Explore the fascinating world of garage door industry as we delve into its intriguing statistics, reflecting trends, growth patterns and market dynamics.
Diving straight into the heart of the garage door industry, it’s clear this is a sector on the move. With a global market size of $1.93 billion in 2020, it’s projected to reach $2.52 billion by 2027, growing at a CAGR of 3.8%. This expansion is propelled by various factors such as the rise in new residential construction, increasing demand for energy-efficient doors, and the trend towards smart garages.
From the latest trends in garage door designs to the most in-demand materials, this article offers a comprehensive overview of the industry’s key statistics. Stay tuned for a detailed exploration of the garage door industry’s past, present, and future.
The garage and overhead doors market size is expected to reach USD 9.94 billion by 2029
Forecasted figures indicate a prosperous future for the garage and overhead doors industry, with an anticipated value hitting nearly $10 billion in under a decade’s time.
This exponential growth, complemented by advancements in technology and infrastructure development, heralds a fruitful era for businesses in the sector.
A variety of factors, including an increased demand for robust security solutions and smart homes, can be credited for propelling this industry towards its multi-billion dollar future.
The market was valued at $6.79 billion in 2021 and $6.99 billion in 2022 at a CAGR of 5.2%
Demonstrating considerable growth, the garage door sector saw its value rise from $6.79 billion in 2021 to $6.99 billion in 2022. This increase marks a compound annual growth rate (CAGR) of 5.2%, highlighting the industry’s robust and steady expansion.
The implication of such a trend is clear: demand for garage doors is on the rise, and the sector continues to intensify its contribution to the wider economy.
The garage door industry has grown 1.4% per year on average between 2017 and 2022
In the span of five years, from 2017 to 2022, a steady rise characterizes the industry’s landscape, with an average annual growth rate of 1.4%. This sustainability manifests the industry’s resilience, reflecting an unwavering demand for garage doors.
This consistent growth also indicates that consumers continue to invest in garage maintenance and replacement, ensuring the industry’s enduring vitality.
The trend is foreseen to stay constant or even grow, as evolving technological advancements and design trends keep stimulating the market.
About two-thirds of US housing units have a garage or carport
Among residential properties across the United States, a substantial majority includes either a garage or a carport. This fact highlights the prominence and essential nature of these structures in everyday American life.
These spaces are not only utilized for the storage of vehicles but also serve a variety of other uses like storing equipment, renovations for extra living space, or even home-gyms.
Consequently, the demand for garage doors remains high as they provide safety and security for various household needs. This prevalence also significantly contributes to the consistent growth observed in the garage door industry.
A 2-car garage in an average-sized home compromises approximately 13-15% of the home’s overall square footage
In average-sized homes, architects must balance the allocation of space for varying needs. A notable proportion, typically around 13-15%, is often dedicated to a 2-car garage. This sizable allocation underscores the importance homeowners place on secure car storage, additional storage space, and potentially a workspace. Despite its contribution to the overall square footage, the value added is deemed worthwhile, considering the multifunctional nature of garages in modern households.
As such, this trend continues to significantly influence home design and construction.
Modern garage door openers use as much as 75% less power in standby mode than older garage door openers
Significant strides have been made in terms of energy consumption by the latest door openers. Thanks to advanced technology, these contemporary devices can be significantly more efficient in standby mode, resulting in lower electricity usage.
This is a reduction in power usage by as much as 75% compared to previous models.
Consequently, homeowners can enjoy increased cost-saving benefits, which contributes to a more sustainable, eco-friendly home environment.
The standard door height is 80 inches typically requires building codes
Taking into consideration local building codes, garage doors usually maintain a standard height of 80 inches. This universal guideline allows for consistency across different homes and commercial establishments.
Such regulations balance practical and safety aspects, ensuring that standard-sized vehicles can safely and easily move in and out. Therefore, while customizations are possible in the industry, adherence to a standard door height of 80 inches remains the norm.
Garage doors should have a minimum width of 32 inches and a maximum width of 48 inches
Meeting construction standards and homeowners’ vehicular needs, door dimensions are vital.
The breadth should fall between 32 to 48 inches.
These measurements provide enough space for standard vehicles to pass and park efficiently while ensuring the door is not too wide to compromise structural integrity.
Complying with these dimensions significantly enhances practicality and safety in residential garage settings.
The market size of the garage door industry in the US is measured at $31.6bn in 2023
Forecasts indicate a steady rise in the financial stature of the garage door industry, attaining a total worth of $31.6 billion in the United States by 2023.
This remarkable growth reflects the expanding demand for both aesthetically pleasing and functional garages in residential spaces, as well as the necessity for secure and efficient storage areas in commercial sectors.
Key factors including advancements in technology, material enhancements, and versatile design options significantly contribute to this upward trend.
This monetary measurement offers a valuable insight into the robust health of the garage door industry and its potential for future growth and innovation.
There are over 135k employees in this industry
The labor force in the garage door industry is substantial, boasting a sizable number of over 135,000 employees.
Importantly, this not only represents those directly involved in manufacturing but also includes professionals engaged in installation, maintenance, and repair services.
The diverse job roles within this sector range from design engineers to customer service representatives, evidencing a thriving employment scene.
This extensive workforce considerably contributes to the economy, while simultaneously meeting the rising demand for garage door solutions.
Thanks to the tireless efforts of these individuals, the industry continues to exhibit robust growth and evolution.
References:
- https://www.globenewswire.com/
- https://www.reportlinker.com/
- https://insideevs.com/
- https://www.garageliving.com/
- https://rustica.com/
- https://www.ibisworld.com/