Global Door and Window Handles Market Forecasts 2023-2029: Customization, Personalization, Smart Home Integration Driving Growth
DUBLIN, Feb. 22, 2024 /PRNewswire/ -- The "Global Door and Window Handles Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global door and window handles market was valued at USD 14.02 billion in 2023 and is expected to reach a value of $17.7 billion, growing at a CAGR of 3.97% from 2023-2029.
The global door and window handle market is highly competitive, with the presence of many public and private companies. These vendors typically compete on key parameters such as product design, quality, reliability, services, and price. The key players in the global door and window handles market are ASSA ABLOY, Allegion, dormakaba, Internorm, and Hafele.
Further, companies with better technical and financial resources can develop innovative products that could threaten competitor products, making them non-competitive and even obsolete before recovering their R&D and commercialization costs. Therefore, vendors in the door and window handles market must develop new technologies and remain up-to-date with upcoming innovations to have a competitive advantage. The existing global players are increasing their investment in R&D facilities to ensure continuous customer-centric product innovation.
APAC holds the most prominent global door and window handles market share in 2023 and is projected to witness the highest growth rate during the forecast period. India, China, Australia, South Korea, and Japan mainly drive APAC's market growth. Strong economic growth coupled with rising construction activities and increasing disposable income has primarily supported the market's growth in the region in recent years.
Further, with the rapid economic growth in this region, per-capita income has drastically increased over the past couple of years, which has increased consumers' purchasing power. In addition, with increased economic growth, several countries in the region have been actively spending on infrastructure and industrial development. The region can be viewed as one of the largest potential markets for door and window handles due to the vibrant economic situation of countries in this region.
Rising Home Improvement and Renovation Activities
The home improvement industry is growing globally, increasing sales of building materials, appliances, decor, and other elements. In addition, rental housing is also increasing, which is creating opportunities for home remodeling and renovation. It has been observed that in recent years, most of the homeowners residing in their homes tend to renovate their houses instead of moving into new ones.
The demand for single-family rental houses has increased in recent years; thus, homeowners are shifting towards redesigning and renovating their homes for rental purposes. The increased spending on single-family homes and renovation activities is expected to drive the sales of doors and window handles during the forecast period. The door and window handle market is mainly derived from residential construction and rising investments in renovations, replacements, retrofits, and home improvement activities.
Rising Real Estate and Construction Sector
The growth of commercial spaces such as shopping malls, retail areas, and offices is expected to support the growth of the global door and window handles market. Most commercial spaces are implementing the latest infrastructures and technologies to improve the overall aesthetics of spaces and ensure maximum security and convenience. Door and window handles are highly beneficial for commercial spaces and are installed in almost all commercial facilities.
Similarly, door and window handles are considered crucial components of doors and windows in large commercial spaces. With the rise in residential construction projects, there was a surge in non-residential or commercial construction activities. For instance, the fast-growing population of China, strong economic growth, and consumer spending have attracted investors in the construction of commercial spaces such as shopping malls, hotels, apartments, offices, and industrial spaces.
Fluctuating Raw Material Prices
The cost of raw materials accounts for a large portion of the overall manufacturing cost. Moreover, raw materials account for 50%-60% of the overall cost of the final products. The prices of major raw materials, such as plastic, aluminum, and steel used to manufacture doors and window handles, have increased significantly over the last few years. The volatility of raw material prices seriously threatens the vendor's profit margins.
The price volatility and availability of such raw materials can pose a serious operational risk to vendors. Fluctuations in the prices of raw materials could reduce their profit margins, thereby affecting the overall door and window handles market growth. However, low-cost countries gradually lose their advantages due to rising labor costs.
INSIGHTS BY TYPE
The door handle type segment is expected to be the largest revenue segment in the global door and window handles market. In recent years, the demand for door lever handles has experienced steady growth due to the increasing focus on ergonomics and accessibility, changing architectural preferences, and the desire for trendy, functional door solutions.
In the global door handle market, door lever handles have become a prominent choice. Increasing prominence on universal design and accessibility is a significant driver of the demand for door lever handles.
INSIGHTS BY DOOR HANDLE
The global door and window handles market by door handle is segmented into lever handles, door knobs, pull handles, sliding door handles, and others. Lever handles, called door levers, are widely used in residential, commercial, and public buildings. The door Lever handle design is mainly helpful for people with mobility issues, as it requires less grip dexterity and strength, which makes it more accessible.
INSIGHTS BY WINDOW HANDLE
The global door and window handles market by window handle is segmented into espagnolette, cockspur, tilt & turn, sash windows & lifts, and others.
The espagnolette window segment holds the most significant global market share in 2023. Espagnolette handles are one of the most prevalent types of window handles and are generally used with casement windows, such as aluminum windows. This type of handle is fixed inside the window frame and is mainly the embellished and operational lever comprising a multi-point espagnolette locking system hidden inside the window.
INSIGHTS BY MATERIAL
The global door and window handles market by material is segmented into metal, plastic, wood, and glass. The metal material segment dominated the global market share in 2023. Aluminum and steel have a high preference for making doors and window handles.
It is lighter than iron and has a higher recycling rate. Metal door handles also have higher use in industrial segments, currency mints, labs, and other places where doors are paramount to providing security. The demand for metal for manufacturing door handles has surpassed wood. Further, the demand for metallic doors and window handles is relatively higher in southern Italy and Spain in Europe.
INSIGHTS BY APPLICATION
The residential application segment is expected to be the largest revenue segment of the global door and window handles market.
Home renovation and reconstruction activities drive the growth of residential doors and window handles globally. In terms of new constructions in the residential segment, the demand is currently driven by new government-funded housing projects, especially due to the rising immigrant population.
INSIGHTS BY INSTALLATION
The new construction installation segment is expected to be the largest revenue segment of the global door and window handles market. The new construction activities are growing across the globe. Many new commercial projects worldwide have enabled a steady demand for new doors and window handles, especially in hotels.
New residential construction projects and the mushrooming growth of corporate coworking offices also favor the demand for doors and window handles in new construction.
Market Opportunities & Trends
- Rise in Home Improvement and Renovation Activities
- Increase in Use of Antimicrobial Films
- Smart Door Handles
Market Growth Enablers
- Rise in Real Estate and Construction Sectors
- Government Policies Support Residential Sector
- Revival of Travel & Tourism Industry
- Increase in Demand in Emerging Countries
Market Restraints
- Fluctuations in Raw Material Prices
- Rise in Market Softening due to Fragmentation
Key Company Profiles
- ASSA ABLOY
- Allegion
- dormakaba
- Internorm
- Hafele
Other Prominent Vendors
- Sugatsune
- Fapim
- GEZE
- Pella
- AAR KAY VOX
- Emtek Products
- Kuriki Manufacture
- ECO Schulte
- Karcher Design
- Reguitti
- REHAU
- Gretsch-Unitas (G-U)
- Dynasty Hardware
- Cal-Royal Products
- Guangdong Archie Hardware
- C.R. Laurance
- Deltana Enterprises
- Prime-Line
- Ozone
- Hettich Holding
For more information about this report visit https://www.researchandmarkets.com/r/wk2ks4
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