Global Door Handles Market was valued at US$ 9395.8 million in 2021, According to the Global Door Handles Market Report, by Material type (Metal type, Plastic type and others), by Application (Residential, Commercial and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights
Global door handles market was valued at US$ 9395.8 Million in 2021. Door handles market is expected to register a CAGR of 3.92% over the forecast period (2022–2030), to reach US$ 13257.8 Million by 2030.
Increasing global construction industry is key factor propelling the growth of the door handles market, owing to the increasing number of doors which necessarily used to complete the residential and commercial projects. Door handles have predominant importance in the making of door as it is an attached mechanical tool used to manually open or close a door and its attachment on the door contributes to door's beauty and artistic taste. For instance, according to Chartered Institute of Building (CIOB), in 2020, the global construction industry was valued at US$ 10.8 trillion and is expected to reach US$ 17.5 trillion by 2030 with average global construction growth rate of 3.9%, annually. However, increasing application of automatic door system (Automatic swing, sliding, and revolving door system) for commercial properties such as office buildings, hotels, high-rise apartment, hospitals are expected to hamper the growth of door handles market.
The growing number of commercial buildings around the world is also predicted to boost market growth. The market is estimated to grow in response to increased production of doors and windows. Manufacturers are also taking a number of steps to manufacture more modern and developed door handles, which is expected to cushion the industry's growth.
The pandemic had a drastic effect on the door handle market. Countries were compelled to impose social isolation and lockdown measures as a result of the COVID-19 pandemic. The pandemic also hindered the private construction across many countries, which in turn inhibited the development of new homes and businesses. The construction industry and government projects also got stalled as the employee number were reduced to halves. Distributors and manufacturers of door handles were forced to stop operations due to border closures, travel bans, and import-export restrictions.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/door-handles-market-2536
Browse 50 market data tables* and 40 figures* on "Global Door Handles Market” - Forecast to 2030.
Key Trends and Analysis of the Global Door Handles Market:
- Among regions, Asia Pacific accounted for a significant market share of 33% in 2021. Asia Pacific is also anticipated to dominate the global door handles market over the forecast period due to construction of toiletsand rural house. For instance, according to the Ministry of drinking water and Sanitation Government of India 2020, after the launch of Swachh bharat Mission, there is tremendous increase in the demand for toilet infrastructure. Government initiatives focusing on open defection free India and increasing number of toilet are anticipated to increase huge opportunities for local and global door handles players.
- According to Coherent Market Insights in 2021, among the application, Commercial application segment has significant share in the global door handle market during the forecast period due to the increasing urbanization and concentration of populace in cities which impel to attract investment for building shopping malls, hospitals, business parks, retail stores, multifamily housing building etc.
Key Takeaways of the Global Door Handles Market:
- According to Coherent Market Insights in 2021, among material type, metal type segment held largest revenue share of 56% in the global door handles market in 2021. Door handles are made up of various metals such as brass, stainless steel, zinc and black iron, for instance, brass door handles have gained popularity in the door handle market, due to its elegant and unique appearance. Therefore, it is mostly preferred by the hotels and restaurants. Brass door handles are shiny and long lasting as they are fit into any type of door such as wood door, metal doors.
- Key players operating in the door handles market are focusing on various in order to strengthen their market presence and expand their product portfolio. For instance, in Sep-2022, ASSA ABLOY, a Swedish conglomerate whose offerings include products and services related to locks, doors acquired VHS Plastik Metal, a leading manufacturer of hardware systems for windows and doors based in Turkey. From the acquisition, VHS offered a range of window and door hardware systems which strengthened ASSA ABLOY's offerings in the country.
- In February 2020, Allegion U.S., an American Irish-domiciled provider of security products for homes launched the Schlage ALX Series, a series of modular designs for cylindrical locks. The newly launched product is a grade 2 lock and an evolution of the ALX series.
