Luxury doors are among rapidly growing segments in the overall doors market. Luxury doors make up a small part of the doors market, it has been gaining traction in recent years due to their increased awareness and adoption. The market is characterized by presence of dynamic market players and increased merger & acquisition activities in recent times. Key players in the luxury door industry are investing toward technological modernization of such doors. Although the market is highly susceptible to economic downturns, it is expected to grow at a healthy rate during the forecast period primarily driven by strong performance by international luxury brands in emerging markets.
Rise in disposable income in emerging economies such as India and China is expected to be a major factor driving the expansion of the global luxury doors market. Increasing demand and preference for high-end luxury doors from developed economies such as the U.S., owing to the gradual recovery of its economy is also expected to contribute to the expansion of the market. Technological advancements such as smart sensors integrated with luxury doors is another factor boosting the market. Increased usage of luxury doors in the hospitality industry is also expected to drive the market.
The high cost of luxury doors is expected to be a major restraint of the market. The global luxury doors market is estimated to face considerable challenges from counterfeit products and domestic brands. Easy availability of inexpensive counterfeit copies of premium luxury doors is resulting in market fragmentation and is expected to be a major restraint of the market.
The global luxury doors market can be segmented based on product type, product mechanism, application, and geography. In terms of product type, the market can be segmented into hinged, swinging, revolving, sliding, and others. The sliding segment is anticipated to dominate the market owing the shift towards space-efficient homes. The swinging segment is anticipated to expand at a prominent growth rate during the forecast period.
Based on product mechanism, the global luxury doors market can be divided into automatic and manual. In terms of application, the market can be bifurcated into residential and commercial. The residential segment is expected to hold a share of the market owing to the various subsidies offered. Household renovation is also expected to add to the market share of residential sub-segment. The commercial application segment is expected to surface as a rapidly expanding segment owing to the rise in installation of luxury doors in the hotel and hospitality industry.
Based on geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the market owing to the rise in construction expenditure to improve infrastructure and the demand for beautiful entrances. Presence of local players is also expected to boost the market in North America during the forecast period. Moreover, the region is driven by the U.S., where the market is characterized by aggressive pricing, marketing, and customer acquisition tactics.