Door Handle Market is Expected to Exhibit the Fastest CAGR of 3.9% over the forecast Period
7-Nov-2019: The global door handle market
size is expected to reach USD 3.3 billion by 2025, according to a new report by
Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast
period. The market has been gaining an increasing traction among the consumers
on account of their frequent purchases to keep up with the latest trends in the
market.
Moreover, companies
are manufacturing fashionable products with modified and improved designs,
patterns, and materials that offer rich aesthetic appeal to the
infrastructures. The market growth is also attributed to booming residential
and commercial construction, driven by rapid urbanization and
industrialization, along with increasing consumer spending on home remodeling
and interior fittings.
Shifting customer
preferences from ornate fittings to contemporary patterns has been driving the
manufacturers to introduce these products with sleek and luxurious designs and
materials. Knob style handles are gaining an increasing acceptance among the
consumers due to their compact structure and availability of various
appropriate designs for every infrastructure. Some of the prominent designs
trending in the market are polished nickel, matte texture, brass and bronze
finishes, crystal, and satin look available in various geometric shapes and
patterns. Some of the companies offering such products are ASSA ABLOY and Carlisle
Brass Ltd.
Door knobs are
expected to exhibit the fastest CAGR of 4.2% over the forecast period. This
growth is attributed to increasing product modifications in terms of designs,
styles, and look. These products are expected to have a vast application in the
residential sector as it fits the style and appearance of any door and
surrounding furniture. Companies are also adding contemporary designs to knobs
with an aim to provide an elegant look to the doors.
Asia Pacific held a
share of 31.4% in 2018 and is expected to witness the fastest growth over the
forecast period. This growth is attributed to rising establishment of
residential and commercial infrastructures and booming tourism industry. Growth
of the tourism industry is driving the construction of commercial buildings
such as restaurants and hotels. For instance, Brazil has established 54 new
hotels, providing 10,591 new rooms in 2018.
International
sporting competitions such as the 2020 Summer Olympics, which is scheduled to
take place in Tokyo in 2020, are fueling the capacity of hotels and restaurants
in Japan. Hotels such as Park Hyatt, Hyatt Regency, and InterContinental are
expected to open shortly. Increasing number of construction projects is
expected to augment the demand for the global market.
In
depth research report on Door Handle Market
Further key findings from the study suggest:
·
Lever handles accounted for the largest share of more than
40.0% in 2018
·
The residential sector accounted for the largest share of
more than 50.0% in 2018 due to demand for door handles by the new construction
and home remodeling projects
·
Asia Pacific accounted for a share of 31.4% in 2018 owing to
growing establishment of residential and commercial infrastructures and booming
tourism industry
·
Some of the key players operating in the global door handles
market are ASSA ABLOY Group, Hafele, Allegion plc., Sobinco, LATHAMS SECURITY
DOORSETS Ltd., Kuriki Manufacture Co., WEST inx, Ace Hardware, and India
International House Ltd.
Grand View Research
has segmented the global door handle market on the basis of type, application,
and region:
Door HandlesType Outlook (Revenue, USD Million, 2015 - 2025)
·
Lever Handles
·
Door Knobs
·
Sliding Door Handles
Door HandlesApplication Outlook (Revenue, USD Million, 2015 -
2025)
·
Residential
·
Commercial
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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