Dublin, June 06, 2023 (GLOBE NEWSWIRE) -- The "Automatic Garage Door Operator Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automatic garage door operator market is expected to reach a value of $3.49 billion by 2028 from $2.55 billion in 2022, growing at a CAGR of 5.42%
People in 2023 were more curious about technology-orientated home appliances and smart gadgets. The smart home is a revolutionary concept in residential spaces that enhances comfort, convenience, security, entertainment, and sustainability. Therefore, the demand for smart technologies like smart lights, smart thermostats, smart locks, in the line smart garage door opener will also play a vital role in residential and commercial spaces in the upcoming years.
Mounting Number of Automobile Globally Increases the Garage Space Demand
Booming industrialization throughout the world led to higher growth rates of urban economy, increasing income for households, the high living standard of modern generations, and the rising population anticipated to increase the number of smart city cars and passenger vehicle ownership to the citizens. These factors propelled the growth rate of garage door installation the developing and developed countries in the forecast period.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT TYPE
In 2022, the screw drive segment dominated the market and was valued at approximately USD 923 million. The screw drive-type garage door opener has a threaded steel rod to lift the door.
Even though the screw drive garage door opener makes noise during its drive, it is still less than what the chain drive system makes. Screw-drive garage door openers provide a lot of power in a compact device. For homeowners with large, heavy, or oversized garage doors, screw-drive garage door openers can handle the door's weight without burning out early.
INSIGHTS BY SENSOR TYPE
Automatic units have applications in various places, such as luxury residential housing, commercial spaces, etc. Factors such as energy-saving, ease of operation, maintaining security, fast and accurate, cable-free, and others fuel the demand for these doors. The key sensor types in the automatic garage door operator market include infrared and photoelectric sensors.
The advantages of infrared sensor are their low power consumption, simple design, and useful features, which has reduced the risk of injury and other benefits which have pushed the market to the next level. Such factors have contributed to the infrared sensor automatic garage door operator market and helped to gain a dominant share among the sensor type segment.
INSIGHTS BY CONTROLLER TYPE
Home automation has become popular in recent decades, as day-to-day life is getting simpler due to the rapid development of technology. Almost everything has become automatic and digitalized. The Internet of Things (IoT) system accepts devices to be connected online and remotely monitored across the Internet.
With the help of technology development, automatic garage door operator systems were booming. The global automatic garage door operator market by controller type segments as Wi-Fi and Bluetooth, under which the Wi-Fi segment holds the dominant share. Wi-fi-based controllers have huge advantages in terms of control door systems and accessibility.
INSIGHTS BY INSTALLATION TYPE
The new construction automatic garage door operator market was valued at over USD 1.5 billion in 2022 and holds the largest share by installation type.
Many new construction projects in the global pipeline are enabling a steady demand for new garage doors in new building projects. Innovations in garage door manufacturing and integrated locking systems may lead to a longer replacement cycle as the doors become light yet strong.
Emerging economies such as China, India, Brazil & others are expected to significantly grow in constructing new buildings. Numerous construction projects related to hospitality, healthcare, real estate, and others are lined up, which is expected to favor market growth.
INSIGHTS BY END USER
The global residential segment holds the larger share of the industry. The rising global population and the number of households drive the demand for housing facilities. To meet the rising demand, governments worldwide have implemented policies to support the construction of residential units.
Furthermore, in 2022, the U.S. apartment market has planned for the largest conventional apartment projects, where the project number of units is nearly 411,000. These apartment projects are projected to boost the demand for automatic garage door operators.
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominated the global automatic garage door operator market in 2022 and is expected to witness an incremental growth of over USD 669 million during the forecast period. Factors such as the broad reach in areas that lack better connectivity and brand loyalty, along with the quality of products, are driving the growth of this segment.
GEOGRAPHICAL ANALYSIS
North America accounted for the largest global automatic garage door operator market share, accounting for approximately 41% in 2022. Strong economic growth, the establishment of new businesses, company expansions, and increased construction activities are mainly driving the demand for automatic garage door operators in the region. Implementing smart automatic garage door operators in residential and commercial buildings can largely facilitate controlling energy consumption and help in achieving the energy efficiency goals in the country.
COMPETITIVE LANDSCAPE
The global automatic garage door operator market is highly competitive, with the presence of a large number of private and public companies. These vendors typically compete on a key range of product design, reliability, quality, support services, and price.
The instant technological advancements adversely impact the industry vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to alter and enhance their unique value proposition to achieve a strong market presence.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 290 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2550 Million |
| Forecasted Market Value (USD) by 2028 | $3499.87 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Vendors
- Chamberlain Group
- Overhead Door Corporation
- GARADOR
- HORMANN
- NOVOFERM
- TECKENTRUP
Other Prominent Vendors
- The Genie Company
- SkylineNet Inc
- CAME SPA
- ERREKA
- Gliderol
- Marantec
- Somfy
- King Gate
- Kruzik
- Nice
- Ryterna
- ALUTECH
- Raynor
- Doorhan
- Boss
- CRAFTSMAN
Introduction
- Booming Zero-Energy Building Projects Drive the Demand for Energy-Efficient Automation Operators.
- Innovation in Automatic Garage Doors Operator
- Key Highlights for Global Residential Construction Sector
- Factors Driving the Garage Door Operator Market
- Residential Households
- Multi-Family Buildings: Residential Constructions
Value Chain
- Raw Material Suppliers & Components
- Manufacturers
- Dealers/Distributors
- Retailers
- End-Users
Market Opportunity & Trends
- Emergence of Smart Homes Driving the Adoption of Automatic Garage Door Operator
- Advances in Operation & Functionalities of Garage Doors
- Demand for Garage Door Operators from Hospitality Sector
- Commercial Construction
Market Growth Enablers
- Mounting Number of Automobiles Globally Increases the Garage Space Demand.
- Sustainability Reshaping Global Construction Market
- Infrastructural Constructions
- Rising Housing Investments
Market Restraints
- Variations in Construction Industry
- Fluctuating Raw Material Prices
- Turbulent Global Political and Trade Relations
For more information about this report visit https://www.researchandmarkets.com/r/nrpt3c
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
