The hardware market consists of the sales of metal hardware by entities (organizations, sole traders or partnerships) that produce metal hardware, such as metal hinges, metal handles, keys, and locks (except coin-operated, time locks). The hardware market is segmented into furniture hardware; motor vehicle hardware; builder's hardware and other hardware.
The global hardware market is expected to grow from $90.37 billion in 2020 to $107.03 billion in 2021 at a compound annual growth rate (CAGR) of 18.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $142.76 billion in 2025 at a CAGR of 7%.
