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.
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. |
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.
The global lock market has been segmented on the basis of
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.
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