Global Door Handle Market By Type (Metal Type, Plastic Type, And Other Type), By Application (Residential, And Commercial), By Region And Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends And Forecast 2019-2028

Door Handles Market Overview

In 2021, the global market for door handles was valued at US$ 2.7691 billion and is forecast to grow at a CAGR of 3.2% between 2023-2032. Market growth can be attributed largely to the growing number of residential and commercial construction projects being undertaken. This is also due to rapid urbanization and industrialization as well as an increase in consumer spending on home remodeling.

Global Door Handles Market Scope:

Type Analysis

The largest market share, of more than 40.5%, was accounted for by the ‘Lever Handle’ segment in 2021. This segment’s growth is primarily due to the many benefits it offers. Lever door handles don’t require a tight grip to operate. Door levers are most commonly used on narrow stile-width doors. The many functions that door levers can perform are possible because of the variety of back plating options. European countries use lever handles for exterior doors. The most popular doors in Europe are swing doors, which rely heavily on lever handles. This segment is expected to grow in the future because of its ease of use and rigid strength. The doorknobs segment is anticipated to index the fastest CAGR at 3.7% over the forecast. This is due to the increasing number of product changes, including new styles and designs. Because it is compatible with the design and appearance of all doors and other furniture, knobs are expected to be widely used in the residential market. With the goal of providing elegant and modern design to doors, companies now aim to add more contemporary designs.

Application Analysis

In 2021, more than 54.9% of this market’s share was accounted for by the residential segment. This is explained by the increase in the demand for door handles brought about by new development and home remodeling initiatives. For instance, the proposed residential development Garibaldi in Squamish Ski Resort in Canada has a project value of CA$3,500 million. The Well, Rockcliffe Lands Redevelopment, M City Mixed-Use Development – Phase 2+, and Oxford Place are four residential projects with a total value of more than CA$1 billion. The expansion of the tourism sector is fueling the development of commercial structures like hotels and restaurants. For instance, Brazil built 54 new hotels in 2018, adding 10,591 new rooms. International sporting events like the Summer Olympics, which was held in Tokyo in 2020, are boosting the demand for lodging and dining establishments across Japan. In the near future, hotels such as the Hyatt Regency, the Park Hyatt, and the InterContinental are anticipated to open. The demand for these products is anticipated to increase as the number of construction projects surges.

Key Market Segments

Type

• Door Knobs

• Lever Handles

• Sliding Door Handles

Application

• Commercial

• Residential

Market Dynamics

The handle used to open or close a door is known as a door handle or doorknob. All types of doors, such as exterior doors on homes and businesses, closet doors, interior doors, and car doors, have door handles. Door knobs are available in a variety of designs depending on their intended use. Many handles, especially those for residential and commercial doors, have integrated latching or locking mechanisms or are made to function with common door latching or locking systems. Lever handles and doorknobs are the two most popular styles of door handles. There are numerous materials that can be used to create door knobs. Examples include bronze, brass, wood, cut glass, and porcelain. Since the invention of door knobs at least 5,000 years ago, more complex mechanisms, types, and designs have been developed.

The rapidly growing building & construction industry, which has resulted in an increase in the number of residential and commercial properties internationally, is a prominent driver projected to fuel the expansion of this global market over the forecast period. Another factor anticipated furthering fuel the expansion prospects of this target market is the promotion of affordable housing projects to lower-income groups by respective governments across various countries. In addition, companies participating in this target market are expanding their operations and engaging in a variety of growth initiatives to meet the surging demand for door handles around the world, making it another element that is anticipated to fuel this target market’s expansion over the forecast period. To provide architectural hardware such as door handles, hinges, locks, etc., the UK-based ERA Everywhere company, for instance, bought Zoo hardware in May 2018.

This market is growing in popularity due to the fact that consumers are buying more often based on market trends. In addition, companies are manufacturing trendy products with improved designs and patterns. Factors that influence consumers’ purchasing decisions include price, installation ease, product durability, security level, cost, and appeal. The median price of entry door handles was approximately US$129. Consumers typically purchase these products for at least US$200. For knob door sets, 30% of consumers buy these products for around US$65. However, the median price for this product is US$44. These buying trends are indicative of the fact that door handles will continue to be a hot commodity in the coming years.

Manufacturers are now introducing door handles with luxurious materials and sleek designs to cater to evolving customer preferences. Because of their compact structure, and the availability of a variety of designs to suit every infrastructure, knob-style door handles are becoming increasingly popular among consumers. There are many popular designs on the market, including matte texture, polished nickel, as well as bronze and brass finishes. Crystal and satin looks are also available in various patterns and shapes.

As these products add an artistic and shiny look to the exterior and interior of doors, brass metal door handles are becoming more popular in the hospitality industry. This is expected to also increase the demand for door handles due to growing tourism levels and increasing commercial building establishments. According to Invest India, international hotel chains will be focusing their efforts in India by 2022. This initiative is expected to contribute to global market growth in the near future.

Compared to brick-and-mortar retailers, the sales of door handles via the internet are growing faster. Price transparency is motivating consumers to go ahead with online purchases. Because they don’t have enough time to physically go shopping these days, people are now turning to shop online due to its convenience quotient. Customers will be encouraged to shop online if product information is more transparent and the price is lower on e-Commerce sites. Businesses are looking for creative methods to connect with customers online and respond to their needs.

Increasing focus on developing commercial infrastructures, such as shopping malls, retail stores, hospitals, and other areas across metropolitan regions, is another factor that is expected to propel the expansion of the global door handles market over the forecast period. The addition of features and innovative product releases by manufacturers are also anticipated to provide prospective revenue opportunities for players operating in this target market.

The manual revolving door system, however, is predicted to restrain market expansion prospects for door handles over the forecast period. Banks, government buildings, and educational institutions are the main settings for manual rotating doors. The market for door knobs will also be further challenged by their high cost. As the price of homes increases, more people are now choosing to invest in home remodeling or home improvement projects over buying new homes. US economic growth has been steady from 2009 to 2019, mainly due to the rise in housing prices and low unemployment levels. This puts more equity in the pockets of homeowners and reduces the number of homes with negative equity.

The increasing growth rate of North American remodeling industries is also an indicator of an increase in home furnishing and fittings. This is expected to positively influence the growth of North America’s door handle market. According to the Home Improvement Research Institute, there will be a nearly 9% increase in home improvement spending between 2019-2020. Furthermore, homeowners have chosen lifestyle-enhancing investments over maintenance.

A high proportion of North American homes are relatively old, making it necessary to remodel. This will increase the demand for fashionable accessories, such as ladder-style entry door handles. Forbes published blog posts in July 2019 that showed that 80% of the approx. 138,000,000 U.S. homes were 20 years old and 40% were 50 years. Door handles are bound to index greater demand due to rapid expansion in commercial and real estate construction endeavors. Market opportunities for door handles will be numerous due to new building permits and increasing infrastructural developments.

The rapid expansion of the commercial segment, particularly the hospitality sector, is driving the demand for door handles, especially in the hotel industry. The boom in real estate and various other infrastructure developments in the hospitality industry is anticipated to continue to drive the door handle market over the forecast period. Market growth may be slowed by fluctuating prices for steel, glass, aluminum, and copper. These raw materials have many applications in the door handle market. The price industry trends of raw materials have a direct impact on their performance. There are several types of steel: stainless steel, high-temperature steel, high-speed steel, and carbon steel. They have many applications in the construction, aviation, transportation, packaging, and energy sectors. Steel in all its forms and alloys offers different properties for different purposes. Price volatility from iron ore mining also impacts global steel prices. These factors could have an impact on the price and availability of door handles.

COVID-19 Impact Analysis

• Owing to the COVID-19 pandemic, countries had to impose a state of lockdown, which prohibited the development of new homes and buildings. The demand for door knobs has also been impacted by this. Due to a lack of labor to keep up with production, door-handle manufacturing companies experienced a decline in outputs.

• A primary cause was a breakdown in distribution systems, which prevented finished goods from being delivered to companies doing the purchasing since adequate raw materials couldn’t reach industries in time for manufacturing.

• Customers’ focus had turned to necessities, and they had no need for door knobs during lockdown phases. After these lockdowns, demand is expected to increase.

Regional Analysis

The Asia Pacific held a 30.6% market share in 2021. It is expected to index significant growth over the forecast period. This growth can be attributed to the increasing establishment of residential and commercial infrastructures as well as a booming tourist industry. Hotel Management Japan, the operating company, is planning to push investment plans that will focus on three new hotels being built in Andhra Pradesh. The state’s tourist department also wants to increase the number of guestrooms until 2025. These projects will spike the demand for door handles over the next few decades. In response to the increasing demand for modern doors in North America, manufacturers have been able to launch products that are more appealing to customers. Masonite International Corporation released DuraStyle exterior wood doors using AquaSeal technology. This process seals the edges and inserts of wood with a clear barrier that prevents water penetration. This is a leading cause of door collapse. Innovations and product development are likely to have a lasting effect on North America’s door handle market growth over the forecast period. The biggest consumer is North America of the outside door handle market.

Key Regions and Countries Covered in this Report:

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Spain

  • Rest of Europe

• APAC

  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia-Pacific

• South America

  • Brazil

  • Argentina

  • Rest of South America

• MEA

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Market Share Analysis

To maintain market competition, companies actively participate in product enhancements to meet changing consumer tastes or preferences. Yanko Design created Zento, an illuminating handle that has an independent wireless power supply. This is useful in situations like fire, smoke, or blackouts.

Key Market Players

The following are some of the most prominent players in this door handles market:

• ASSA ABLOY Group

• Allegion plc.

• Hafele

• Lathams Security door sets Ltd.

• Sobinco

• WEST in

• Kuriki Manufacture Co.

• India International House Ltd.

• Ace Hardware

• Other Key Players

For the Door Handle Market research study, the following years have been considered to estimate the market size: