Door Lock Market

The global Door Lock Market is valued at USD 2.04 Billion in 2023 and is projected to reach a value of USD 11.78 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 21.5% between 2024 and 2032.

Market Overview

Door 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 Type, Application, Technology, Product, 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.

Market Insights

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.

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Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

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Application Analysis

Based on Application, the market is segmented into Residential, Hospitality, Commercial, Government, Retail, Others (Critical Infrastructure, etc.). Residential accounted for the highest market share of 34.1%.

Regional Analysis

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 2023. 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.

Global Door Lock Market: COVID-19 Impact Analysis

The COVID-19 pandemic is affecting industries worldwide and the global economy took hit in 2020 and likely in 2023 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:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Competitive Landscape

The market comprises of various small, medium, and large sized players spread across all the regions. 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.

The key players in the global Door Lock market include - UniKey Technologies, Inc., Yale Locks (ASSA ABLOY), Goji, Onity Inc. (Carrier Global Corporation), Honeywell International Inc., August Home, Inc. (ASSA ABLOY), Avent Security, Cansec Systems Ltd., HavenLock, Inc., Kwikset (Spectrum Brands Holdings, Inc.), MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY), Schlage (Allegion Plc), Zigbang Co., Ltd. (Previously Samsung SDS), Sentrilock, LLC, Smart Locking Logic Proprietary Limited among others.

The global Door Lock market can be categorized as Type, Application, Technology, Product and Region.