Pella, for example, one of the most renowned firms in doors market, adhering to the demands and suggestions put forward by their loyal client and consumer base, homeowners, architects, and designers, has recently come up with two new Architect Series lines – the Architect Series Contemporary and Architect Series Reserve. The latter has been designed to have a more traditional, authentic look to an office space or home.
The Architect Series Contemporary, on the other hand, has specifically been targeted toward both, the residential and commercial sectors, and encompasses integrated hardware systems and optional interiors. Pella’s launch is expected to create quite a stir in doors market – especially since the Architect Series Contemporary has been touted to emerge as one of hottest products in this fraternity in recent times. Bringing forth product innovations in the mainstream square thus, would have a proportional impact on doors industry, both, in terms of popularity as well as sales volume.
The extensive expansion rate of the global construction sector has rightfully been touted as one of key driving forces of doors market worldwide. The global construction expenditure was pegged at a valuation on the higher side of USD 5 trillion in 2016 alone, while analysts predict that it is expected to grow at a rather substantial rate in the ensuing years.
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Given the persistent rise in global populace, the consequent requirement for comfortable housing does not exactly come as a surprise. Not to mention, the demand for stylish door and window components in accordance with the high-end luxury lifestyles of the contemporary urbane crowds is further catalyzing the revenue graph of doors market. According to estimates, global doors industry size was worth a colossal USD 90 billion in 2016 itself.
The APAC region has been proclaimed to emerge as one of hottest investment grounds for doors industry players, which can be attributed to the thriving construction sector in the continent. As per statistics, the construction spending in APAC had been estimated to fall between USD 3 trillion to USD 4 trillion in 2016.
In fact, APAC has been declared to be one of the most potential grounds for the growth of the construction sector, given the rapidly escalating populace and the subsequent demand for housing and infrastructure development. In effect, this has made APAC one of the most profitable avenues for doors market expansion, subject to the robust demand for door components across the residential and commercial zones.
In 2016 alone, APAC accounted for more than 40% of the overall doors industry share, with a revenue collection of close to USD 40 billion. This growth scale, as stated by analysts, can be rightly attributed to a plethora of factors, including changing consumer living standards, the subsequent demand for luxury homes, the rising tourism and hospitality sectors, and the overall significance of brand value. Pertaining to the demand for high-end luxury homes, increased requirement for energy-efficient architectural components, and the rapid rise in the construction of high-end hotels, spas, and resorts, APAC is expected to lead the business landscape over 2017-2024.
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As the demand for stylish, luxurious, yet eco-friendly doors will continue to be on a rapid incline, companies in doors market would be perpetually forced to come up with a wide range of unique products that would match the requirement of consumers in addition to being energy efficient, pertaining to ecological concerns. While this scenario presents a challenge to doors market players, it can somewhat also be considered a major catalyst for these companies to prioritize innovation above all. In consequence, this would create a rather lucrative growth chart for doors industry, propelling its profitability quotient to an elevated level. Validating this presumption is the target estimate compiled by Global Market Insights, Inc., which claims doors market size to be worth more than USD 140 billion by 2024.