The global door drives market size is predicted to generate a revenue of USD 74,36,887 million by 2030 and grow at a CAGR of 6.81% from 2017 to 2030.
Door drives are electromechanical devices mounted on top of automatic doors to provide basic closing and operation. Door drives allow for more precise control of automatic doors. It is a system that includes pulleys, timing belts, controllers, engines, hangers, and stoppers.
Even when the current breakout of the pandemic has stalled a majority of worldwide projects, the global construction sector continues to grow at a significant rate. Governments' relaxing of restrictions and infusions of economic aid in economic packages to stimulate demand and the economy are likely to re-ignite the market. On the other hand, the construction industry has a positive long-term prognosis and is predicted to increase faster than global GDP in the future years.
According to Oxford Economics, the global construction industry is predicted to increase at an annual rate of roughly 84%, reaching a value of USD 15.6 trillion by 2030. Countries like the United States, China, India, and Indonesia will be at the forefront of the sector's expansion. Door drives are required for many types of doors such as swing, sliding, folding, and revolving in the construction of hotels, restaurants, shopping malls, stores, office buildings, hospitals, care homes, schools, theatres, and concert halls.
During the assessment period, positive growth in the building industry will translate to growth in the door drives market.
Due to automatic doors' functionality, components, and performance, automatic doors are more expensive than manual doors. Existing manual doors can also be quickly automated using the door drives setup. The cost of switching from a manual to an automatic setup, on the other hand, is high. Higher automation prices may operate as barriers to entrance in transitional economies like China, India, and Indonesia.
Raw material costs fluctuate, and trade disputes significantly impact the cost of raw materials and thus the final prices of door drives. Furthermore, the global pandemic has delayed international trade and imposed severe constraints on the global economy. Consumers have put off large purchases for the time being and have become more cautious with their spending, potentially affecting the market growth. High cost is the major factor that is negatively affecting the door drives market growth.
The Asia-Pacific region is expanding rapidly and is the world's largest in terms of both geographical area and population. The region offers plentiful natural resources and easy access to low-cost labor, making it a desirable location for foreign direct investment (FDI). Several governments in the region are enacting legislation to make foreign investment more appealing to their countries and expand FDI through the automatic route in various industries where permission to invest is not required.
Furthermore, the establishment of multiple Special Economic Zones, each with its own set of tax perks and compensations, lures foreign corporations to invest in the various transitioning economies. The construction industry in the Asia-Pacific area is expected to be one of the most dynamic in the coming decades, and it is critical to the region's growth.
According to the National Bureau of Statistics of China, after removing price factors, the country's urban and rural per capita income increased by 5% and 6.2% in real terms, respectively, demonstrating income development in rising economies. Furthermore, due to rapid industrialization and urbanization, construction and remodeling activities in this region have increased, resulting in a boom in steel demand. Infrastructure development and the need for power are increasing in countries such as India.
By type, the sliding door drives segment dominated the worldwide door drives market and is expected to grow at a CAGR of 8.24% generating a revenue of USD 44,89,514 million by 2030. Sliding doors allow easy and secure access to your home from both the inside and the outside. As space-saving and silent gates, these have become indispensable in many buildings. Sliding door drives are ideal for high-traffic internal and outdoor doors, such as those found in airports, train stations, and supermarkets.
The global door drives market share is segmented into commercial, industrial, and residential based on application. The commercial segment held the largest share and is anticipated to grow at a CAGR of 7.89% generating a revenue of USD 4816625 million by 2030. In addition to the residential sector, the commercial sector has a considerable demand for door drives. Globalization has produced a need for commercial space by opening new markets for firms. The number of offices established around the world has increased significantly. Aside from fixed office spaces, flexible offices have become more popular.
By sales channel, the global door drives market share is segmented into distribution and direct channels. The distribution channel dominated the market and is anticipated to grow at a CAGR of 8.13% generating a revenue of USD 5365461 million by 2030. Some of the market's most significant participants think that sales of their differentiated and innovative products are primarily driven by knowledgeable salespeople who can communicate the product's value and unique solutions. As a result, these market participants are primarily focusing on expanding and improving their sales skills by increasing their domestic and international sales and distribution channels by partnering with both local and international distributors.
There were significant developments on an international level before the pandemic. As the world's leading trading partners, the United States and China's trade has impacted all economies. Chinese players slashed prices and dumped goods and commodities in other economies, including Canada, India, Mexico, and Brazil, due to US trade obstacles.
Steel and other raw commodities were dumped and sold at a significantly reduced price, causing domestic companies in the countries where the goods were dumped to suffer. Buyers' reliance on Chinese suppliers grew due to the price drop, particularly in emerging economies.
Before gaining ground, the British economy is projected to experience a significant slowdown due to the UK's exit from the EU. On the other hand, France, Italy, and Germany are projected to benefit from the scenario. The dominance of Germany in the construction industry will benefit the door drives market share.
Key industry players in the door drives market is more likely to concentrate their efforts on locating suppliers and distributors who can assist in the sale of products to clear inventories. Door drive manufacturers are expected to have begun researching alternate raw material suppliers. Furthermore, larger organizations with a strong balance sheet are more likely to use vertical integration tactics to obtain control of the supply chain and gain a better grasp of home markets. Smaller enterprises are anticipated to be absorbed by these larger players, with smaller businesses shutting down either temporarily or permanently.
The global door drives market share is divided into five regions- North America, Europe, Asia-Pacific, and South America, MEA. Asia-Pacific and Europe dominated the global door drives market.
The Asia-Pacific region dominated the global door drives market generating a revenue of USD 3624050 million by 2030 and is projected to grow at a CAGR of 8.23%. The Asia-Pacific region is developing rapidly, and it now encompasses the world's greatest geographical area and population. As the population grows, so does construction activity, which is propelling the global door drives market. The region is attractive to foreign investors because it has abundant natural resources and easy access to low-cost labor.
Europe door drives market held the second-largest share and is projected to grow at a CAGR of 5.46% generating a revenue of USD 1703323 million by 2030. The demand for door drives grows as new companies, stores, and homes are established.
List of Top Industry Players in Door Drives
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