According to the latest market research study by Technavio, the global lock market is expected to grow at a CAGR of close to 6% during the forecast period 2017 to 2021.
This report by Technavio provides a complete analysis of the global lock market regarding revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application
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Global door locks market: The door locks segment is expected to post the fastest growth during the forecast period due to the diverse portfolio of products offered by the several vendors and the advent of technology in the door locking systems.
“The increasing demand for door lock systems from the construction industry is driving growth in the global door locks market. Most vendors such as Godrej & Boyce, AMSEC, and Yale offer door locks for residential and commercial units. As residential and commercial buildings incorporate smart building management systems, and newer constructions grow at a faster pace, the demand for door locks will increase during the forecast period. The growing need for security in both residential and non-residential segments is also driving the growth of the global door locks market,” says Abhay Sinha, a lead analyst at Technavio.
Global safe locks market: The safe locks market has been witnessing growth across regions due to the increasing awareness about high-tech security systems among residential end-users. Vendors offer a combination of both electronic and mechanical safes. The market is also expected to be driven by the growing number of burglaries across different regions, which prompts end-users to install high-security safety locker systems in residential buildings. With the changing technology, vendors are offering electronic safety locker with highly sophisticated security systems. They are focusing on offering products with next-generation security systems such as the biometric safety system.
Global furniture locks market: Furniture vendors are focusing on emerging markets such as APAC and Central and Eastern Europe for growth, thereby driving the demand for furniture locks in these regions. The growth of the market is also expected to be propelled by increasing home improvement activities. The growth of the home improvement market has contributed to the replacement of old furniture with new ones that deploy mechanical locks. Vendors that offer furniture locks include Godrej & Boyce, which offers products such as the I-Secure keypad cabinet lock, which is an electronic lock that is nickel plated to resist corrosion.
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The top vendors operating in the global lock market are:
- Godrej & Boyce
- AMSEC
- Gunnebo Group
- Yale
The other prominent vendors in the market include Bode Panzer, Bricard, CISA, CompX International, Juwel, and Technomax.
A more comprehensive analysis is available in the Technavio market research report titled, ‘Global Lock Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Domestic Safety Locker Market 2017-2021
- Global RFID Lock Market 2016-2020
- Global Smart Lock Market 2016-2020
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