The Global Door Handles Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2023-28. The growth of the market is projected to be driven primarily by the exponentially rising population levels worldwide, i.e., amplifying the need for developing more & more residential complexes, coupled with the rapidly expanding commercial sector, which is leading to the increasing construction of offices, shopping malls, airports, & hospitals, among others.
The increasing number of commercial buildings worldwide is resulting in the burgeoning production of doors & windows, i.e., augmenting the demand for door handles. Moreover, the growing requirements of the rapidly rising population for fashionable & trendy door handles owing to their improving disposable incomes is another prominent aspect driving the market.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA|
|Key Companies Profiled||The Häfele Group, Assa Abloy AB, Aarkay Vox, Kuriki Manufacture Co., Hoppe Holding AG, Ace Hardware Corporation, Emtek Products Inc., Sugatsune America, Inc., West Corporation, Allegion Plc, Latham’s Steel Security Doors, Schlage, Baldwin Hardware, Archello, Door Handle Company|
|Unit Denominations||USD Million/Billion|
The leading manufacturers worldwide are taking various measures to introduce more modern & developed door handles to cater to the improving living standards of people and urbanization trends globally. More & more consumers worldwide are heavily spending on home remodeling & interior fittings, i.e., generating massive demand for door handles. In addition, many companies operating in the industry are putting rigorous efforts toward bringing security-enforced door handles with improved designs, patterns, & materials, i.e., another notable factor accelerating the growth of the Global Door Handles Market.
Key Driver: Rapid Urbanization owing to Lifestyle Changes & Rising Income Levels
The increasing urbanization worldwide owing to improving disposable incomes of people and lifestyle changes is the prime aspect projected to drive the Global Door Handles Market during 2023-28. The rapidly growing urban population is resulting in cheaper unit costs for numerous services & infrastructure, along with ever-increasing number of large cities, i.e., augmenting the construction of doors & windows and, consequently, door handles.
Growth Restraint: Rapidly Rising Installation of Manual Revolving Doors after the Covid-19 pandemic
Manual revolving doors do not need handles and are found mostly on university campuses, government buildings, etc. However, after the advent of Covid-19, such doors are being increasingly installed in more & more public places like office buildings, composite apartments, community halls, public dorms, and most importantly, hospitals, as the transmission of contagious diseases through door handles is relatively higher. Hence, the ever-increasing use of doors with manual mechanisms is hampering the demand for regular doors, i.e., the most prominent aspect projected to hinder the growth of the Global Door Handles Market during 2023-28.
Based on Type:
Of them all, lever handles dominated the Global Door Handles Market with the largest share in recent years, and the same trend is likely during 2023-28. It ascribes to their high popularity owing to their compact structure, excellent durability, a wide variety. Several manufacturers are actively working on expanding their production & distribution capacities to cater to the various ongoing infrastructural activities worldwide, i.e., augmenting the demand for door handles. Lever handles offer numerous back-plating options that allow for several functions. They are mostly used in European countries for external doors owing to their ease of use, high strength, & dexterity. Hence, these aspects are driving their demand and, in turn, spurring growth in the door handles market globally.
Based on Application:
Here, the residential application is projected to acquire a prominent market share in the forecast years. It owes to the rapidly growing population, expanding tourism, and migration stats across different counties worldwide, i.e., demonstrating ever-increasing construction of residential building to habitat the population and, in turn, positively influencing the demand for door handles.
Moreover, the burgeoning number of home renovation projects, coupled with strong the strong emphasis of governments on rural development, are other prominent aspects augmenting the demand for door handles in the residential sector. Many countries like Canada, China, India, UAE, and Saudi Arabia, among others, are undergoing heavy construction activities, i.e., generating lucrative opportunities for the leading players operating in the door handles industry to increase their production & distribution capacities in order cater to the burgeoning consumer demands globally.
On the geographical front, the Global Door Handles Market expands across:
Among all regions globally, Asia-Pacific dominated the Door Handles Market with the largest share in the past few years, and the same trend is projected during 2023-28. This dominance is backed by the rapidly growing establishment of residential & commercial infrastructures, coupled with the booming tourism industry, especially in countries like India, China, & Japan, among others.
Besides, the presence of the key player operating in the industry, Hotel Management Japan, i.e., planning to massively invest in establishing new hotels to cater to the burgeoning number of international tourists in Asia-Pacific, is hinting toward various construction activities and, consequently, installation of doors & windows, i.e., another prominent aspect projected to fuel the regional market growth in the coming years.
Recent Developments in the Global Door Handles Market
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Frequently Asked Questions
A. The Door Handles Market is projected to grow at a CAGR of around 4% during 2023-28.
A. Rapid urbanization worldwide owing to improving living standards of people is the prime aspect projected to drive the Door Handles Market through 2028.
A. The Häfele Group, Assa Abloy AB, Aarkay Vox, Kuriki Manufacture Co, Hoppe Holding AG, Ace Hardware Corporation, Emtek Products Inc., Sugatsune America, Inc., West Corporation, Allegion Plc, Latham’s Steel Security Doors, Schlage, Baldwin Hardware, Archello, and Door Handle Company are the key players operating in the Door Handles Market.
A. The growing installation of doors with manual mechanisms is the major factor projected to hinder the growth of the Door Handles Market through 2028.
A. The residential application would generate remunerative opportunities for the leading players in the Door Handles Market over the forecast years.
A. Globally, Asia-Pacific would provide lucrative prospects to the Door Handles Market during 2023-28.