The new smart garage door controllers market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Smart Garage Door Controllers Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the impact of organized retailing,” says a senior analyst for industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the smart garage door controllers market size to grow by USD 165.59 million during the period 2020-2024.
Smart Garage Door Controllers Market Segment Highlights for 2020
- The smart garage door controllers market is expected to post a year-over-year growth rate of -2.27%.
- Based on technology, the Wi-Fi segment saw maximum growth in 2019. The rise in demand for home automation will be one of the primary growth drivers of the segment.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 41% of the growth will originate from the North America region.
- The increasing awareness of connected devices and technological upgrades is one of the prime factors that will facilitate the smart garage door controllers market growth in North America over the forecast period.
- The US and Canada are the key markets for smart garage door controllers in North America. However, market growth in this region will be slower than the growth of the market in other regions.
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Notes:
- The smart garage door controllers market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The smart garage door controllers market is segmented by technology (Wi-Fi and Bluetooth), Distribution Channel (Offline and Online), and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Asante, Came Spa, GOGOGATE Inc., Guardian Access & Door Hardware, Hörmann KG Verkaufsgesellschaft, Nortek Inc., Simpaltek LLC, Skylink Group, Techtronic Industries Co. Ltd., and The Duchossois Group Inc.
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