Consumer Garage Doors Market
From installation to repair and maintenance, the garage door market in the United States and Canada presents many opportunities for entrepreneurs and investors. Its annualized growth rate in the US alone, as reported by IBISWorld, is steady at about 2% per year. In 2020, despite the global coronavirus pandemic, the industry still approached a similar yearly rate of growth: 1.6%. This indicates that even the current economic downturn was not enough to curb the steadiness of the garage door market.
In this article, we will examine the garage door market for the commercial sector. Information on this topic has been curated by Transparency Market Research, among many others. In fact, the data thus gathered indicates a bright future for the garage door industry as real estate and growth in the tourism industry flourishes. The industry is also aided by developing nations like China and India, whose economies have increased both private homeownership and commercial garage door applications.
A Look at the Raw Numbers
No industry analysis would be complete without a glance at the monetary values generated by the garage door market. According to Statista, the global market for garage door installation, repair, and maintenance was valued at $1.07 billion USD in 2016 and is expected to climb to a total of $1.38 billion by 2021. MarketWatch also reports that the industry’s leading manufacturers are:
- Sanwa Holdings Group: controls nearly 39% of the market
- Hormann: controls 16.5% of the market
Commercial interests that often make use of either manual or electronic garage doors include, but are not limited to:
- retail stores
- shopping centers
- grocery stores/supermarkets
In general, the data shows that the commercial garage doors market prefers metallic materials rather than fiberglass or wood. The metals most often used are either steel or aluminum.
Areas to Consider for Consumer Concerns
Investors and entrepreneurs in the garage door industry should focus on some of the primary concerns that consumers have expressed in recent years. Trends include an emphasis on energy efficiency to save money, insulating materials to retain heat amid changing climate patterns, and improving security measures.
Additional research performed by garage door company Wayne Dalton suggests that consumers are also favoring vertically placed windows rather than horizontal or side-by-side windows. However, commercial garage doors often do not make use of windows at all, as they are primarily used for the delivery of goods via, for example, semi-trucks.
Individual Garage Door Companies
From garage door repair in Woodbridge to garage doors repair in Edmonton, many businesses in this industry are small businesses focused on installation, repair, and maintenance. While most of these shops often get a large portion of their business and revenue from residential clients, it is not unheard of for them to venture into the commercial sector as well. Common practices include spring or motor repair, window replacement, and other general maintenance issues.
On average, a successful garage door repair business can generate up to $200,000 USD in annual revenue, which is often returned and invested back into the business itself to aid in growth and financial health. It is these small businesses that form the backbone of the global garage door repair and maintenance market. For reference, IBISWorld estimates the size of this market in the United States alone as being valued at over $370 million USD.
Drivers in the Commercial Garage Door Market
There are many factors that assist the commercial garage door market’s continual growth. Primarily, the emergence of growth patterns in the tourism trade and in real estate development across the globe have impacted the market quite a bit. As consumers continue to place importance on things like travel, expanding one’s horizons, and shopping as a hobby, companies in these industries will continue to be founded and expand. This in turn drives a need for garage doors.
Other drivers include the growing number of vehicle owners in developing nations. As more households own automobiles, those homeowners may need a storage area such as a garage. Additionally, a rise in new commercial businesses (rather than simply takeovers or renovations) has helped the garage door industry, as well as a renewed push toward sustainable and energy efficient materials (which often require renovating or installing new garage doors).