Door Handle Market To Grow Rapidly With CAGR of 3.9% By 2025 – Sales Channel Study, Consumer Behavior Analysis And Application Estimates | Million Insights
The global door handles market is projected to be valued at USD 3.3 billion by 2025, as per a new report provided by Million Insights. It is expected to grow with a CAGR of 3.9% over the expected period, 2019 to 2025. Consumers’ tendency of regular purchases to keep pace with the new fads prevailing in the market along with changing preference from ornate designs to modern patterns is driving the market growth.
Further, firms are producing trendy products with enhanced and better-quality materials, designs and forms that facilitate classy artistic look to the infrastructure. The door handle market is also driven by flourishing industrial and housing construction, due to increasing industrialization and urbanization, along with rising customer expenditure on home renovation and interior tailoring. Leading players are also engaged in the production of trendy zinc door handles as it projected to gain traction in the forecast period.
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Changing customer focus from decorative tailoring to traditional patterns has been propelling the producers to launch these knob handles made up with silky and comfy materials and designs. Knob pattern handles are growing popularity among customers because of their accessibility and dense structure in several forms and designs for every infrastructure project. Matte texture, crystal, nickel, brass, and satin look with different geometric form have come into trend in the market. Carlisle Brass Ltd and ASSA ABLOY are few of the market players presenting these products.
Door knobs are projected to register a CAGR of 4.2% from 2019 to 2025. This growth is the result of rising product enhancement as well as increasing application in the commercial and residential sector due to its dynamic style and look that suits any door. Companies are also focusing on adding the modern design to knobs with the objective to give doors a stylish finish. This objective is further expected to drive the door knob market over the forecast period.
The Asia Pacific accounted for a share of 31.4% in 2018 and is projected to demonstrate growth with a CAGR of 4.2% over the estimated period, 2019 to 2025. The development of the tourism industry and increasing construction of commercial and residential infrastructure is boosting the region’s growth. Progress in the tourism industry in propelling the incorporation of industrial buildings like hotels and restaurants with the rising number of tourists. Brazil has constructed 54 new hotels, facilitating 10,591 new rooms on account of development of the tourism industry in the year 2018.
The restaurants and hotels developed by international competitions like the 2020 Summer Olympics which is planned to take place Tokyo, boosting the capacity of restaurants and hotels in Japan. Hotels like InterContinental, Park Hyatt, Four Points by Sheraton and Hyatt Regency are anticipated to start their operations shortly. The global demand of door handles is projected to be boosted by rising construction ventures and residential complexes along with changing customer preferences worldwide.
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Further key findings from the report suggest:
• Lever handles deemed to hold the major share accounting to 40.0% in the year 2018.
• The residential sector recorded a CAGR exceeding 50.0% in 2018 because of increasing demand for door handles by home renovation undertakings and new constructions.
• The Asia Pacific has the share of 31.4% in the year 2018 due to increasing construction of commercial and residential infrastructure and flourishing tourism industry.
• Some of the major players in the global door handles market are Sobinco, India International House Ltd, Hafele, LATHAMS SECURITY DOORSETS Ltd, Allegion plc. WEST inx. ASSA ABLOY Group, Sugatsune USA, Ace Hardware, and Kuriki Manufacture Co.
Million Insights has segmented the global door handle market based on product, application, and region:
Door Handles Type Outlook (Revenue, USD Million, 2015 – 2025)
• Lever Handles
• Door Knobs
• Sliding Door Handles
Door Handles Application Outlook (Revenue, USD Million, 2015 – 2025)
• Residential
• Commercial
Door Handles Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• Africa
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