Market Growth Drivers - Architectural Hardware Industry of India

FDT Bureau

According to the market research, the global architectural hardware market was valued at $15,960 million in 2018, and is projected to reach $23,271 million by 2026, growing at a CAGR of 6.8% from 2019 to 2026. Post pandemic, a major boom has happened in the hardware market as during the time spent at home, people really understood the need of better living spaces and quality products. Hardware, though rarely seen, play a vital role in the success of any design or product. For instance, a uniquely designed kitchen is a success only when all the hinges and bolt systems are working perfectly.

“The hardware fitting business is more likely to grow with upcoming advanced technologies and digitization of hardware solutions. As customers become more conscious of their surroundings and are inclined towards technology- they push for a better standard of living. This inspires us to provide consumers with home-improvement solutions that cater to their taste.”

A rise in renovation projects also led to the growth of architectural hardware market. Other drivers that acted as the catalyst in the growth of the sector are commercial developments, rise in hospitality business and the shift of decision-making power from local carpenters to consumers and architects and designers. Increasing public infrastructure projects such as, airports, malls, educational institutions, hospitals etc are also facilitating the growth of architectural hardware market.