Garage and Overhead Doors Market Size, Share & Industry Analysis, By Material Type (Aluminum, Steel, Wood, Fiberglass, Vinyl, and Others), By End-user (Residential and Commercial), and Regional Forecast, 2022-2029

The global garage and overhead doors market size was valued at USD 6.79 billion in 2021 and 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. North America dominated the garage and overhead doors market with a share of 58.02% in 2021.

The global COVID-19 pandemic has been unprecedented and staggering, with these doors experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 1.6% in 2020 as compared to 2019.

The aforementioned research scope provides sales of the garage and overhead doors manufactured using different material types such as aluminum, steel, wood, fiberglass, vinyl, and others. The market report provides information regarding the benefits and limitations associated with doors manufactured using a different material type, which explains estimations and the garage and overhead doors market share held by these materials. The research report also deals with the classifications based on end-users, which are residential and commercial.

COVID-19 IMPACT

Unplanned Closure of the Manufacturing Facilities Widened Supply Demand Imbalance in the Market

During the COVID-19 pandemic, most of the prominent manufacturers witnessed a marginal decline in their annual revenue generation and have subsequently seen a reduction in their profit margins. The reductions are mainly due to the inability to continue the streamlined supply of their products across their operational territories following the complete breakdown of the supply chains. The pandemic brought manufacturing facilities of major market players to a sudden halt for a brief period of time, which created a considerable supply-demand gap curtailing the possible market growth. The reduction in cash liquidity compelled manufacturers to reduce investments in the research & development division, restricting the introduction of new products and limiting product diversity.

The demand side scenario in the residential sector since the outbreak of the COVID-19 pandemic has been completely opposite to that of the supply side, as numerous homeowners were keen on the development and enhancement of their residential facilities during their indoor times. These contrasting situations are observed as the critical reason behind the substantial shrink in the available inventories, with the distributors or retailers widening the gap between the supply of the products and their sales. This scenario was mainly due to the difficulties faced by manufacturers in manufacturing new garage and overhead doors & parts meeting the local as well as federal quality standards. Several other factors such as supply chain issues, shipping delays, manufacturing facilities shutdowns, increment in transportation costs, and labor shortages during the pandemic period contributed to reduction in sales. The increased prices stressed buyers as well as manufacturers, causing a temporary sales slowdown due to the pandemic.

LATEST TRENDS

Technologically Advanced Garage and Overhead Doors to Elevate Sales of Products

To open, close, and monitor your garage doors, there are a variety of technologies today. To open and shut the door using all of these technologies, a remote opener for a garage door is the most sought-after technology in the market. The manufacturers of garage and overhead doors are working rigorously to integrate operations of these door with IoT technology and connect the door with a smartphone application, and it will notify the users if there is certain anomaly in the locking system. The door could also be shut or open remotely. Furthermore, the technology might facilitate the consumers to have an automatic door opening after detecting an approaching vehicle.

Securing a garage door into the users’ entire smart home technology package is the latest experience and also the innovative advancement in the technology. This helps and enables the user to program their door to shut with the timer or schedule, provide users with the notifications, lock or unlock remotely, control lighting, and offer keyless access and safety features such as alarms.

DRIVING FACTORS

Hefty Investments in Residential Infrastructure Projects to Propel Market Growth

Substantial efforts and considerable spending in the development of residential infrastructure are expected to boost the market growth. Moreover, customers are also keen on the replacement of their existing door systems with more durable and effective solutions, increasing the market opportunities for the manufacturers in the global market.

For instance, about 100 million existing homes and 1 million residential facilities are being constructed every year in the U.S. This situation makes the U.S. one of the most lucrative markets across the globe. According to further analysis, more than 70% of U.S. homes are more than 20-year-olds, which underline that the addressable market of the U.S. is pegged at 70 million units.

Awareness Toward Green Energy Solutions is Strengthening Sales of Eco-Friendly Products

With the help of installing an eco-friendly garage and overhead doors, it is easy to increase the energy-efficiency of homes. Garage doors are the major moving sections of a home, which sustain structural reliability and energy competence - two significant measures in green building and sustainable design.

Eco-friendly doors or green products are developed and manufactured with limited impact on the environment. Some of the crucial factors, which act as a decider whether the product is manufactured as eco-friendly are the capability of these doors to withstand unstable and high winds, the capacity to protect and shield cover of residential spaces/ceiling, which kind of material is used to construct the door, the productivity of the garage door industrial procedure, the usage of pre-used materials, and the energy competence of aforementioned products after setting up. 

RESTRAINING FACTORS

High Investment and Maintenance Cost of Garage Doors Obstructing Development Prospects

Garage and overhead doors often make them vulnerable to a possible burglary into users’ facilities. Therefore, it is crucial to confirm they are secure, provide optimal safety at the installed location, and have a durable design considering the environment at the location of the application. If users have problems with their existing rapid garage doors, then they have to hire an expert to evaluate their condition to identify if they may be repaired or if they'll get replaced. Maintenance and replacement can be costly for the users, be it in a commercial or residential location. Therefore, users can come up with basic servicing and inspections to evaluate the issue and manufacturers can deliver proper onsite support and servicing for critical doorways.

There may well be a number of reasons behind the rapid door being stuck in the same position and unable to move such as photocell sensor obstruction, remote issues, and track obstruction. The movement of the rapid door could also be uneven or jerky, with spring issues, track issues, and brake issues. The rapid door makes loud noises when opening or closing. Such problems associated with the operation of rapid doors incur high cost.

SEGMENTATION

By Material Type Analysis

Steel is Emerging as a Dominant Performer in the Market Due to its Cost-effective and Durable Feature

By material type, the market is classified as aluminum, steel, wood, fiberglass, vinyl, and others (wood composite). The steel segment is anticipated to have a substantial market share in the global market, owing to the robustness and affordability of steel. Steel products can be easily customized and can have different textures due to their exceptional ductile properties. The wide range of products available in steel and the development of cost-effective solutions in these types are augmenting the market share of steel products. The low on maintenance, ability to withstand outside weather changes, and its capability to minimize outside noise due to its effective sound proofing are some of the critical factors behind noteworthy development of the market. The application of products manufactured with steel material provides considerable reduction on the energy expenditure of the consumers.

The wood segment would also have a noteworthy contribution to the residential segment due to its demand for traditional garage setups.  

By End-user Analysis

Residential Segment Have an Edge Over its Counterparts Due to Noteworthy Performance of Residential Infrastructure sector

By end-user, we have considered residential and commercial as end-users of garage and overhead doors. In the residential segment, the materials used are mostly steel, wood, and aluminum. Whereas, in the commercial sector, the application of the material depends on the purpose of application. Numerous residents in the prominent regions of North America and Europe are planning to replace their existing doors with more effective and integrated with advanced technologies, creating a substantial development in the market. Also, increasing expenditure in the residential sector is propelling market growth.

The basic requirement of the customers from the residential sector is cost-effectiveness, durability to the outside environment, and secured operation. On the other hand, commercial end-users demand reduced power consumption, sturdy design, and effective as per the nature of commercial operations.

REGIONAL INSIGHTS

The market of North America is expected to account for a prominent share in the global market and is also projected to develop at a prominent pace outpacing its peers. The U.S. is anticipated to remain a torchbearer for the growth of the market over the forecast period, and numerous key players will venture into the lucrative market. The manufacturers will try to strengthen their direct customer reach, will try to venture into agreements with raw material suppliers, and at the same time will invest a hefty amount in the development of new products to bring diversity to their portfolio to garner a holistic development in the regional market.

U.S. to Develop with a Healthy CAGR owing to Inclination of Customers Toward Installation of Innovative and Secured Doors

The U.S. is estimated to contribute a more than 90% value share in the global market. Most of the manufacturers are trying to operate effectively in the regional market of North America due to the substantial addressable market in North America. The strong and interconnected network of distributors and retail vendors for numerous manufacturers, especially in the U.S. is the favorable factor pivoting sizable market growth. Additionally, the manufacturers are aiming for manufacturing superiority and working to develop novel products to transform the market.

For instance, Overhead Door Corporation, which operates as a wholly-owned subsidiary of Sanwa Corporation, is a premium manufacturer of garage and overhead doors in North America and has a sprawling network of more than 400 distributors across the U.S.

Europe as a regional market holds about 1/4th of the global share and, in terms of growth, perspectives stand behind North America. The manufacturers in the region are trying to enhance their presence by venturing into tactical partnerships with the automotive manufacturers in the region. For instance, Alutech Group of Companies, which operates as a leading manufacturer in the development and production of sectional doors systems and roller shutter systems with a substantial presence in the market of Eastern Europe and Western Europe, has a business relationship with prominent automotive manufacturers in Europe such as Rolls-Royce, Alfa Romeo, Maserati, Lancia, and Ferrari.

The market in Asia Pacific will observe a modest growth rate over the forecast period; limited opportunities for the installation of these doors in the developing countries can be attributed as a crucial point limiting the market share of the region in the global market. Furthermore, during the pandemic, a ban on cross-border trade and a considerable decrease in import-export activities deterred the import-based sales in the region. Japan and China will have a noteworthy share in the regional market and will propel regional growth throughout the forecast period.

The Middle East & Africa is expected to witness sluggish growth during the forecast period. South Africa is anticipated to contribute more than 20% of the revenue generated for the region. The increasing trend of having an aesthetically pleasing door is estimated to bolster the share of the country in the regional market. It is attributed to the rise in industrialization & urbanization across the region, along with increase in public funding. In addition, rising government spending on infrastructural development & stable rise in building cost material is further propelling the market growth across the region.

South America is projected to grow moderately compared to other regions, owing to less presence of the players in the region. However, it is being projected that the region will witness steady growth in the forecast period, owing to the growing demand for garage doors in the residential sector.

KEY INDUSTRY PLAYERS

Market Players are Striving to Develop Existing Product Portfolios to Enhance their Position

The market is perfectly competitive. A substantial share of the top four industry players has been held in the global market. The increasing presence of numerous market players is anticipated to augment the competition quotient in the global overhead and garage doors market. The increasing application of novel products in the overhead door industry is anticipated to provide a considerable boost to the market.

Clopay Corporation, Sanwa Corporation, Assa Abloy, Raynor Garage Doors, and C.H.I. Overhead Doors are identified as prominent market players. These aforementioned players are keen on making investments in the development and introduction of new products under their wide-ranging product portfolio. The development agenda stems entirely from the factor that the manufacturers want to cater to different requirements of customers from different geographies across the globe and customers from diverse commercial end-use industries. Furthermore, the manufacturers try to finalize acquisitions and mergers to cement their position across multiple geographies. The global players are willing to venture into collaborations and joint ventures with potential partners in different regions to improve their sales footprints.

List of Key Companies Profiled:

• Clopay Corporation (US)


• 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.)

KEY INDUSTRY DEVELOPMENT:

• May 2022: Nucor Corporation finalized the acquisition of C.H.I. Overhead Doors, which operates as a prominent manufacturer of overhead doors in the market of North America for application in residential and commercial sectors. The strategic acquisition will help Nucor Corporation to establish itself as one of the key performers in the North American market.


• December 2021: Sanwa Holdings Corporation announced that Nofoverm Group, a wholly owned subsidiary of Sanwa, has acquired 100% shares of Manugestion S.A.S.


• July 2021: Alutech Group of Companies engaged in manufacturing and development of sectional doors systems and roller shutter systems has planned to collaborate under joint ventures with prominent automotive manufacturers in the region of Europe such as Rolls-Royce, Alfa Romeo, Maserati, Lancia, and Ferrari. The collaborations will aid the company in increasing their customer reach within the customers of aforementioned automotive brands.


• January 2021: Raynor made a public announcement about its decision regarding the acquisition of ProDoor, which is engaged in the design and development of residential and commercial steel doors.  


• November 2020: Pugleasa Company, Inc. begun its operations as Arbon Equipment Corporation, after the acquisition proceedings concluded that the company officially recognized as wholly-owned subsidiary of RiteHite.

REPORT COVERAGE

The global garage and overhead doors market report provides an in-depth analysis of the industry dynamics and competitive landscape. The report also provides market estimation and forecast based on product type, industry, and regions. It provides various key insights, including recent industry developments in the market such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and company profiles.

Report Scope and Segmentation