Residential Garage Door Demand to Grow 4.8% Annually Through 2022
CLEVELAND, Oct. 22, 2018 /PRNewswire/ -- Demand for residential garage doors is forecast to increase 4.8% per year to $2.2 billion (3.2 million units) in 2022. Overall, sales growth will be driven by:
- continued healthy advances in new housing construction
- strong increases in residential improvement spending
- homeowner tendency to trade up to better quality, more expensive products (such as by replacing standard steel garage doors with models featuring improved insulation or glass panels)
- ongoing emphasis on boosting curb appeal and property value by investing in higher priced garage doors
More information about this study is here: https://www.freedoniagroup.com/industry-study/garage-overhead-doors-3688.htm
The majority of sales gains in value terms will derive from increases in the new garage door market as rebounding housing starts help boost demand. Builders are increasingly recognizing the value of investing in higher quality, higher cost garage doors that help attract buyers. These and other trends are presented in Garage & Overhead Doors, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Combined demand for residential garage and commercial overhead doors is forecast to increase 4.5% per year to $3.6 billion in 2022. The market will benefit from a number of positive trends, including:
- healthy growth in new single-family housing construction and home improvement spending
- solid gains in commercial building construction and renovation expenditures
- ongoing spending to update garage and overhead doors with newer models that offer improved performance and/or aesthetic advantages
Garage & Overhead Doors (published 10/2018, 120 pages) is available for $4300 from The Freedonia Group.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building Products studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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