Growth Overview of the Global Lock Market Feb-2017

Global Lock Market 2017-2021
The Lock market report contains a comprehensive market and vendor landscape in addition to a SWOT
analysis of the key vendors for 2017-2021. The following companies are the key players in the Global
Lock Market: Godrej & Boyce, AMSEC, Gunnebo Group, and Yale. Other Prominent Vendors in the
market are Bode Panzer, Bricard, CISA, CompX International, Juwel, and Technomax.
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One trend in the lock market is the Vendor focus on smart lock systems. A smart lock system uses
sophisticated technology to provide better security. A smart lock system can replace mechanical locks as
it can do more than locking and unlocking with physical keys. Smart locks have the mechanism to track
intrusions. The smart lock system offers features such as smart keypad, digital keys, and integration with
app-based locking mechanism.
According to the report, one driver in the lock market is the security concerns. With improvements in
the standard of living and the availability of affordable home security systems, consumers from all
income segments are investing in home security products.
Moreover, in developed regions such as North America and Western Europe, the average loss incurred
from burglaries for residents that have equipped homes with security systems is approximately $2000
lower than that for residents whose homes lack such security systems. Growing awareness about the
need for such home security systems has contributed to the growth of the global lock market.
Further, the report states that one challenge in the lock market is the intense vendor competition. With
the increase in the prices of raw materials and increased competition among vendors, the profit margins
of vendors are expected to decline. Vendors are focusing on the development of customized security
solutions
However, the majority of the growth potential of the market lies in emerging markets where end-users
are price-sensitive. Such price-conscious end-users prefer investing in low-cost security solutions. This
reduces the sales potential and revenue generation of global vendors. Also, the dominance of domestic
players, especially in countries such as China, has forced foreign vendors to reduce their product prices,
which, in turn, reduces their profit margins.
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Table of Contents of the Report
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology