Garage and Overhead Doors Market: Share Analysis, Significant Trends, and Growth Drivers Propel Demand

"The new report published by The Business Research Company, titled ""Garage And Overhead Doors Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the garage and overhead doors market size has grown strongly in recent years. It will grow from $6.97 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The garage and overhead doors market size is expected to see strong growth in the next few years. It will grow to $9.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.

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Elevated Investments In Residential Infrastructure Propel Garage And Overhead Door Market Growth
The rising investment in residential infrastructure projects and construction activities are expected to propel the growth of the garage and overhead door market going forward. Residential infrastructure and construction refer to public services and facilities necessary to support residential development, including sewer and water lines, wastewater treatment plants, waterworks, schools, parks, streets, street lights, and stormwater management facilities. The overhead garage doors have many advantages, and the ability to tailor construction projects to needs and make a greater addition to construction projects. For instance, according to FMI, a US-based consulting and investment banking firm, spending on engineering and construction overall in the United States increased by 8% in 2021. Construction of single-family homes is projected to cost $380 billion, a 22% increase from 2020. The expected value of multi-family home buildings increased by 18% last year to $111 billion. $92 billion was spent on a commercial building in 2021, an increase of 6% from the year before. Spending on home improvements rose by 19% in 2021. Therefore, the increase in investment in residential infrastructure projects and construction activities is driving the growth of the garage and overhead door markets.

Smart Garage Door Openers Transforming The Garage And Overhead Door Market
Major companies operating in the garage and overhead door market are developing new products such as smart garage door opener to gain a competitive edge in the market. Unlike traditional contact sensors, Wyze's innovative approach utilizes the camera's AI technology, which identifies a QR code placed on the garage door to determine its status. For instance, in April 2022, Wyze Labs Inc., a US-based electronics manufacturing company launched the Wyze Garage Door Controller, offering remote monitoring through a Wyze Cam v3 and a QR code system. The bundle includes the Wyze Cam v3 and the Garage Door Controller module, providing visual verification through recorded videos and allowing users to control and monitor their garage door remotely via the Wyze app.

The garage and overhead doors market covered in this report is segmented -

1) By Material: Aluminum, Steel, Wood, Fiberglass, Vinyl
2) By Application: Exterior Application, Interior Application
3) By End Users: Residential, Commercial

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Major companies operating in the garage and overhead doors market report are Moxa Inc., Kongsberg Gruppen AS, Praxis Automation Technology B.V., General Electric Company, Norr Systems Pte. Ltd., ABB Ltd., Marine Technologies LLC, Wärtsilä Oyj Abp, Rolls-Royce Holdings plc, AB Volvo plc, L-3 Communications Holdings Inc., RH Marine Group, Twin Disc Incorporated, Koninklijke IHC, Reygar Ltd., Sonardyne International Ltd., COMEX SA, Navis Engineering LLP, Advanced Navigation Pty Ltd., Teledyne Technologies Inc., Applanix Corporation, Underwater Engineering S.A.L., C-Nav Positioning Solutions, Denar Ocean Engineering Ltd., Marine Management Limited, Alphatron Marine BV, L3Harris Technologies Inc., Wartsila Guidance Marine BV, Thrustmaster of Texas Inc.

Contents of the report:
1. Executive Summary
2. Garage And Overhead Doors Market Report Structure
3. Garage And Overhead Doors Market Trends And Strategies
4. Garage And Overhead Doors Market - Macro Economic Scenario
5. Garage And Overhead Doors Market Size And Growth
…..
27. Garage And Overhead Doors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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