Door Handle Market: Current Analysis and Forecast (2022-2028)

A door handle is a specific type of handle that is commonly affixed to a door and make opening and closing of a door easier. They are typically created from materials like metal, plastic, and others. Manufacturers are taking a number of steps to create more modern and advanced door handles, which is expected to increase the industry's growth. Because of increased consutruction projetcs, manufacturers are taking a number of steps to create more modern and advanced door handles, which is expected to increase the industry's growth. For instance, the government of China planned to invest $1 trillion in the construction of infrastructure megaprojects in the forecasting year.

The Door Handle Market is expected to grow at a compound annual growth rate of around 4.2% during the forecast period, because of the increase in house remodelling projects and home improvements activities. Furthermore, the market is also expanding as a result of development in the industrialization, new house construction, and commercial building construction, including hotels, offices, and hospitals. Moreover, increased product launches, product developments by the key market players and increased construction activities by government is anticipated to propel the market growth during the forecast period. For instance, the Indian Government approved the construction of 3.61 lakh houses under the Pradhan Mantri Awas Yojana (Urban). Moreover, the approval of the new housing units takes the total number of sanctioned houses under the scheme to 1.14 crore resulting in use of more door handles.

Based on application, the door handle market has been divided into the residential and commercial segments. The residential segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The major factors such as an increase in home construction, buildings, and renovation projects are driving the growth of the segment. For instance, China emerged as the leading country which has seen the maximum growth in construction projects in the year of 2022.

Based on material type, the market is categorized into metal, plastic, aluminum, glass, wood and steel categories. The metal category is expected to hold a significant share in the market as a result of their physical qualities, including toughness, longevity, and adaptability in terms of design. Furthermore, the demand of metal is due to the customer's use, size requirements, and other product-specific requirements as these door knobs can be modified and due to their resistance to corrosion and improved look, these components are a fantastic choice for security applications, hence are driving the segmental growth during the forecast period.

Based on product type, the market is segmented into lever handles and door knobs. The lever handles are influencing the growth of the market due to its durable construction and small size. In order to accommodate in different infrastructures, distributors and producers of lever door handles have started offering handles in different ranges. Thus, contributing to the growth of the segment.

For a better understanding of the market adoption of the door handle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia Pacific region Asia pacific is the largest market share holder for door handle industry. The market is growing as a result of increase in the sales of condos, townhomes, duplexes, and commercial properties including hotels, offices, and other structures. North America also holds a significant market share for the door handle industry as a result of the expansion of commercial and residential facilities and the thriving tourism sector. Manufacturers have been motivated to create and release goods that appeal to consumers as a result of the rising demand for contemporary doors in the region. Along with this, post-covid consumers' concern about avoiding contaminated areas has increased, prompting companies to design and innovate door handles while taking various precautions. For instance, OpenClean Technologies introduced the world's first hand sanitizing door handles that easily integrate with or replace existing restroom door handles to make hand sanitization easy, intuitive and accessible. Companies are now more focusing on to create various variety of door handles as the requirement in the industry has risen.

Some of the major players operating in the market include: Assa Abloy, Hafele America Co., Allegion plc, AAR KAY VOX, Hoppe Holding AG, Ace Hardware, Kuriki Manufacture Co., Ltd., Sugatsune America, Inc., Latham's Steel Security Doors and WEST CORPORATION