(MENAFN- GlobeNewsWire - Nasdaq) The Garage and Overhead Doors market is driven by increasing urbanization, the rise in residential and commercial real estate, and the growing demand for secure, energy-efficient, and technologically advanced door solutions.Pune, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Garage and Overhead Doors Market Size & Growth Analysis:
“According to SNS Insider Research, The Garage and Overhead Doors Market size was estimated at USD 6.60 billion in 2023 and is expected to reach USD 11.03 billion by 2032 at a CAGR of 5.68% during the forecast period of 2024-2032.”
Transforming Trends: The Evolving Garage and Overhead Doors Market
The Garage and Overhead Doors Market is in a transformative stage, with advancements that meet changing consumer preferences and technological innovations. As more and more homeowners look for safe and attractive options, the need for top-notch garage doors is increasing. The market is evolving to incorporate smart technology, sustainability efforts, and innovative materials, forming an ecosystem that suits contemporary lifestyles. The rise of smart homes has motivated manufacturers to improve their products, resulting in smart garage door openers that enhance both convenience and security. Furthermore, as there is an increasing focus on environmentally friendly materials, companies are shifting towards sustainable methods to meet the needs of eco-conscious customers. With urbanization on the rise and an increase in residential construction, the Garage and Overhead Doors Market is set to experience substantial growth due to a mix of technology, design, and functionality.
The growing need for housing projects plays a major role in driving the Garage and Overhead Doors Market. With the growth of populations and the expansion of urban areas, the demand for new housing developments has increased. The increase in home building is driven by various factors such as economic expansion, increasing disposable incomes, and low mortgage rates of approximately 3.3% in recent times, making owning a home more attainable for a wider range of people. Modern features and amenities, such as garages, are commonly found in new homes. These not only offer safe storage for cars but also add to the property's overall visual charm and worth. A report from the National Association of Home Builders shows that approximately 85% of new homes constructed in the United States come equipped with a garage, highlighting the importance of garages in home architecture. As homebuyers place more importance on practicality and safety, the need for premium garage doors also increases. Builders and contractors must find dependable and creative garage door solutions in order to satisfy the needs of homeowners.
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Major Players Analysis Listed in this Report are:
Clopay Corporation Sanwa Holdings Corporation Wayne Dalton CHL Overhead Doors Raynor Garage Doors PerforMax Global Dynaco Rite Hite Rytec Corporation Chase Doors Goff's Enterprises Hormann Group Amarr Garage Doors Overhead Door Corporation Marantec LiftMaster C.H.I. Overhead Doors Sommer USA B&D Doors Aluroll & Other players
Garage and Overhead Doors Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.60 billion |
| Market Size by 2032 | USD 11.03 billion |
| CAGR | CAGR of 5.68% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
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Segmentation: Steel dominating the Garage and Overhead Doors Market in 2023
By Material Type : The steel segment held the largest market share, representing more than 42.08%. The many benefits steel doors provide are the reason for their popularity. They can be easily rolled up into the attic, increasing usable space and improving the garage's functionality. Steel garage doors greatly decrease noise, offer thermal insulation against extreme temperatures, and ultimately enhance the eco-friendliness of homes. Consumers' increasing focus on long-lasting and eco-friendly products is predicted to help the steel sector remain the top player in the Garage and Overhead Doors Market.
Key Regional Developments: North America's 37.08% Share in Garage and Overhead Doors
The North America region dominated the market share over 37.08% in 2023 and is anticipated to continue leading during the predicted time frame. This fortress can be credited to multiple factors, such as the increasing need for these items in both residential and commercial areas. The area contains many well-known producers and sellers, strengthening its market standing and facilitating a strong supply chain that satisfies increasing consumer demands. Furthermore, the growing emphasis on contemporary housing styles and the integration of intelligent technology continue to propel market expansion in North America.
Garage and Overhead Doors Market Key Segmentation:
By Material Type
Aluminium Steel Wood Fiberglass Vinyl Others
By End User
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Future Growth of the Market
| Factor | Description |
| Technological Advancements | Rising focus on home automation and smart technologies. Integration of smart features like remote access, smartphone compatibility, and automated opening systems. |
| Consumer Preferences | Increasing demand for enhanced security and convenience among tech-savvy consumers. |
| Sustainability | Shift towards sustainable materials and eco-friendly practices. Manufacturers investing in R&D for innovative, sustainable products. |
| E-commerce Growth | Rise in e-commerce driving demand for warehouse and distribution facilities, leading to increased demand for commercial overhead doors. |
| Urbanization | Expansion of urban areas leading to construction of new residential properties, resulting in sustained demand for innovative garage door solutions. |
| Market Drivers | Growing awareness of environmental issues, importance of secure entry points for businesses, and modern aesthetic and functional requirements in residential properties. |
Recent Development
In June 2024: Nucor Corporation has agreed to acquire Rytec Corporation , a leader in high-performance commercial doors, for USD 565 million, enhancing its product portfolio and creating new cross-selling opportunities. This strategic move aims to expand Nucor's presence in related downstream businesses beyond its core steelmaking operations.
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Table of Contents - Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Garage and Overhead Doors Market Segmentation, By Material Type
8. Garage and Overhead Doors Market Segmentation, By End-user
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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