USD 8.10 billion
Report ID:
SQMIG30K2023 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
88
|Figures:
76
Global Door Handles Market size was valued at USD 8.10 billion in 2022 and is poised to grow from USD 8.45 billion in 2023 to USD 11.83 billion by 2031, growing at a CAGR of 4.30% during the forecast period (2024-2031).
The door handle industry is experiencing growth due to increasing construction activities in both residential and commercial sectors, as well as rising consumer spending on home remodeling and interior fittings. To keep up with the latest trends, consumers are frequently purchasing fashionable products with modified designs, patterns, and materials that offer rich aesthetic appeal. Additionally, the growing trend of home remodeling projects and home improvements is making beneficial contributions to the industry growth. Technological improvements, modernization in production techniques, and an increase in research and development activities are expected to generate new opportunities for market players to expand their portfolios and generate new revenue streams.
Door handle manufacturers are introducing sleek and luxurious designs and materials to meet the shifting customer preferences from ornate fittings to contemporary patterns. Knob-style door handles with compact structure and availability of various appropriate designs for every infrastructure are gaining acceptance among consumers. The market is witnessing a surge in door handles with polished nickel, matte texture, brass, and bronze finishes, crystal and satin looks available in various geometric shapes and patterns. Brass metal door handles are gaining increasing traction across the hospitality industry due to their shiny and artistic look. The growing tourism sector and increasing establishment of commercial buildings are expected to generate significant demand for these door handles, thereby augmenting the industry growth.
US Door Handles Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 8.10 billion
Largest Segment
Lever Handle
Fastest Growth
Lever Handle
Growth Rate
4.30% CAGR
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The Global Door Handles market is segmented by type, application, material, and region. Based on type, the market can be segmented into lever handles, and knob handles. Based on application, the market is segmented into residential, and commercial. Based on material, the market is segmented into brass, aluminium, and zinc. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Door Handles Market Analysis by Type
By type the market can be segmented into lever handle, and knob handle. The dominating segment in the market is lever handles. The demand for lever handles is increasing due to their ergonomic design and ease of use, making them a popular choice among consumers. Lever handles are preferred in residential as well as commercial buildings, making them a versatile choice for various applications. They are available in a wide range of materials and finishes, making them an aesthetically pleasing addition to any space.
The fastest-growing segment in the door handles market is knob handles. Knob handles are popular in traditional and classic settings, making them a popular choice among consumers looking for a more traditional look. The demand for knob handles is increasing due to their simple yet elegant design, making them a preferred choice for doors in homes, offices, and other commercial buildings. Knob handles are available in various materials and finishes, giving customers a wide range of options to choose from.
Door Handles Market Analysis by Application
By application, the market can be segmented residential, and commercial. The dominating segment in the door handles market is the residential segment. The demand for door handles in residential buildings is increasing due to the growing construction of new homes and the renovation of existing homes. Door handles are an essential part of home decor, and consumers are increasingly opting for aesthetically pleasing designs that complement their interior design style. Additionally, the increasing demand for smart homes is expected to drive the demand for innovative door handles in residential buildings.
The fastest-growing segment in the door handles market is the commercial segment. The demand for door handles in commercial buildings is increasing due to the growing construction of office buildings, hotels, hospitals, and other public spaces. The commercial segment also includes industrial buildings such as factories and warehouses. Door handles in commercial buildings are subject to higher wear and tear due to heavy usage, making durability and functionality key factors in their selection. The increasing trend of smart buildings is also driving the demand for innovative door handles in the commercial segment.
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North America dominates the door handle market due to its increasing investments in the real estate sector and sales of new homes. According to the Home Improvement Research Institute (HIRI), Americans spent nearly 9% more on home improvement between 2019 and 2020, which includes door handle upgrades. Moreover, the rise in government initiatives in several nations aimed at encouraging affordable housing for the lower-income population is a significant factor driving the industry. Additionally, companies are manufacturing fashionable products with modified designs, patterns, and materials that offer rich aesthetic appeal to the infrastructures.
APAC is expected to be the fastest-growing region in the door handle industry, owing to the growing construction industry in countries like China, India, and Japan. These countries are experiencing rapid urbanization and industrialization, leading to increased demand for door handles in the residential and commercial sectors. The increasing spending on home remodeling and interior fittings, along with rising consumer spending, is driving the market growth in APAC. Moreover, the growing tourism sector and the increasing establishment of commercial buildings are expected to generate significant demand for door handles, thereby augmenting the industry growth in the region.
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Door Handles Market Drivers
Increasing Demand For Fashionable And Modern Door Handle Designs to Boost Market Reach
Door Handles Market Restraints
Potential For Frequent Door Handle Repairs Due To The Usage Of Low-Quality Raw Materials To Hinder Market Growth
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The door handle industry is highly competitive, with numerous players competing based on product innovation, design, pricing, and quality. Small and medium-sized enterprises play a significant role in the industry, as they offer a diverse range of products and cater to the demand from local and regional markets. Market players are continuously investing in research and development activities to enhance their production techniques and introduce new product offerings to the market. In addition, companies are also focusing on expanding their distribution networks to reach a broader customer base and gain a competitive edge in the industry.
Top Player’s Company Profiles
Door Handles Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global door handle market is growing rapidly, driven by factors such as the increasing demand for home remodeling and interior fittings, rising investments in the real estate sector, and growing consumer spending on lifestyle-enhancing projects. The market is witnessing a shift towards modern and luxurious designs that offer rich aesthetic appeal to infrastructures, with knob-style door handles gaining acceptance among consumers. However, the market growth may be hindered by factors such as the frequent need for repairs due to low-quality raw materials. With companies investing in research and development to improve production techniques and introduce innovative designs, the market is expected to continue its growth trajectory over the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.10 billion |
Market size value in 2031 | USD 11.83 billion |
Growth Rate | 4.30% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Door Handles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Door Handles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Door Handles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Door Handles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30K2023