High-end Windows and Doors Market
The global market for windows and doors is expected to exceed $260 billion by 2024. The market was valued at over $190 billion in 2017. Below is a detailed analysis of the global windows and doors market.
- The global market for windows and doors was estimated to be more than $190 billion in 2017. The market is expected to grow at an annual rate of 3.5% between 2018 and 2024.
- The report by Global Market Insights further predicts that the market will exceed $260 billion by 2024. During the period, the North American market will grow at an annual rate of more than 3.4%.
- Growth in the windows and doors market will be driven by growth in the construction industry especially residential and commercial buildings. In addition, increased government spending in the development of non-residential and residential buildings is fueling growth in the windows and doors market.
- Other factors driving growth include increasing disposable income, lowering of interest rates and taxes, calls for improved security, and the introduction of innovative unlocking options.
Residential and Commercial Segments
- The residential windows and doors market will make up over 60% of market share by 2024. The residential section will be valued at over $140 billion by 2024.
- The global commercial windows and doors market sector is growing at the rate of over 3.5% up to 2024. This sector accounted for more than 35% of the whole industry in 2017.
- Growth in the commercial windows and doors market is mainly driven by growth in the construction of hotels and restaurants thanks to the expansion in the tourism industry.
- In terms of materials used, the wood windows and doors market was estimated to be over $60 billion in 2017. This sector is mainly driven by demand for superior mechanical properties and innovative designs, patterns, and laminates.
- Moreover, there is a high demand for design versatility and aesthetic looks, especially in exterior applications. Increase in consumer preference for luxury and naturally finished wood products is also causing demand for windows and doors to go up.
- The uPVC windows and doors sub-sector accounted for over 50% of the market share in 2017. This sector is expected to maintain the upward surge at the rate of more than 4% up to 2024.
- The uPVC market is mainly being driven by high demand for lightweight, low cost, and energy efficient products. In addition, uPVC doors and windows are durable and cheap to maintain, a factor that is further fueling demand.
Asia and Europe
- The Asia Pacific region is expected to register demand of more than 750 million units by 2024. This demand will mainly be driven by rapid urbanization that is driving up demand for residential and commercial buildings.
- Governments in Asia are also coming up with favorable policies and regulations as well as increasing investment in residential and commercial buildings.
- Growth in India's residential sector, increasing disposable income and rising population will see the country's share go up. The Indian real estate market is projected to reach $180 billion by 2020.
- On the other hand, the European market is expected to witness growth of over 2.5% up to 2024.
- This growth will mainly be driven by increase in government spending in infrastructure development as well as growth in the tourism industry especially in the UK, Germany, and Spain.
- Key players in the industry include Andersen Corporation, Pella Corporation, Eurocell Company, Reynaers Aluminum Company, Atrium, and YKK Corporation.
To get the global market size and the growth of the high-end windows and doors market, we started by searching market reports published by research firms like Gartner, Grand View Research, Euromonitor, Forrester, Allied Market Research, and IBISWorld among others. All the reports we got from this search talked about the general windows and doors market and not the high-end windows and doors market. We searched for the global market size and the growth of the luxury and premium windows and doors market but still we got results for the general market.
We expanded our search and looked at the construction industry. We wanted to get any report that talks about construction materials, especially windows and doors. We even went deeper and looked and the size of the construction industry for high-end buildings. We got several reports talking about the market size and growth rate but none talked about the size of the high-end windows and doors market.
We looked at major players in the global windows and doors market. These include Andersen Corporation, Pella Corporation, Eurocell Company, and YKK Corporation among others. These websites only have listings of the companies' products offerings. In addition, most companies are private and do not publish annual reports. We crawled the websites for any press releases on the high-end windows and doors market but none of the companies had such information.
Due to lack of data for the high-end windows and doors market, we expanded our research to look at the size and growth rate of the global windows and doors market. Our assumption was that the two market are closely related, driven by similar forces and likely to show similar trends.