Getting to Know the Garage Door Market
Garage doors are designed to be big enough to accommodate vehicles and are used in both residential and commercial buildings. According to Transparency Market Research, garage doors are often used in commercial industries to help with the delivery of goods to places like:
- retail outlets
- supermarkets/grocery stores
In this article, we will focus on the overall garage door market, including both residential and commercial market trends, for the United States and Canada. In addition to analyzing the overall value of the market, we will also discuss current trends that can be projected into the coming years, such as crucial elements sought after by consumers.
The Current State of the World’s Garage Door Market
Worldwide, the garage door industry was valued at around $1.07 billion USD in 2016, according to information gathered by Statista. The expectation is that the global market should reach a value of about $1.38 billion USD by 2021. Even amid the coronavirus pandemic, the industry is experiencing one of its cyclical resurgences and continues to grow along the expected trajectory.
There may be several reasons for this phenomenon, but among the most likely is that people are less inclined to install or repair their own garage doors because this would require venturing into often-crowded stores like the Home Depot, where the virus may be able to spread. Hiring professional garage door installation companies, such as garage door repair in Ajax or garage door spring repair in Ottawa, is a suitable alternative.
The American Garage Door Market
In the United States, the garage door industry dipped in value in 2012 and has exhibited a steady trend of 2% annualized growth from 2015 to 2020, according to data collected by IBISWorld. In 2020 alone, the market grew by about 1.6% and has been valued at a grand total of $372.1 million USD. Additional facts collected by IBISWorld include:
- The market’s growth was slower than the overall Consumer Goods and Services sector.
- However, the garage door market’s growth was steadier when compared to the economy as a whole.
Coupled together, all these facts suggest that the garage door industry is a safe bet for future entrepreneurs and has the potential to create real financial opportunity.
The Canadian Garage Door Market
Garage doors in Canada have experienced a similar steady, healthy growth in recent years. However, the country’s housing market has been behaving oddly during the pandemic of 2020 and many fear a coming crash. According to Bloomberg, housing prices have risen across Canada to the tune of roughly 7% even as many Canadians have lost income due to coronavirus.
Despite calling the country North America’s biggest housing bubble risk, Bloomberg’s prediction of a drop in house prices in 2021 and beyond may be a key element of success for those in the garage door industry. Lower house prices often mean many more new homeowners, and a lot of those homeowners may need new or repaired garage doors. Then again, most experts predicted a drop in house prices during 2020, so the future is still somewhat unclear.
There are three primary elements that have become objects of desire for most American and Canadian consumers:
- Safety features
- Insulation for changing climates
- Energy efficiency
According to research conducted by industry insider Wayne Dalton, design trends regarding garage doors often tend to start in Canada and the northern areas of the United States before migrating southward. For example, consumers in these areas have begun to flock toward darker garage door colors to assist with insulation and energy efficiency. Other trends include using materials like fiberglass or metal rather than wood and matching colors to the accent colors used on the home.
In the commercial sector, garage doors are overwhelmingly aluminum or steel. Metal is often favored for its low cost. Freedonia also reports that consumers are seeking more glass in their garage doors to allow for visibility (though Wayne Dalton’s research suggests that any glass windows should be stacked vertically to keep up with current trends rather than side-by-side).
Looking ahead, we can say that the garage door industry should experience continued growth heading into 2021 and beyond. Even in the economic downturn that affected many in North America, the industry still managed to grow by roughly 1.6%, only slightly lower than its annualized growth rate.