The garage door industry in the United States (as well as abroad) is going strong even in the midst of the economic downturn that has arisen due to the COVID-19 pandemic. All indications are that the market will continue to expand and generate sizable profits in the future. Below, we will discuss not only the hard numbers of the industry, but also the current design trends that might affect vendors and business owners. This analysis will be useful not only for industry insiders in the United States, but also other industry-related business people in Canada (such as garage door services in Etobicoke).
Following the Money: Market Analysis
The garage door industry is alive and well throughout the world. Statista, which conducted a comprehensive analysis of the global market, found that garage door installation, maintenance, and repair services brought in a whopping $1.07 billion USD in 2016. Extrapolated through 2021, the numbers show that industry insiders can expect a return of around $1.38 billion USD. These estimates are not hampered by the emergence of the coronavirus pandemic. While garage door repair services may have taken an initial dip in the first month or so of the pandemic, indications are strong that businesses in this industry should not experience downturns nearly as intense as the food industry, for example.
Data on the United States Garage Door Market
Interested in the raw data on garage door installation across the United States? We’ve got you covered. Below are some of the key points to take away from studies of the industry. For reference, these bullet points are based on information collected by IBISWorld during a comprehensive study of the garage door industry in the US from 2015 to 2020.
- Total market size of the garage door installation industry in 2020: $372.1 million USD
- Growth rate of the garage door installation industry in 2020 alone: 6%
- Annualized growth rate of the market from 2015-2020: 2%
The 1.6% growth rate of the US garage door market in 2020 is a bit lower than the annualized growth expectations. However, the important fact is that the industry continued to grow even amid coronavirus, and it did so at a rate not too dissimilar to the usual growth rate. Another important bit of data to note is that these numbers from IBISWorld apply to installations. Repair and maintenance also generate significant income and profit, and these are not included in the IBISWorld data.
Garage Door Industry Trends
Finally, it is important to take a look at the aesthetic trends that are occurring in the industry. This is useful for US-based garage door industry businesses as well as others in areas of Canada close to the United States border, such as garage door repair in South Ottawa.
In a careful analysis of the industry’s trends by garage door company Wayne Dalton, the company found that many trends tend to start in Canada and “migrate south” to the United States. Two of those trends in the last few years are:
- The emergence of a preference for vertically stacked windows rather than side-by-side
- Increased focus on black garage doors, both for aesthetic purposes and for better insulation of warmth
A good rule of thumb for garage door businesses is to put an emphasis on materials and techniques that assist home insulation, especially in colder climes like Canada and the northern parts of the United States.
For businesses in the garage door industry, it may be a good idea to take note of large corporations that are listed as the industry’s leading companies. According to Marketwatch, some of these veritable giants include:
- Sanwa Holdings Group
- Bunka Shutter
- AOYAMA Electric
Furthermore, one positive note for many in the garage door installation, maintenance, and repair industry is that the housing market took a significant hit during the pandemic. This means that purchases of new homes should skyrocket in the near future, as home prices fall. While commercial garage doors (for new restaurants and eateries, for example) may fall due to quarantine restrictions, the rise in new homeowners looking to improve their housing situation should more make up for that lost revenue.