Global door handles market was worth USD 2.6 billion in 2018. It is projected to grow at a compound annual rate (CAGR of 3.9%) between 2019 and 2025. This market growth can be attributed to the booming residential and commercial construction industry, which is driven by rapid urbanization, industrialization, and increasing consumer spending on interior fittings and home remodeling.
Due to their constant purchases of the latest market trends, the market is gaining more popularity among consumers. Companies are also producing fashionable products that have improved and modified designs, patterns, or materials. These products add a rich aesthetic appeal to the infrastructure.
Product durability, security level, smooth functionality, price, ease-of-installation, and attractive designs all impact consumers' purchase decisions. According to consumer purchasing patterns, the median price of entrance door handles was USD 129. This means that they purchased these products at least USD 200. About 30% of knob door sets are purchased for USD 65. The median price is USD 44. These purchase trends show that consumers are willing and able to spend more on door handles. This will drive the door handle market over the next few years.
Manufacturers have been able to offer door handles in sleek, luxurious and contemporary designs as a result of changing customer preferences. Due to their compact design and ability to be customized for any infrastructure, knob-style door handles are becoming more popular. The most popular designs in the market include polished nickel, satin texture, brass and bronze finishes as well as crystal and satin looks in various patterns and shapes. ASSA ABLOY Ltd. and Carlisle Brass Ltd. offer such products.
The popularity of brass metal door handles is growing in the hospitality sector. They add a beautiful artistic touch to the exterior and interior doors of the infrastructure. These door handles will be in high demand due to the growth of tourism and commercial establishments. According to Invest India information, international hotel chains are focusing their efforts on India by 2022. India contributes approximately 50.0% of the country's tourism and hospitality industry. This initiative will contribute to the growth of the global market in the near future.
In 2018, the most popular segment was lever handle doors, which accounted for more than 40%. Segment growth is driven mainly by its advantages. For lever door handles to work, they don't need tight gripping. For doors with narrow stile widths, levers are preferred. There are many back plating options available for door levers that allow you to perform a variety of functions. European countries mainly use lever handles for their exterior doors. Swing doors are a popular choice in European countries. They mainly use lever handles. The segment will continue to be driven by ease of use, both in terms of strength as well as dexterity, in the future.
The fastest expected CAGR for doorknobs is 4.2% during the forecast period. This is due to product innovations in design, style, and appearance. As it matches the appearance and style of the doorknobs and the surrounding furniture, door knobs will be a popular choice in residential. Modern designs are being added to knobs by companies with the aim of giving doors an elegant appearance.
In 2018, the residential sector held more than 50% of the market share. The largest share of the total market was more than 50% in 2018. Oxford Place, M City Mixed Use Development - Phase 2+ Rockcliffe Lands Redevelopment and The Well are just a few of the residential projects that have a total project value exceeding 1 billion Canadian dollars.
The growth of the tourism industry drives the construction of commercial buildings, such as hotels and restaurants. Brazil, for example, has opened 54 hotels in 2018, adding 10,591 rooms to its hotel and restaurant portfolio. Soon, hotels such as Park Hyatt and Hyatt Regency will open. The product demand will increase due to the increasing number of construction projects.
Asia Pacific was responsible for 31.4% of the global market share in 2018, and it is expected to experience significant growth during the forecast period. This is due to the growing establishment of commercial and residential infrastructures, and the booming tourism industry. Hotel Management Japan, an operating company, plans to invest in three new hotels in Andhra Pradesh. This is expected to make it one of the most popular tourist destinations. The state's tourism department also plans to increase the number of guestrooms by 2025. These projects will drive demand for door handles over the next few years.
Product upgradation is a key activity of companies to maintain market competition and to cater to changing consumer preferences for elegant designs. Yanko Design, for example, developed Zento, an illuminated door handle with an independent wireless power source that can be used in cases of electricity blackout and firesmoke. The market leader in door handles is:
ASSA ABLOY Group
Hafele
Allegion plc.
Sobinco
LATHAMS SECURITY DOORSETS Ltd.
Kuriki Manufacture Co.
WEST inx
Ace Hardware
India International House Ltd
Up Market Research published a new report titled “Door Handles Market research report which is segmented by Application (Residential, Commercial), by Type (Lever Handles, Door Knobs), By Players/Companies Hafele, Sobinco, Kuriki Manufacture Co, WEST inx, Ace Hardware, Allegion plc, India International House Ltd, ASSA ABLOY Group, LATHAMS SECURITY DOORSETS Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Door Handles Market Research Report |
By Application | Residential, Commercial |
By Type | Lever Handles, Door Knobs |
By Companies | Hafele, Sobinco, Kuriki Manufacture Co, WEST inx, Ace Hardware, Allegion plc, India International House Ltd, ASSA ABLOY Group, LATHAMS SECURITY DOORSETS Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 242 |
Number of Tables & Figures | 170 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Residential, Commercial), by Type (Lever Handles, Door Knobs).
Door Handles Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Door Handles Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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