Door Accessories Market Analysis and Latest Trends
Door accessories refer to the additional components or items that are used to enhance the functionality, aesthetics, and security of doors. These accessories include locksets, door handles, hinges, door closers, doorbells, knockers, peepholes, and weatherstripping, among others. Door accessories are typically made from a variety of materials such as metal, wood, plastic, and glass, and they come in different styles and finishes to suit various door designs and decor.
The door accessories market is expected to grow at a CAGR of 5.00% during the forecast period. The market growth can be attributed to several factors. Firstly, the growing construction industry worldwide is driving the demand for door accessories. As the number of residential and commercial buildings increases, the need for door accessories for security and aesthetics purposes boosts as well. Additionally, the increasing focus on home improvement and renovation projects is fueling the demand for door accessories, as homeowners seek to upgrade their doors for better functionality and style.
Moreover, the growing awareness about the importance of energy efficiency is contributing to the market growth. Door accessories, such as weatherstripping, help in enhancing energy efficiency by preventing air leakage and minimizing heat transfer, thus reducing energy consumption and costs. As a result, there is a rising demand for energy-efficient door accessories.
Furthermore, the market is witnessing the emergence of technologically advanced door accessories. Smart door locks, digital door viewers, and remote-controlled door openers are gaining popularity, as they offer enhanced security and convenience. These innovations are expected to drive the market growth further.
In conclusion, the door accessories market is experiencing growth due to factors such as the expanding construction industry, increasing focus on home improvement projects, rising awareness about energy efficiency, and advancements in technology. The market is expected to continue growing at a CAGR of 5.00% during the forecast period.
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Door Accessories Major Market Players
The door accessories market is highly competitive and fragmented, with several major players contributing to its growth. Some of the key players in the market are Maruki, Hafele, Kwikset, TINO, Assa Abloy, Kuriki, Schlage, Hoppe, SELECO, Sobinco, Pba, and ATZ.
Assa Abloy is one of the leading players in the door accessories market. The company offers a wide range of products, including locks, handles, hinges, and door closers. It has been focusing on innovation and product development to meet the evolving consumer demands. Assa Abloy's market growth has been consistent over the years due to its strong brand recognition and a wide distribution network. The company's future growth is expected to be driven by increasing demand for smart locks and electronic access control systems. The global door accessories market size was valued at $11.3 billion in 2020, and it is projected to reach $16.2 billion by 2026, with a CAGR of 6.2%.
Hafele is another key player in the market, specializing in door handles, hinges, and locks. The company has a global presence and serves both the residential and commercial sectors. Hafele has a strong focus on research and development, continuously introducing new and innovative products to the market. It has witnessed significant market growth due to its competitive pricing, high-quality products, and excellent customer service. Hafele's future growth prospects are promising, as the demand for decorative and designer door accessories is expected to increase in the coming years.
Schlage, a subsidiary of Allegion, is a renowned brand in the door accessories market, particularly known for its high-security locksets. The company offers a diverse range of products, ranging from traditional mechanical locks to smart locks with advanced features. Schlage has experienced steady growth in the market and has a strong market presence in North America. Its future growth is expected to be driven by the increasing adoption of smart home technologies and the surge in residential and commercial construction activities.
While specific sales revenue figures for the mentioned companies were not available, it is evident that the door accessories market is witnessing significant growth and has substantial potential for the future. The increasing focus on security, aesthetics, and technological advancements in door accessories are driving market growth. With continuous innovation and product development, along with efficient distribution networks and strategic partnerships, these key players are poised to expand their market presence and capitalize on the growing demand for door accessories.
What Are The Key Opportunities For Door Accessories Manufacturers?
The door accessories market has been witnessing steady growth over the years due to factors such as increased construction activities, rising demand for aesthetically appealing doors, and the growing trend of smart homes. The market is expected to continue its upward trajectory in the coming years, driven by technological advancements in door accessories, such as smart locks and security systems. The market is also likely to benefit from the growing focus on energy efficiency, with an increasing number of consumers opting for energy-efficient doors and related accessories. Overall, the future outlook for the door accessories market is positive, with ample opportunities for growth and innovation.
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Market Segmentation
The Door Accessories Market Analysis by types is segmented into: