Lock Market

Lock Market by Types (Padlocks, Deadbolts, Knob Locks, Lever Handle Locks, Cam Locks, and Others), Applications (Residential, Hospitality, Enterprise and Critical Infrastructure), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Trends, and Forecast 2021- 2028.

  • Report ID: EP-1577
  • Author: Growth Market Reports
  • Rating: 4.7
  • Total Reviews: 2
  • No. Of Pages: 190
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  • Pub. Date: Upcoming
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The global lock market size is anticipated to expand at a CAGR of 2% during the forecast period, 2021-2028. The growth of the market is attributed to rising Internet penetration along with the advent of technologies such as machine learning (ML) and artificial intelligence (AI).

Lock Market Key Takeaways

Companies are launching innovative home automation technologies, which is driving the increasing penetration of smart locks. The COVID-19 outbreak had negatively impacted the locks industry owing temporary shutdown of manufacturing facilities. However, uplift of restrictions by government state bodies have helped the market recover gradually.

Market Drivers, Restraints, Trends, and Opportunities

  • Growing urbanization and increasing requirement of advanced security systems are driving the market growth.
  • Increasing recognition of technology and assimilation of consumer electronics, such as smartphones and tablets, are boosting the growth of the market.
  • High cost of smart locks can hinder the market growth.
  • Factors such as power failure and lack of reliability of smart locks can impede the growth of the market.
  • Increasing technological advancements and innovation in manufacturing process are anticipated to proliferate the market growth.

Scope of the Report

The report on the global lock market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Lock Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Types (Padlocks, Deadbolts, Knob Locks, Lever Handle Locks, Cam Locks and Others) and Applications (Residential, Hospitality, Enterprise and Critical Infrastructure)

Regional Scope

North America, Latin America Europe, Asia Pacific, and Middle East & Africa

Report Coverage

Market Analysis and Size, Market Segment, Competitive Landscape, Driving Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, and UniKey Technologies Inc.

Lock Market Segment Insights

Deadbolt segment to account a significant market share

Based on product types, the market is divided into padlocks, deadbolts, knob locks, lever handle locks, cam locks and others. The deadbolt segment accounted for more than 45% market share in 2020 and is expected to grow at a steady rate during the forecast period. Smart lever handles are highly used in inner doors across commercial settings due to modernization in the hospitality sector to fulfil the security requirements of tourists. The padlock segment is also expected to expand at a substantial CAGR in the forecast period. Factors including high-end security along with user activity management, convenience, and smartphone compatibility are driving the segment growth.

Lock Market By Types

Residential segment to dominate the market

On the basis of applications, the market is segmented into residential, hospitality, enterprise and critical infrastructure. The residential segment dominated the market by capturing over more than 60% of the revenue share Increasing affordability of advanced security tools, including door and window opening sensors, motion detectors, and remote door locking/unlocking is one of the major factors driving the market segment growth.

The hospitality segment is expected to expand at the CAGR of over 22% during forecast period 2021 to 2028. The companies have been aggressively deploying smart locks to address customers' growing security concerns. The COVID-19 pandemic negatively impacted the market segment in 2020; however, it is expected to recover soon.

North America to account a large market share

In terms of regions, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America accounted for more than 40% market share in 2020 and is expected to grow at a robust rate during the forecast period. This is primarily attributed to the high technology adoption and rising penetration of smart homes across the region. More than 25% of the broadband households in the North America is expected to purchase a smart lock during forecast period. High spending capacity of customers and rising security concerns, especially across the critical infrastructure and residential applications, are driving the regional market growth.

Lock Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Lock Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Lock Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Lock Market - Supply Chain
  4.5. Global Lock Market Forecast
     4.5.1. Lock Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Lock Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Lock Market Absolute $ Opportunity
5. Global Lock Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Lock Market Size and Volume Forecast by Types
     5.3.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Lock Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Lock Market Size and Volume Forecast by Applications
     6.3.1. Residential Hospitality Enterprise Critical Infrastructure Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Lock Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Lock Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Lock Demand Share Forecast, 2019-2026
8. North America Lock Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Lock Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Lock Market Size and Volume Forecast by Types
     8.4.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Lock Market Size and Volume Forecast by Applications
     8.7.1. Residential Hospitality Enterprise Critical Infrastructure Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Lock Demand Share Forecast, 2019-2026
9. Latin America Lock Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Lock Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Lock Market Size and Volume Forecast by Types
     9.4.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Lock Market Size and Volume Forecast by Applications
     9.7.1. Residential Hospitality Enterprise Critical Infrastructure Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Lock Demand Share Forecast, 2019-2026
10. Europe Lock Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Lock Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Lock Market Size and Volume Forecast by Types
     10.4.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Lock Market Size and Volume Forecast by Applications
     10.7.1. Residential Hospitality Enterprise Critical Infrastructure Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Lock Demand Share Forecast, 2019-2026
11. Asia Pacific Lock Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Lock Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Lock Market Size and Volume Forecast by Types
     11.4.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Lock Market Size and Volume Forecast by Applications
     11.7.1. Residential Hospitality Enterprise Critical Infrastructure Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Lock Demand Share Forecast, 2019-2026
12. Middle East & Africa Lock Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Lock Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Lock Market Size and Volume Forecast by Types
     12.4.1. Padlocks Deadbolts Knob Locks Lever Handle Locks Cam Locks Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Lock Market Size and Volume Forecast by Applications
     12.7.1. Residential Hospitality Enterprise Critical Infrastructure Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Lock Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Lock Market: Market Share Analysis
  13.2. Lock Distributors and Customers
  13.3. Lock Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Yale Schlage August Home Kwikset Goji SDS Smart Locks Mul-T-L
Segments Covered in the Report
The global lock market has been segmented on the basis of:

Types
  • Padlocks
  • Deadbolts
  • Knob Locks
  • Lever Handle Locks
  • Cam Locks
  • Others
Applications
  • Residential
  • Hospitality
  • Enterprise
  • Critical Infrastructure
  • Others
Regions
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
Key players
  • Yale
  • Schlage
  • August Home
  • Kwikset
  • Goji
  • SDS Smart Locks
  • Mul-T-Lock
  • UniKey Technologies Inc

The major players covered in the lock market report are Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock and UniKey Technologies Inc.

Companies are engaging in acquisitions and mergers, research & development, and product development to expand their market share.

Lock Market By Key Players

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