garage Doors
With the assistance of fixing eco-friendly garage door, it is effortless to rise the energy proficiency of homes. Garage door is the prime moving section of a home, which endures the structural dependability and energy proficiency; two substantial procedures in green building and maintainable design. A biodegradable door or green garage door is produced and designed with inadequate influence on the environment.
Nevertheless, the upkeep and replacement both can be expensive for the users, be it in commercial or in residential locality. This works as an obstructing aspect for the garage and overhead doors market growth.
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Regional Insights:
North America to Dominate Stoked by Existence of Principal Players
The market of North America is anticipated to account for a noticeable share in the global market and is also estimated to develop at a significant pace outpacing the peers. The U.S. is comprised of key players who function across the globe.
Europe holds the largest garage and overhead doors market share and in terms of growth perceptions stands behind North America. The producers in the region are trying to augment their existence by venturing into tactical corporations with the automotive producers in the region.
The market of Asia Pacific will perceive a modest growth rate over the forecast period. Restricted prospects for the installation of these doors in the emerging nations can be attributed as a critical point limiting the market share of the region in the global market.
Competitive Landscape:
Procurements Commenced by Prime Companies to Endorse Market Growth
The dominating players in the market continually choose efficient tactics to bolster their brand value as well as promote the global market growth. One such efficient strategy is purchasing competitive companies and further fortifying a profit for both companies.
Key Industry Development:
February 2021: The U.K.-based producer of roller garage doors known as Garolla that functions as one of the leading firms in the regional market has lately declared its procurement by Mayfair Equity Partners. The above-mentioned establishment will function under the present brand name of Garolla to function effectively in the market of U.K. and will try to enhance its performance across the whole of Europe.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Garage and Overhead Doors Key Players Market Share Insights and Analysis, 2021
- Global Garage and Overhead Doors Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Material Type (USD)
- Aluminium
- Steel
- Wood
- Fiberglass
- Vinyl
- Others
- By End User (USD)
- Residential
- Commercial
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Garage and Overhead Doors Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
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