Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Garage And Overhead Doors Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
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 garage and overhead doors market is expected to grow to $8.46 billion in 2027 at a CAGR of 5.1%.
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.
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 countries covered in the garage and overhead doors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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Scope
Markets Covered:
1) By Material: Aluminum; Steel; Wood; Fiberglass; Vinyl
2) By Application: Exterior Application; Interior Application
3) By End Users: Residential; Commercial
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $6.93 billion |
| Forecasted Market Value (USD) by 2027 | $8.46 billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Garage And Overhead Doors Market Characteristics
3. Garage And Overhead Doors Market Trends And Strategies
4. Garage And Overhead Doors Market - Macro Economic Scenario
5. Garage And Overhead Doors Market Size And Growth
6. Garage And Overhead Doors Market Segmentation
7. Garage And Overhead Doors Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- 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.
- Sanwa Holdings Corporation
For more information about this report visit https://www.researchandmarkets.com/r/zfrtn0
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