The garage door market encompasses many varieties of vendors, materials, installation experts, repair teams, and maintenance companies across the world. In fact, the industry itself is growing significantly as emerging markets open up in developing nations like China and India. But it is not only these nations’ influx of homeowners and commercial industries that provide opportunities for growth in the garage door market. The Western world also experiences annualized growth. In this report, we will examine some of the key factors in the industry’s growth and the market’s stability both in the United States and Canada.
The Housing Market
Coronavirus has had a significant impact on the housing market of most countries, with home prices fluctuating as a result of lockdowns, quarantines, and the inability of some homeowners and apartment renters to pay rent or mortgages. In fact, news from Norada Real Estate Investments suggests that more than 6 million American households could not meet mortgage or rent payments in September 2020. In addition to that, Canada’s housing market has seen home prices continue to rise in defiance of the predictions many experts had at the beginning of the pandemic. The Financial Post, using Bloomberg’s wording, calls Canada “North America’s biggest housing bubble risk.”
Still, there has been steady 1.6% growth in the garage door market in North America, in keeping with the general 2% annualized trend that we have seen in the past decade. For companies that specialize in garage door repair in Newmarket (for example), or garage door spring replacement in Ottawa, it may behoove business owners to invest a bit more in advertising services to commercial consumers rather than residential for the time being. That’s because high prices and low supply create a seller’s market that might prevent some potential new homeowners (who would invest in garage door installation and repair, potentially) from making a purchase.
Commercial Garage Doors and Consumer Concerns
Focusing on commercial garage doors can be a tricky process for some business owners in the garage door industry, as consumers in this sector often have differing concerns from residential homeowners. For example, commercial entities often place importance on the following factors when selecting a garage door:
- improved security technology
- durability and longevity
- sturdy/thick material
Overwhelmingly, commercial industries overhead, roller garage doors made out of metal components. Common materials include aluminum and steel, depending on the industry and the level of security and stability needed. Speaking of security, business owners in the garage door market should think about investing in high-tech security measures like:
- attachments for security cameras
- electronic combination locking mechanisms
- “smart” locks that change combinations on a set schedule
These perks are often more attractive to commercial consumers because they have thousands or even millions of dollars’ worth of products or goods to protect from potential theft. For example, common industries that make use of garage doors in a commercial setting include hotels and hospitality groups, industrial warehouses, auto manufacturers, and more. By providing better security, garage door companies stand to move higher on the consumer’s list of preferable vendors.
Changing Aesthetic Shifts
Fads come and go, and design trends are no different. The aesthetic aspect of garage door offerings is a particularly important factor for residential homeowners. However, if a business or investor wishes to capitalize on the residential garage door market, they need to learn the current garage door trends so as to invest properly in designs that will be “in” for the foreseeable future.
One serious factor is energy efficiency. Consumers are becoming more concerned with eco-friendly materials used for insulating garage doors, as this both helps reduce emissions and unhealthy chemicals for the environment and can save money by conserving heat.
Another important trend is the modern emphasis on “curbscaping.” Framed as a way to make one’s garage door stand out from the crowd, curbscaping includes actions like installing an arbor around the garage door, incorporating elements of brick and glass in the door, and more. Consumers are looking for flexibility from garage door manufacturers and installation companies so that they can truly make their garage door “their own.” Businesses in this industry would do well to take heed of this trend, perhaps by installing additions to the garage door that can help with customization, such as hooks for potential arbors or trellises, replaceable or interchangeable windows, etc.
In the coming decade, it will be important to develop creative ways to balance all these trends and come up with energy-efficient, affordable, yet still customizable garage doors.