Door and Window Handles Market Set to Reach $17 Billion by 2029, More than $3 Billion Opportunity in Next 6 Years — Arizton

door-and-window-handle-market

The global door and window handles market size was valued at USD 14.02 billion in 2023 and is expected to reach USD 17.70 billion by 2029, growing at a CAGR of 3.97% during the forecast period. The market is mainly driven by their installations in new buildings and the renovation or replacement activities in existing structures. In the construction and home improvement industry, door and window handles are vital. These handles are integral to building hardware, serving aesthetic and functional purposes.

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MARKET TRENDS & DRIVERS

Rising Home Improvement and Renovation Activities

The home improvement industry is growing globally, increasing sales of building materials, appliances, décor, and other elements. In addition, rental housing is also increasing, which is creating opportunities for home remodeling and renovation. It has been observed that in recent years, most of the homeowners residing in their homes tend to renovate their houses instead of moving into new ones. The demand for single-family rental houses has increased in recent years; thus, homeowners are shifting towards redesigning and renovating their homes for rental purposes. The increased spending on single-family homes and renovation activities is expected to drive the sales of doors and window handles during the forecast period. The door and window handles market are majorly derived from building construction in the residential segment and rising investments in renovations, replacements, retrofits, and home improvement activities.

INSIGHTS BY TYPE

The door handle type segment is expected to be the largest revenue segment in the global door and window handles market. In recent years, the demand for door lever handles has experienced steady growth due to the increasing focus on ergonomics and accessibility, changing architectural preferences, and the desire for trendy, functional door solutions. In the global door handle market, door lever handles have become a prominent choice. Increasing prominence on universal design and accessibility is a significant driver of the demand for door lever handles. Also, increasing consciousness of accommodating elderly and disabled people has increased demand for door lever handles because of their easy use. These handles need less grip strength and manual adroitness, are user-friendly, and are suitable for people of all abilities and ages.

INSIGHTS BY DOOR HANDLE

The global door and window handles market by door handle is segmented into lever handles, door knobs, pull handles, sliding door handles, and others. Lever handles, also called door levers, are widely used in residential, commercial, and public buildings. The door Lever handle design is mainly helpful for people with mobility issues, as it requires less grip dexterity and strength, which makes it more accessible. These handles are available in various materials, styles, and finishes, enabling them to complement several interior design aesthetics. They can be prepared from materials such as stainless steel, brass, or even wood, and their finishes are available from polished chrome to antique bronze. Increasing prominence on universal design and accessibility is one of the significant drivers of the door lever-handling demand. In the global door handle market, door lever handles have become a prominent choice, helping the segment hold the most significant market share.

INSIGHTS BY INSTALLATION

The new construction installation segment is expected to be the largest revenue segment of the global door and window handles market. The new construction activities are growing across the globe. Many new commercial projects worldwide have enabled a steady demand for new doors and window handles, especially in hotels. New residential construction projects and the mushrooming growth of corporate coworking offices also favor the demand for doors and window handles in new construction. Coworking spaces are significantly boosting the demand for door handles in non-residential segments. Different concepts, such as intelligent facilities enabled through technological advances, have emerged as the industry norm. In addition, stylish yet functional door handles in these spaces will likely rise with these developments.

GEOGRAPHICAL ANALYSIS

APAC holds the most prominent global door and window handles market share in 2023 and is projected to witness the highest growth rate during the forecast period. India, China, Australia, South Korea, and Japan mainly drive APAC’s market growth. Strong economic growth coupled with rising construction activities and increasing disposable income has primarily supported the market’s growth in the region in recent years. Further, with the rapid economic growth in this region, per-capita income has drastically increased over the past couple of years, which has increased consumers’ purchasing power. In addition, with increased economic growth, several countries in the region have been actively spending on infrastructure and industrial development. The region can be viewed as one of the largest potential markets for door and window handles due to the vibrant economic situation of countries in this region.

COMPETITIVE LANDSCAPE

The global door and window handles market is highly competitive, with the presence of many public and private companies. These vendors typically compete on key parameters such as product design, quality, reliability, services, and price. The key players in the global door and window handles market are ASSA ABLOY, Allegion, dormakaba, Internorm, and Hafele. Further, companies with better technical and financial resources can develop innovative products that could threaten competitor products, making them non-competitive and even obsolete before recovering their R&D and commercialization costs. Therefore, vendors in the door and window handles market must develop new technologies and remain abreast with upcoming innovations to have a competitive advantage. The existing global players are increasing their investment in R&D facilities to ensure continuous customer-centric product innovation.