Door Lock Market

The global Door Lock market was valued at USD 1.38 Billion in 2020 and is projected to reach USD 6.51 Billion by 2028, growing at a CAGR of 21.40%% from 2021 to 2028.

These locks are usually installed on external doors. Single cylinder deadbolts use a key cylinder on the outside and a thumb turn on the inside to open or close.

The global Door Lock market is segmented based on by Product, Application, regions, and countries. The regional segmentation provides current and forecast demand across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed on the basis of present and future trends. Rising demand for Door Lock  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively. The report provides comprehensive analysis of the market based on drivers, restraints, opportunities, trends, competition, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

The COVID-19 pandemic is affecting industries worldwide and the global economy took hit in 2020 and likely in 2021 as well. The outbreak created disruptions in industries such as semiconductor, consumer electronics, travel, and automotive, among others. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period.

The growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally thereby elevating the market growth.

Lack of awareness makes it tough for the market to operate and function systematically.

Product  Analysis: Preview

On the basis of Product, the market is segmented into Traditional Digital Door Lock, Smart Door Lock. Smart door lock  held the leading share in 2020 and is anticipated to grow at a noteworthy CAGR over the forecast timespan. This is due to the increasing adoption of Smart door lock in emerging economies in Asia Pacific region.

Application Analysis: Preview

Based on Application, the market is segmented into Residential, Commercial, Industrial, Government, Others,. Commercial accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

On the basis of region, the global Door Lock market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held the largest share of the global Door Lock market in 2020. Some of the major countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is one of the most profitable countries for companies operating in the market. 

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of various small, medium, and large sized players spread across all the regions. Some of the key companies operating in the global Door Lock market are Jiangmen Keyu Intelligence, Locstar, Spectrum Brands Holdings Inc., Adel, Honeywell, Salto Systems, August, Videx Security Ltd, Guangdong Level Intelligent Lock, Tenon, CDV Group Company, MIWA Lock, Kaba Holding AG, Samsung, DynaLock Corporation, Guangdong Be-Tech, Cisco Systems Inc, Onity (United Technologies Corp.), Master Lock (Fortune Brands), Allegion, Assa Abloy, Seoul Commtech Co. Ltd.. The report provides company market share analysis which gives a comprehensive overview of the key competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.