Hardware Manufacturing Market Characteristics
The hardware manufacturing 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).
Competitive Landscape of the Hardware Manufacturing Market
Major players in the global hardware manufacturing market include Allegion, Spectrum Brands, Assa Abloy, Aoyama Seisakusho (Japan), Ningbo Jiulong Fasteners.
Hardware Manufacturing Market Size
The hardware manufacturing market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the hardware manufacturing market is due to increase in gadget sales in rapidly developing countries such as China and India owing to rise in disposable income, increased demand for motor vehicle hardware, mobile phones and computers, availability of credit and e-commerce banking.
However, the market for hardware manufacturing is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Hardware Manufacturing Market Segmentation
The global hardware manufacturing market is further segmented based on type and geography.
By Type - The hardware manufacturing market is segmented into furniture hardware, motor vehicle hardware, builder's hardware, others.
By Geography - The global hardware manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific hardware manufacturing market accounts the largest share in the global hardware manufacturing market.
Trends in the Hardware Manufacturing Market
Use of autonomous construction vehicles, green construction projects and digital technologies are improving construction safety are the major trends witnessed in the global hardware manufacturing market.
Potential Opportunities in the Hardware Manufacturing Market
With increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global hardware manufacturing market is expected to significantly rise in the forecast period.