Garage Door Openers & Accessories Market Report Overview
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The global garage door openers & accessories market size was USD 1231.5 million in 2022, as per our research, the market is expected to reach USD 1666.66 million by 2031, exhibiting a CAGR of 3.4 % during the forecast period.
The COVID-19 pandemic has been staggering and unprecedented, with the garage door openers & accessories market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand during the pandemic.
The garage door openers and accessories market is the industry that manufactures, distributes, and sells devices and components needed to operate and improve the performance of garage doors. Garage door openers are motorised devices that enable users to remotely open and close their garage doors, providing convenience and security.
Several factors have contributed to the continuous the garage door opener and accessory market growth throughout the years. For starters, the growing number of residential and commercial buildings with garages has increased demand for dependable and energy-efficient garage door opening systems. Furthermore, with the increased emphasis on home automation and smart technology, garage door openers have been integrated into smart home ecosystems, allowing users to operate their garage doors.
"Pandemic has had a mixed impact on the market"
The COVID-19 pandemic has had a significant impact on the garage door openers and accessories market. During the initial stages of the pandemic, the market experienced a temporary decline as construction projects were put on hold and consumer spending on non-essential items decreased. However, as people spent more time at home and sought ways to improve their living spaces, the demand for garage door openers and accessories began to rebound. With the increased emphasis on home security and convenience, consumers have been investing in automated garage door openers and accessories to enhance their homes' functionality. Additionally, the shift towards online shopping and contactless delivery methods has further accelerated the market, as consumers have been able to easily purchase and install these products without physical interaction. Overall, while the pandemic initially presented challenges, it also created opportunities for the garage door openers and accessories market to adapt and meet the evolving needs of consumers.
"Integration of smart technology will contribute in increased market demand"
One of the latest trends in the garage door openers and accessories market is the integration of smart technology. Smart garage door openers and accessories offer advanced features such as remote monitoring, smartphone control, and compatibility with virtual assistants like Alexa or Google Assistant. This trend allows users to conveniently operate and monitor their garage doors from anywhere, enhancing security and providing greater control over access to their homes. The integration of smart technology not only adds convenience but also aligns with the growing demand for home automation and interconnected smart home ecosystems.
Garage Door Openers & Accessories Market Segmentation
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- By Type Analysis
According to type, the garage door openers & accessories market can be segmented into Light duty doors, medium duty doors and heavy duty doors.
- By Application Analysis
Based on application, the market can be divided into commercial and residential.
Increasing Construction of Residential and Commercial Properties to stimulate market expansion
The ongoing construction of new residential and commercial properties is a significant driving factor in the garage door openers and accessories market. As the number of properties with garages continues to rise, the demand for efficient and reliable garage door opening systems increases as well.
"Growing Emphasis on Home Security to accelerate market demand"
Home security is a key driving factor in the market. Consumers are increasingly concerned about protecting their homes and belongings, and garage doors are an important entry point that needs to be secured. Garage door openers with advanced security features, such as rolling code technology and encryption, are in high demand to provide enhanced protection against unauthorized access.
"High installation and maintenance costs to hamper the market expansion"
One of the restraining factors in the garage door openers and accessories market is the high installation and maintenance costs associated with these products. Garage door openers require professional installation, which can be expensive, especially for complex systems or retrofitting existing doors. Additionally, periodic maintenance and repairs may incur additional costs over time. These expenses can deter some consumers from investing in garage door openers and accessories, particularly in price-sensitive markets. However, advancements in technology and increased competition among manufacturers are working to address these concerns by offering more affordable and user-friendly options in the market.
Garage Door Openers & Accessories Market Regional Insights
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"High number of residential properties with garages to assist North America to lead the market"
Regional insights in the garage door openers and accessories market reveal varying trends and preferences across different regions. In North America, the market is driven by a high number of residential properties with garages, along with a growing interest in smart home technologies. Europe showcases a similar trend, with a focus on energy-efficient solutions and innovative designs. In Asia Pacific, rapid urbanization, infrastructure development, and the increasing adoption of automated systems are driving market growth. Additionally, emerging economies in Latin America and Africa are witnessing a rising demand for garage door openers and accessories due to expanding construction activities and improving living standards.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Development"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Chamberlain Group, Overhead Door, Raynor Garage Doors, FORESEE, Sommer, Nice, B&D, Nortek Control, Guardian and SUPERLIFT.
Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over garage door openers & accessories market share by the key players stimulates the market growth.
List of Market Players Profiled
- Chamberlain Group: Elmhurst, Illinois, United States
- Overhead Door: Lewisville, Texas, United States
- Raynor Garage Doors: Dixon, Illinois, United States
- FORESEE: Shenzhen, China
- Sommer: Kirchheim/Teck, Germany
- Nice: Oderzo, Italy
- B&D: Revesby, New South Wales, Australia
- Nortek Control: Carlsbad, California, United States
- Guardian: Auburn Hills, Michigan, United States
- SUPERLIFT: Melbourne, Victoria, Australia
This report examines an understanding of the garage door openers & accessories market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
Market Size Value In
US$ 1231.5 Million in 2022
Market Size Value By
US$ 1666.66 Million by 2031
CAGR of 3.4% from 2022 to 2031
Historical Data Available
Types & Applications
Frequently Asked Questions
What value is the garage door openers & accessories market expected to touch by 2031?
Based on our research the garage door openers & accessories market is expected to reach USD 1666.66 million by 2031.
What CAGR is the garage door openers & accessories market expected to exhibit by 2031?
The garage door openers & accessories market is expected to exhibit a CAGR of 3.4 % by 2031.
Which are the driving factors of the garage door openers & accessories garage door openers & accessories market?
Increasing construction of residential and commercial properties and growing emphasis on home security are two major driving factors of the garage door openers & accessories market.
Which are the top companies operating in the garage door openers & accessories market?
The top key players in the garage door openers & accessories market are Chamberlain Group, Overhead Door, Raynor Garage Doors, FORESEE, Sommer, Nice, B&D, Nortek Control, Guardian and SUPERLIFT.