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Garage doors are the large doors on garages that open either by an electric motor or manually. Garage doors provide enough space to accommodate various types of automobiles. Small garage doors can be made using a single panel that tilts back and up across the ceiling of the garages. Large garage doors are generally made using several panels joined together that toll up on the tracks across the ceiling of the garages. These doors work on counterbalance or spring-loaded operating mechanism to offset the load of the doors and minimize the motor or human effort to operate the doors. Generally, garage doors are made up of materials such as metal, fiberglass, and wood.
COVID-19 Scenario analysis:
Factors such as growth in tourism and rapid economic development have surged the demand for garage doors with enhanced aesthetic appeal for restaurants, hotels, supermarkets, multiplexes, and others are expected to drive the growth of the garage doors market. Besides, a surge in construction and renovation activities worldwide is another key factor that can potentially fuel the growth of the garage doors market. Moreover, rising demand for technologically advanced products are resulting in new technological advancements in the garage doors market such as fully automatic garage doors with sensor technology, which can boost the growth of the garage doors market. However, high costs and requirement for regular maintenance for the garage doors are the restraining factors that are hindering the market growth. On the contrary, growing investments for infrastructural development by governments of different countries are anticipated to provide lucrative growth opportunities for the garage doors market during the forecast period.
Federal, local, and state governments of different countries are introducing home remodeling incentive programs for the public. These incentives aim to enhance the value of the homes that can boost the economy and reinforce communities. For instance, the federal government of the U.S introduced the FHA 203(k) rehab loan in 2019. This renovation loan helps homeowners to finance and renovate their homes with a single mortgage. This program grants convenient loans to homeowners instead of applying for multiple loans. Such new incentives provided by governments for the renovation of houses can boost the demand for garage doors, which can result in creating a positive impact on the growth of the garage doors market.
Huge investments for construction activities in emerging countries
Due to factors like rapid urbanization, industrialization, population, and others in emerging countries like China and India, there has been a surge in construction activities in these countries. Government initiatives for new construction projects and the pursuit to build smart cities in these countries can significantly result in the positive growth of the construction sector. According to the Department of Promotion for Industry and internal trade (DPIIT), the construction development sector of India received $25.37 billion through Foreign Direct Investment (FDI). Huge investments for the construction development sector can boost the growth of the construction industry in these countries that will eventually result in the positive growth of the garage doors market.
Key benefits of the report:
Key Market Segments
Key Market Players