Outdoor Hardware Market Size, Share, Growth, And Industry Analysis, By Type (Antique Brass, Polish Nickel, Bronze and Others), By Application (Residential, Commercial and Others), Regional Forecast From 2023 To 2030

Updated On: 22 April 2024

OUTDOOR HARDWARE MARKET REPORT OVERVIEW

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The global outdoor hardware market size expanded rapidly in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the outdoor hardware market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, a robust CAGR during the forecast period. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over. 

The various decorative and practical items that are mounted on the outside of a house or other structure collectively are referred to as outdoor hardware. Included in this are things such as handles, mail equipment, house figures and name inscriptions, outdoor light fittings, and decorative elements including door knockers and residence emblems. This hardware can increase an estate's visual appeal, increase outdoor spaces' usability, and increase outdoor spaces' safety, making it significant for both practical and aesthetic purposes. The components used for this hardware might be different depending on the product, with many items built from strong, weatherproof materials to ensure lifespan and endure the elements.

The market for outdoor hardware is predicted to have good growth since home exteriors are receiving just as much attention as inside. Today's housebuilders place a lot of emphasis on the entrance since it needs to be presentable to anybody who approaches. House signs, outdoor fastenings, and hook racks—small hardware that is frequently overlooked in the market—are also anticipated to have a big impact on the market's expansion. In addition, it is anticipated that the market will benefit from the increasing outward ornamentation of door hardware, such as bell whistles, and push button. Outdoor equipment is given similar priority in homebuilding since it also plays a key part in representing one's culture and individuality.

COVID-19 Impact: Lack of Workforce Led to a Decline in the Production Process

The COVID-19 pandemic forced nations to enact social isolation and lockdown measures that forbade the development of new homes and businesses. Due to border closings, travel bans, and shipping restrictions, outdoor hardware manufacturing companies and dealers were forced to stop production. As a result of a lack of workers to carry out the production process, the hardware manufacturing companies also saw a decline in production. The development of commercial and residential properties increased in 2021, though, and the worldwide sector returned to its pre-pandemic pace.

Latest Trends

"Presentation of Outdoor Layout aids in Perceiving People's Personality"

The layout and aesthetics of outdoor equipment have a big impact on how people perceive someone's personality and way of life. One of the main factors driving industry participants to concentrate on creating outdoor hardware with finishes and designs that best complement one's home appeal is this. Gold and brass finishing, which exude sophistication and sensuality, are some of the most popular finishes now on the market. In addition, silver-toned hardware items are popular since they are cool and understated and best complement the design of a contemporary home.

OUTDOOR HARDWARE MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into Antique Brass, Polish Nickel, Bronze and Others

• By Application Analysis

Based on application, the market can be divided into Residential, Commercial and Others

Driving Factors

"Growing Popularity of Brass Knobs in the Hospitality Industry is Boosting the Market Growth"

Since they offer a glossy and artistic appearance, antique brass door knobs are becoming more and more popular throughout the hospitality sector. These door handles are anticipated to be in high demand due to the expanding tourism sector and the expansion of business buildings, which will further the outdoor hardware market growth of the sector. For instance, according to data from Invest India, 2022, foreign hotel chains have been concentrating on opening locations in India, which roughly accounts for a 50.0% part of the country's hospitality and tourism industry. In the near future, it is anticipated that this endeavor will support the growth of the worldwide industry.

"Large Potion of Revenue in the Outdoor Industry Generated by High Demand from the Residential Sector"

In 2021, the residential application sector held a dominant position globally in the outdoor hardware industry and was responsible for the largest portion of revenue. This is explained by the rise in residential development and refurbishment initiatives. For instance, the proposed residential development Garibaldi in Squamish Ski Resort in Canada has a project cost of 3.5 billion Canadian dollars. Among the handful of housing developments, Oxford Place, Rockcliffe Lands Redevelopment, and The Well each have a construction productivity of more than 1 billion Canadian dollars. More housing is required due to the growing population, especially in the Tier 1 cities. Both public and private sector organizations are improving their construction processes to keep up with the increased demand.

Restraining Factors

"Housing Market Conditions and Technological Obsolescence are Factors Affecting the Industry’s Expansion"

Property market factors, such as changes in property sales volume or home construction development, might have an impact on the need for outdoor hardware. In addition, homeowners' preferences for trends and designs in hardware can have an impact on the demand for specific goods or fashions, which might have an impact on the market. The fact that the outdoor business is subject to technical obsolescence, where new materials, layouts, and inventions replace older products, which might make some merchandise or styles less appealing to buyers, is another factor affecting the industry's growth.

OUTDOOR HARDWARE MARKET REGIONAL INSIGHTS 

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"Need for Remodeling Residences is Driving the Demand for Hardware in the Area"

The North American remodeling industry's accelerating growth rate is a sign that demand for home furnishings and fixtures is rising. Since a large percentage of residences in North America are quite old, remodeling is required. As a result, there will be more demand for stylish outdoor items. 80% of the over 138,000,000 residences in the United States were at least 20 years old, and 40% were over 50 years old, according to Forbes blog entries from July 2019. In light of the rapid growth of corporate and real estate building projects, hardware is certain to index more demand. Due to new construction permits and expanding infrastructure improvements, there will be a wide range of market potential for these devices and also at the same time increase the outdoor hardware market share.

Key Industry Players

"Key Players Focus on Strengthening their Distribution Systems to Gain a Competitive Advantage"

By broadening their catalogs and their market positioning, the industry's competitors are intensely concentrating on improving their businesses. With a huge quantity of local businesses competing in the market, the external hardware industry is very fragmented. In order to increase their consumer reach, the players are also concentrating on strengthening their distribution systems in low- and middle-income nations. In addition, the companies are improving their internet presence to greatly raise their reputation and brand recognition in the outdoor hardware industry.

List of Market Players Profiled

• Rejuvenation, Inc (U.S.)
• Vintage Hardware & Lighting Company (U.S.)
• Allegion Plc (Ireland)
• Berenson, Inc. (U.S.)
• Baldwin Hardware Corporation (U.S.)
• Hardware Resources, Inc. (U.S.)
• Nova Hardware Company (U.S.)

Report Coverage

This report covers the outdoor hardware market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.