Door Lock Market
Door Lock Market Global Industry Assessment & Forecast
#
Pages:
180
2021
Nov - 2021
VMR-2021-0755
Segments Covered
By
Product Traditional Digital Door Lock, Smart Door Lock
-
By
Application Residential, Commercial, Industrial, Government, Others
Snapshot
 Forecast
Years:
|
2021 - 2028 |
 Historical
Years:
|
2016 - 2020 |
 Revenue
2021: |
1.38 Billion |
 Revenue 2028:
|
6.51 Billion |
 Revenue CAGR
(2021 - 2028): |
21.40% |
Fastest Growing Region (2022 -
2028)
|
North America |
Customization Offered
Cross-segment Market Size and
Analysis
for Mentioned Segments- Additional Company Profiles (Upto 5
With
No Cost)
- Additional Countries (Apart From
Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request
Customization Speak To
Analyst
Research Methodology: Door Lock Market - Global Market Assessment, 2021 - 2028
The global Door Lock market research study is based on a comprehensive research methodology that is used to arrive at the market estimations and forecasts. This methodology aid analysts and to learn and understanding market facts and insights from the innermost levels of the market. The whole research process involves 3 major activities: Secondary Research, Primary Research, and Data Triangulation. Secondary resources are utilized to gain insights on the market and later primary research is conducted to revalidate the information and conclusion derived from the secondary research. Out of the total primary respondents, 24% were from North America, 29% were from Europe, 31% were from the Asia Pacific, and the rest of the respondents were from Latin America and MEA. Consumer spending data distinguished by regions was considered while studying the Door Lockmarket.
Secondary Research
Primary Research:
Primary research is conducted to verify and revalidate the data gained/procured from the secondary data sources. The primary research is also conducted to identify key players in the market and to gather and validate already procured information pertaining to their market-specific financial information. Moreover, primary research is used to gain/validate information about:
- Door Lockmarket size at regional and country level
- Understanding market developments, future growth prospects, and upcoming challenges
- Overview of the Door Locksupply chain and overall ecosystem
Data Triangulation and Market Size Estimations
The information procured from the secondary and primary resources is undergone through data triangulation methods to attain more accurate results on quantitative and qualitative analysis for specific market research studies. This helps to study any minutest details of the market along with building a clearer market-specific view for revenue estimations, industry trends, within each end-use industry, and estimate future trends within the market. After arriving at the global market numbers, top-down and bottom-up approaches are used to estimate, validate and finalize the market size of the Door Lockmarket.
FAQ
Frequently Asked Question
What is the global demand for Door Lock in terms of revenue?
-
The global Door Lock valued at 1.38 Billion in 2020 and is expected to reach 6.51 Billion in 2028 growing at a CAGR of 21.40%%.
Which are the prominent players in the market?
-
The prominent players in the 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..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 21.40%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
The driving factors of the Door Lock include
- 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.
Which region accounted for the largest share in the market?
-
North America was the leading regional segment of the Door Lock in 2020.
