Q. What is the market definition for this industry in the present times and scope for the future?
Q. Tell us about the key market trends, growth factors and opportunities?
With the pandemic keeping people arrested in their homes for over a year now, home renovation is probably going to be a key market trend as well as a significant growth opportunity for the hardware industry. People are spending most of their time at home and are not liking what they are seeing. They want to more comfort, better functionality as well as innovative space utilization to keep their immediate environment most suitable to their current needs. Doors form an integral part of homes and with more and more home renovation projects flagging off in the near future, we see a huge positive impact on the industry in the coming months.
Commercial and Hospitality Projects, on the other hand, have seen some trying times in the past months due to the Pandemic. However, this also means that hotels have remained shut for a long time and would now want to make some basic changes in their interiors so that when things open again, they are able to offer the best comfort to their guests. In terms of Design trends, the experimentation with different colors and materials in interior design is becoming popular. Designers are now moving away from conventional neutral tones and diving into a larger colour palate. Hardware materials are also complementing this trend ably with the popularization of finishes like black matt and rose gold.
Q. What is the major difference between the Indian architectural hardware industry and other global players? What are the key take-way and learning’s?
Traditionally the Indian Architectural Hardware market has been dominated by the local unorganized sector. The overall outlook towards these products was also conservative, where price played the only deciding factor on what to choose and quality had a smaller or negligible role to play. Carpenters were the decision makers and the involvement of end customers in the buying decision of door hardware was next to zero. With the entry of some good global players in the Indian market, this has gradually started to change. Brands like Hafele stress upon quality and functionality above everything else and in turn cater to customer sensibilities with a strong value proposition; higher warranty periods, recognized certifications on quality and operation, holistic service and much more.
The Indian customer is now waking up to these important aspects and this in turn is forcing the local players to also scale up their quality standards and not just stick to cheap, run-of-the-mill products that execute short-term benefits only. The parallel initiatives of the Government like “Make in India” are also giving the opportunity to local players to operate with a more focused approach that encompasses quality and value. But there is a long way to go for the local players to become well-recognized national brands that provide solutions and not just products.Q. Which sectors are major business drivers for your industry?
Q. The impact of Rapid Urbanization and rise of Construction and real-estate projects for this industry?
