Garage Door Industry Analysis and Market
In this report, we will evaluate the current garage door industry and market across the globe and specifically in the United States and Canada. This includes a look at the monetary valuation of the market, its growth rate per year, industries that drive the growth of the market, trends in the design or materials of garage doors, and similar concerns.
Generally, the garage door market across the globe has been affected positively by demand from so-called developing nations such as China and India. While there is also growth in the Western world, developing nations that experience a growing economy often result in increased amounts of homeowners, real estate development, and commercial ventures. Each of these industries, in turn, can drive an overall need for garage doors.
Globally, the garage door market was valued at $1.07 billion in 2016, according to information gathered from Statista. This number is expected to increase to a total of $1.38 billion in 2021, with steady growth also expected to continue in the near future despite the economic downturn that has resulted from the coronavirus pandemic.
The North American Market for Garage Doors
The United States and Canada comprise North America’s garage door market, which is one of the highest-valued in the world, including powerhouses like garage door repair in Pittsburgh and garage door repair in Calgary. Perhaps surprisingly, garage door company Wayne Dalton has conducted research that shows that trends tend to start in Canada and the northern US states, and eventually migrate southward. Below are some important trends in the market that may be important for investors and entrepreneurs going forward.
One of the main factors favored by consumers, both residential and commercial, is energy efficiency. New technologies can allow garage doors to run more efficiently, using less power and insulating heat more readily, which ultimately saves the consumer money. Some of the trends related to this include:
- Darker garage door colors, such as black, to promote thermal insulation.
- Materials that are better at insulating, such as fiberglass or wood-stained metal rather than simple wooden doors.
Increased Safety Measures
Key fobs, electric door openers, high-tech locking mechanisms, and alarm systems may become important add-ons for businesses in the garage door industry. That is because consumers are looking for better safety measures in a modern world that seems full of strife.
In addition to the above design trends that apply to both commercial and residential building owners, another important trend is the rise of color-coordinated garage doors. Rather than merely a functional element, many residential consumers have begun seeing their garage doors as valuable parts of their overall home decor. This has led to color-matching, with the garage door being paired with home accents like shutters. Businesses and investors may want to put their money toward color-matching systems.
IBISWorld Stats for the United States Market
Currently, IBISWorld has one of the most comprehensive reports on the United States market, which in many ways is comparable to that of Canada. According to the research agency, the US market includes the following:
- Overall value: $372.1 million USD
- Annualized Growth Rate: 2%
- Growth Rate in 2020 Alone: 1.6%
Importantly, the growth rate in 2020 is not significantly lower than the yearly expected growth rate of 2%. This indicates that, despite a downturn in the economy as a whole, the garage door industry is still able to maintain its steady growth and produce revenue. If an industry can grow during a pandemic, this is a good indication that it is strong enough to warrant significant investment.
Industries Linked to Growth in the Garage Door Market
The garage door installation, repair, and maintenance industry often relies on several other industries to produce revenue. For example, garage doors are commonly used in:
- shopping centers
- grocery stores or supermarkets
Perhaps the leading driver of growth in the garage door market, as reported by Transparent Market Research, is the steady growth of the tourism industry. Hotels, airports, multiplexes, and other tourism and hospitality-related businesses often make use of garage doors. As consumers continue to spend money on vacations and getaways to escape the stress of the current economic crises dotting the globe, this upward trend should continue.