August 09, 2022 05:59 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global Garage and Overhead Door Market size is expected to grow with substantial momentum in the upcoming years, owing to the rapid escalation of modular construction with lavish designs, security features, and innovative designs. Fortune Business Insightsâ„¢ mentions this information in its report, titled "Garage and Overhead Door Market, 2022-2029."
Garage and overhead door manufacturers are aiming to provide their consumers with robust and affordable products while simultaneously implementing designs comprising innovative features. For example, Chamberlain offers a garage door embedded with "myQ" technology that enables operating the garage door with an app on a smartphone. Another example is CONCORD’s Duo Rapido+ fully automated garage doors that are embedded with the company’s proprietary traveling motor operator system. On account of the increasing incorporation of smart features, consumers are readily adopting next-generation garage doors, enabling the growth of this market.
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Players Covered in the Garage and Overhead Door Market Report:
Numerous limitations were imposed on production activities and the manufacturing sector across several countries due to lockdown regulations forced by the COVID-19 pandemic, adversely affecting the garage and overhead door market growth. Attributable to the increasing global demand for innovative overhead garage doors, the market is expected to progress significantly, as consumers refocus their attention on home security in the post-pandemic period. However, the market is likely to go through a slow and painful recovery period as consumers reprioritize their spending on essential goods and services.
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Based on material type, the market is segmented into aluminum, steel, wood, fiberglass, and others. On the basis of end-users, it is divided into residential and commercial. Geographically, this market is segregated into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
This report conducts an exhaustive analysis of leading segments and various trends of the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it thoroughly examines the regional developments and the strategies implemented by the key players of the market.
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Rising Demand for Fast Operating Garage Doors to Drive Market Growth
The swift operability of garage and overhead doors is a crucial factor responsible for driving the market’s growth. Time-saving, reliable, and durable technologies are attracting a large number of customers to adopt advanced garage doors. In addition, the rising awareness of green energy solutions in residential and commercial sectors also acts as a fundamental factor driving the market. For example, US-based Clopay Corporation develops wooden garage doors, with the wood being harvested sustainably from naturally fallen trees in forests.
However, factors such as high investment, employment, and maintenance in developing countries act as major restraints for this market. Further, the lack of focus on producing durable and reliable overhead garage doors for middle- and lower-class consumers globally is also hampering the market.
Technological Advancements in Home Security to Drive the North America Market
On account of technological advancements in home security solutions, North America is anticipated to dominate the garage and overhead door market share. On the other side of the Atlantic, European garage door makers are inclined towards manufacturing technologically driven products targeted towards commercial and residential facilities. Moreover, European energy service providers aim to deploy environmentally safe green technologies to residences across the continent.
The market in the Asia Pacific region is anticipated to exhibit a moderate growth rate in the upcoming years due to the unsteady expansion of investments in the development of eco-friendly household goods, such as garage and overhead door solutions. The lower purchasing power of consumers in the developing economies in this region will also decelerate the growth of the market. However, increasing urbanization will create lucrative opportunities over the next decade.
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Implementation of Position Strengthening Strategies By Key Players to Intensify Market Competition
The quest for new growth opportunities is motivating key players to adopt different strategies to entrench their position in the market for garage and overhead doors. Companies are strategically planning to boost consumer demand to ensure optimum market growth. Companies are also focusing on adopting advanced technologies to improve the security quotient of their offerings, further augmenting their market presence.
February 2020: Overhead Door Corporation announced overhead garage doors with innovative panel designs and a vast array of color choices. The company unveiled the "Model 5800", designed to be used for durable construction, tall section heights, and large windows.
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