Garage Door Industry Analysis and Market
Even amid the coronavirus pandemic of 2020, the garage door industry and market has continued to experience promising growth that may capture the eye of potential investors or business owners. There are several factors that contribute to this continued growth trend, including both residential and commercial situations across the globe. One promising fact is that there are large-population developing countries like China and India, in which both homeownership and personal vehicle ownership of cars are increasing (as well as the development of land and the business sphere, which contributes to a growing need for commercial garage doors).
However, even in the North American countries of the United States and Canada, the garage door industry is vibrant. From companies that focus on garage door repair in Strathmore to those that provide garage door spring replacement in Pittsburgh, the outlook is good for the future. In this article, we will analyze these trends and provide food for thought for potential investors as well as current movers and shakers in the garage door industry.
COVID-19 and Garage Doors
The global coronavirus/COVID-19 pandemic has taken its toll on many industries around the world, most heavily those that require in-person services (such as restaurants and other service-industry sectors). However, the garage door market is still experiencing growth. How can this be?
For starters, the very restrictions in place to prevent the spread of the illness provide a niche for garage door repair and installation companies to fill. In the World Health Organization’s advice to the public, the WHO requested the ceasement of needless gatherings of large crowds. In other words, people were urged to avoid going out, leaving their “bubble,” and venturing into a crowded store except when absolutely necessary. Therefore, instead of taking on do-it-yourself tasks like garage door repair that may require heading to their local home improvement store, many homeowners found it safer and more in line with practical caution to simply call upon a repair, renovation, maintenance, or installation business.
Finally, the price of metals and other materials used in garage doors experienced a dip due to coronavirus concerns and the resulting economic impact. While prices are on the rise again, savvy manufacturers no doubt took advantage of this drop and were able to snag garage door materials on the low, providing additional fuel for the industry’s consistent growth.
Largely due to the demand in China, Sanwa Holdings Corporation has become a leading industry giant. However, for our purposes, it may be better to consider North American companies and their ability to be movers and shakers in the garage door marketplace. Some of the most popular and high-volume garage door manufacturers include the following, which may be of significant use for investors looking to piggyback on the success of these businesses.
- Barr Commercial Door
- Apex Industries
- Blanca Canada Inc.
- Plyler Overhead Door
Typically, businesses (whether on the manufacturing side or on the installation/repair side) that want success in this industry should diversify their offerings to include both residential and commercial garage doors. Of these, residential garage doors often have consumers whose main considerations include:
- aesthetics (specifically darker colors, including black)
- windows to add light (as garages are becoming more than just vehicle storage areas)
On the other hand, commercial garage doors’ consumers have different priorities:
- ease of functionality
As should be evident, the two consumer bases overlap in their need for security and affordability, so these two areas should be of primary concern for anyone in the garage door industry.
Using both old and modern security technology can be a way to add increased safety to a garage door. This includes code-operated locks, physical padlocks, motion detectors, security camera mounts, and even “rolling-code” locks that change the unlocking code every day. Durable materials and windows that provide light while obscuring the interior of the garage from outside viewers (blurred or “iced” windows, for example) are also good options.
Cheaper material goes a long way to helping both commercial and residential consumers save money. However, there are other ways to emphasize affordability if finding new material is a problem. For example, commercial consumers usually need to have metallic doors, so using other materials like fiberglass may not be an option. Insulation and energy efficiency are ways that garage doors can pay for themselves over time. While they may still require an initial investment that is perhaps outside of the consumer’s comfort zone, these perks eventually save more money on energy bills than they cost themselves.