Global Lock Market 2017-2021

Lock market overview

Technavio’s market research analyst predicts the global lock market to grow steadily at a CAGR of above 6% by 2021. One of the primary drivers for this market is the increase in adoption of intelligent building management system. The use of the intelligent building management system includes the deployment of various security systems that help address security concerns. The safety aspect of the intelligent building management system includes the use of safety lockers, electronic locking systems, and intruder alarm systems among other security devices.

The adoption rate of the intelligent building management system is higher in developed countries. This is due to the convenience that such integration offers. For instance, automation in heating, lighting, security, ventilation, and climate control systems offers operational convenience to end-users. Moreover, the exponential growth of the construction industry will further propel the market growth of the global lock market during the forecast period.

Lock market forecast based on geography

In terms of geography, the Americas accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. This is mainly due to the growth witnessed in investments in the residential security systems and home improvement segments. Also, the increase in the cases of residential burglaries has contributed to the increased adoption of locking systems in the region.

Lock market value: Competitive landscape and key vendors

The global lock market is highly fragmented due to the presence of several international and regional vendors. To gain a competitive edge, regional vendors provide low-cost products compared to established international players. Also, to differentiate their products, vendors are focusing on the technology and aesthetic features of lock systems.

Leading vendors in the lock market

• Godrej & Boyce
• AMSEC
• Gunnebo Group
• Yale

Lock market segmentation by application

• Door locks
• Safe locks
• Furniture locks