Lock Market Size, Share, Analysis & Growth Trend Report 2031
Lock Market Size, Share, Analysis & Growth Trend Report 2031
Segments - Lock Market by Type (Padlocks, Deadbolts, Knob Locks, Lever Handle Locks, Cam Locks, and Others), Application (Residential, Hospitality, Enterprise and Critical Infrastructure), and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Trends, and Forecast 2023- 2031
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| Report ID :CG-1577
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| 190 Pages
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Report Description
The global lock market size was valued at USD 6.53 Billion in 2022 and is expected to surpass USD 7.80 Billion 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. Advancements in lock technologies have significantly impacted the lock market. Smart locks, which offer features like remote access, keyless entry, and integration with home automation systems, have gained popularity. The increasing adoption of Internet of Things (IoT) devices and home automation systems have boosted the demand for smart locks.
As the COVID-19 pandemic fuels the lock market, owing to the increasing adoption of smart locks and restrictions imposed by several governments. Several companies are focusing on developing new technologies such as Machine Learning (ML), cloud computing, Artificial Intelligence (AI), and Internet of Things (IoT) in residential sectors to perform contactless operations. However, the uplift of restrictions by government state bodies have helped the market recover gradually.
Lock Market Dynamics
Major Drivers
Growing urbanization and increasing requirements for advanced security systems are driving the market growth. With increasing crime rates and a focus on personal and property safety, there is a rising demand for effective locking systems. The need for robust security measures in residential, commercial, and industrial spaces drives the lock market
Increasing recognition of technology and assimilation of consumer electronics, such as smartphones and tablets, are boosting the growth of the market. Smart locks include facial recognition and use a Bluetooth connection to control the lock, which is opened through smart devices. When an individual approaches the door, the lock automatically detects the Bluetooth signal and unlocks the door. For instance,
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Swiftlane is a multifamily solution that offers face recognition access control. Swiftlane provides a modern face recognition access to control system for residential and commercial buildings. Swiftlane provides entry through face recognition access, mobile app access, traditional key fob systems, and pin entry.
Existing Restraints
High cost of smart locks can hinder the market growth. Smart locks cost is expensive as they are simply more secure. Smart locks and digital locks come with an alarm system to keep out from thieves or robbers. These advanced security solutions offer integrated features and increased convenience.
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According to NCC Group, there were 11 security problems impacting Nuki smart lock products, including issues that could allow attackers to open doors. Such cases instill a sense of insecurity among users.
Factors such as power failure and lack of reliability of smart locks can impede the growth of the market. Smart locks work if the power goes out, but there can be a battery backup and generator. If the individual does not have a battery or generator, the lock will not work if the power goes out. If the smart lock is not installed properly, it will not work during a power outage. There are different types of smart locks in the market but not all of them work if there is a power outage. Thus, these factors are likely to hamper the lock market.
Emerging Opportunities
Increasing investments in several countries to develop smart locks is expected to create lucrative opportunities for the market players. Several companies such as ASSA ABLOY, August Home, Techlicious LLC, and others are focusing on developing new technologies for smart locks. For instance,
- In October 2022, ASSA ABLOY acquired Bird Home Automation, a German manufacturer of high-quality IP door intercoms for single and multi-family buildings. This acquisition is to integrate ASSA ABLOY & rsquo’s smart solutions with IP intercom to accelerate in the small residential segment.
Scope of Lock Market Report
The market report 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 |
Type (Padlocks, Deadbolts, Knob Locks, Lever Handle Locks, Cam Locks, and Others) and Application (Residential, Hospitality, Enterprise and Critical Infrastructure) |
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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; Kwikset; August Home; Mul-T-Lock Ltd.; UniKey; ASSA ABLOY; HavenLock, Inc.; Latch Inc; Techlicious LLC; and Indiegogo, Inc. |
Lock Market Segment Insights
Product Type Analysis
Based on product type, the lock 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 fulfill 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, user activity management, convenience, and smartphone compatibility drive the segment's growth. A padlock is designed to be portable and attached to an object or structure to prevent unauthorized access or theft. Padlocks are comprised of three basic components including a metal shackle, a body or case, and a locking mechanism.
Application Segment Analysis
On the basis of application, 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 a major factor driving the market segment growth.
The hospitality segment is expected to expand at a CAGR of over 22% during the 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.
Regional Analysis
In terms of region, the lock 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 broadband households in North America is expected to purchase a smart lock during the forecast period. High spending capacity of customers and rising security concerns, especially across critical infrastructure and residential applications, are driving the regional market growth.
- According to the Oberlo survey, around 63.43 million households in the U.S. are actively using smart home devices in 2023, this is around 10.2% more than in 2022.
Segments
The global lock market has been segmented on the basis of
Type
- Padlocks
- Deadbolts
- Knob Locks
- Lever Handle Locks
- Cam Locks
- Others
Application
- Residential
- Hospitality
- Enterprise
- Critical Infrastructure
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Player
- Yale
- Schlage
- Kwikset
- August Home
- Mul-T-Lock Ltd.
- UniKey
- ASSA ABLOY
- HavenLock, Inc.
- Latch Inc
- Techlicious LLC.
- Indiegogo, Inc.
Competitive Landscape
The major players covered in the lock market report are Yale; Schlage; Kwikset; August Home; Mul-T-Lock Ltd.; UniKey; ASSA ABLOY; HavenLock, Inc.; Latch Inc; Techlicious LLC; and Indiegogo, Inc.
These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.
- In February 2023, Yale Home, a leader in smart home technology announced a collaboration with Pantone to bring its Pantone Color, PANTONE Viva Magenta to a Yale Assure Lock 2 Limited Edition model without compromising the convenience or security of a smart lock.
- In September 2022, Yale Home Launched Yale Assure Lock 2, the company’s newest flagship collection of smart locks, reimagined with the latest smart home technology to provide convenient, everyday smart home access to households.
- In October 2022, Kwitset, a leading residential lock manufacturer launched its new products SmartCode 260 Keypad Deadbolts and SmartCode 270 Touchpad Deadbolts. These bolts are available in Traditional (TRL) and Contemporary (CNT) styles and feature BILT app support.
Frequently Asked Questions
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.
Table Of Content
1. Executive Summary2. 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 Kwikset August Home Mul-T-Lock Ltd. UniKey ASSA ABLOY HavenLock, Inc. Latch Inc Techlicious LLC.
13.4.2. Indiegogo, Inc.
Methodology
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