The garage door industry includes manufacturers, installation companies, repair services, and maintenance workers, in addition to the manufacturers of parts (such as springs, rollers, security additions, and more). With such a varied climate, it may not come as much of a surprise that the industry is thriving. In fact, studies show that the North American garage door industry and market share tends to grow at a steady annualized rate of about 2% each year.
Within the garage door industry, consumers include residential homeowners as well as commercial clients. For example, the clientele of businesses that focus on garage door repair in Vaughan or garage door repair in Orleans (to name just a few industry hotspots) might include:
- restaurant and food industry owners
- shopping centers or indoor malls
- grocery stores or supermarkets
- retail outlets
Regardless of the client, some of the factors that business owners in the garage door industry need to keep in mind include ways to save consumers money, fashion or design trends that influence residential clients in particular, and improved security measures. In this report, we will discuss some of the overall market trends and areas that might present future investment opportunities for entrepreneurs.
Commercial Garage Door Concerns
In many cases, commercial garage doors are necessary for clients who regularly receive deliveries of goods or products. For example, a retail store may get a daily delivery of goods to sell, or perhaps a few deliveries per week. This necessitates the installation of a high-performance door as dictated by DASMA (the Door and Access Systems Manufacturers Association International). These types of doors differ greatly from residential garage doors and place an emphasis on:
- longevity (i.e. time before replacement becomes necessary)
- durability (i.e. resistance to damage or break-ins)
- security measures (especially when it comes to metallic materials and thickness of the door)
- operation efficiency (i.e. the door should be able to operate at a quick pace without breaking, opening and closing many times throughout the day)
In the modern era, new technology has been developed that can help garage door owners and corporate businesses keep their property safe. In addition to tried and true options like complex padlocks and number code systems, garage doors can be added to a building security system.
This may also include elements such as mounts for security cameras, wiring to connect the electrical lock of the garage door to the building’s security monitors, motion detecting cameras and lights, and even more technologically advanced solutions. Importantly, many businesses also use a “revolving code” system to lock their garage doors. This system regularly changes the passcode required to open the door, thereby making it difficult for a would-be intruder to know the correct code on the correct day.
All of this is to say that there is ample opportunity for garage door installation, repair, and maintenance companies to capitalize on the installation, repair, and maintenance of these garage door security systems as well.
Residential Garage Door Trends
In the midst of the global coronavirus pandemic, the Financial Post has called Canada “North America’s biggest housing bubble risk.” However, that may not be a bad thing for people in the garage door industry. Currently, housing prices in both the US and Canada are high and have exhibited a rising trend. This has led to a seller’s market and a dearth of supply. But the story does not end there.
Many experts warn that house prices may collapse soon in the wake of potential buyers’ savings being affected by COVID-19 and its subsequent economic restrictions. If this happens, the situation will likely reverse, with prices dropping and new buyers having the opportunity to purchase new or previously owned homes. Already, there are many real estate developers planning on developing new plots of land as they see the potential for profit.
With more homeowners comes more garages, and with more garages comes more garage doors. Let’s take a look at some of the trends that these new homeowners are likely to join.
Energy efficiency is one key concern, reflecting our generation’s recognition of a need for eco-friendly lifestyles. Other factors include:
- a push for darker, bolder colors, including full-on black
- color-matching with the accents of the home (i.e. shutters or eaves)
- vertically stacked glass windows to let in natural light
By tracking the trends in both commercial and residential markets, garage door industry insiders can ensure that they are prepared for the demand that is soon to come. After all, even in the maelstrom of 2020, the industry’s market share has grown by 1.6%!