Lock Market
Segments - 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 2023- 2031
The global lock market size was valued at USD 6.53 Bn in 2022 and is expected to surpass USD 7.80 Bn by 2031, expanding at a CAGR of 2% during the forecast period, 2023–2031. 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).
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.
Lock 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 Lock Market 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 |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
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
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.
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 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 2023 to 2031. 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.
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.
Segments
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
- Kwikset
- August Home
- Goji
- SDS Smart Locks
- Mul-T-Lock
- UniKey Technologies Inc
Competitive Landscape
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.
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
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
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