Garage and Overhead Doors Global Market Report 2024

The global garage and overhead doors market 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 growth in the historical period can be attributed to the boom in residential construction, prevailing trends in renovation and remodeling, ongoing development in industrial and commercial sectors, increasing concerns about security and safety, and the effects of urbanization and population growth.

The global garage and overhead doors market 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%. The projected growth in the forecast period can be attributed to the integration of smart home technologies, the increasing demand for sustainable and eco-friendly solutions, the thriving e-commerce industry, the prevalence of remote work trends, and the implementation of urban renewal projects. Major trends expected in the forecast period include a rise in sustainable and eco-friendly doors, increased automation and remote access features, ongoing innovation in door opening mechanisms, integration with prevailing home design trends, and the rapid pace of technological advancements in the door industry.

The anticipated growth in the garage and overhead door market is fueled by increasing investments in residential infrastructure projects and construction activities. Residential infrastructure development encompasses crucial public services and facilities essential for residential expansion. Notably, FMI reported an 8% increase in overall engineering and construction spending in the United States in 2021. The construction of single-family homes is projected to witness a substantial 22% increase, reaching $380 billion, with a parallel surge in multi-family home building values by 18% to $111 billion. This positive trend, coupled with a 19% rise in spending on home improvements, underscores the significant role played by residential infrastructure projects in driving the garage and overhead door market.

The growth trajectory of the garage and overhead door market is closely linked to the expanding automobile industry. Rising vehicle ownership drives the demand for secure and customized garage spaces, necessitating reliable and technologically advanced overhead doors. This trend is observed in both residential and commercial applications, emphasizing factors such as security, aesthetics, and convenience. Notably, the Office of Energy Efficiency and Renewable Energy reported a 3% increase in sales of new light-duty vehicles, reaching 14.9 million in 2021. The thriving automobile industry, accompanied by economic prosperity, encourages homeowners to invest in garage space upgrades, contributing significantly to the overall growth of the garage and overhead door market.

Major players in the garage and overhead door market are strategically developing innovative products to gain a competitive edge. One notable example is Wyze Labs Inc., a US-based electronics manufacturing company, which launched the Wyze Garage Door Controller in April 2022. This product employs AI technology through a QR code system, providing remote monitoring via the Wyze Cam v3 and enhancing user control and convenience. Another avenue of innovation involves the development of garage door openers with unique features. In March 2023, Overhead Door Corporation, a US-based building materials company, introduced two new models, 2129L and 2129BL, part of the Legacy 850 family of 24V operators. These models include integrated LED lighting with a 25,000-hour rating, energy-efficient operation, and advanced security features, aligning with the market's demand for enhanced functionality and connectivity.

In June 2022, Nucor Corporation, a leading U.S.-based manufacturer of steel and related products, successfully completed the acquisition of C.H.I. Overhead Doors for a total consideration of $3.0 billion. This strategic move is anticipated to expand Nucor's product portfolio into markets that align seamlessly with the company's existing operations and leverage its efficient manufacturing strategy. C.H.I. Overhead Doors, based in the United States, is renowned for its production of high-quality residential garage doors, commercial doors, and rolling steel doors. The acquisition strengthens Nucor's position and underscores its commitment to strategic expansion in relevant markets.

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.

North America was the largest region in the garage and overhead doors market share in 2023. The regions covered in the garage and overhead doors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the garage and overhead doors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The garage and overhead doors market consists of sales of sectional, roll-up, slide to the side, side hinged, tilt-up canopy, and tilt-up retractable garage and overhead doors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The materials used in the construction of garage and overhead doors include aluminum, steel, wood, fiberglass, and vinyl. Steel is an alloy of iron and carbon with less than 2% carbon, 1% manganese, and small amounts of silicon, phosphorus, sulfur, and oxygen. These materials find applications in both exterior and interior settings, catering to residential and commercial end-users.

This report provides garage and overhead doors market statistics, including garage and overhead doors industry global market size, regional shares, competitors with garage and overhead doors market share, detailed garage and overhead doors market segments, market trends, and opportunities, and any further data you may need to thrive in the garage and overhead doors industry. This garage and overhead doors market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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