The Latin America, Middle East and Africa Door Handles Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
The wide utility of door handles is linked with rising commercial and residential construction activities, which are being fueled by rapid urbanization and industrialization as well as rising consumer expenditure on interior decoration and house renovation. As a result, it is expected that door handle market's growth would be fueled by increased real estate investment and new home sales.
An important factor propelling the field is the development in government efforts in numerous countries meant to provide subsidized housing for people with lower-incomes. Additionally, market players should have additional chances to diversify their portfolios and create new revenue streams as a result of technological advancements, modernization of production methods, and an increase in R&D efforts.
An increase in home furnishings and fixtures is being seen across the world. With the increase in digitization, manufacturers have also come up handles that can be operated through a smartphone. Additionally, homeowners are spending money on improvements that improve their quality of life rather than merely performing basic maintenance.
A staggering three-fourths of the initiatives in the Middle East region are in the three leading high-end chain grades of luxury, higher elite, and upmarket. The region is host to some of the top luxury tourism destinations and is noted for its larger, luxurious lodgings. Additionally, various government initiatives in the region aim at providing homes to every strata. This has created a rising trend in the door handles market. Therefore, the LAMEA region will ensure a steadfast development for the door handles market in the future.
The Brazil market dominated the LAMEA Door Handles Market by Country in 2021; thereby, achieving a market value of $178.3 million by 2028. The Argentina market is exhibiting a CAGR of 8.1% during (2022 - 2028). Additionally, The UAE market would experience a CAGR of 7.3% during (2022 - 2028).
Based on Product, the market is segmented into Lever Handles, Door Knobs, Sliding Door Handles and Pull Handles. Based on Material, the market is segmented into Metal, Plastic, Fiber and Others. Based on Application, the market is segmented into Residential and Commercial. The report also covers geographical segmentation of Door Handles market. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Door Handles Market is Predict to reach $9.4 Billion by 2028, at a CAGR of 4.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Assa Abloy AB, Häfele SE & Co KG, Allegion Plc, Aar Kay Vox, Hoppe Holding AG, Latham's Steel Security Doors, Kuriki Manufacture Co., Ltd., Ace Hardware Corp., West corporation and Sugatsune America, Inc.
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