About Lockset
A lockset is equipment and component utilized to make the locking or latching system that can for the most part be found on a door or hinged object. In simple words, Lockset is utilized to protect the entry door. A lockset is a complete locking kit that includes all the necessary components to install a lock mechanism that are available in different kinds of material, finishes, and as per the level of safety and security. The benefits of a lockset are that it increases accessibility without compromising security, provides different kinds of options to protect property, provides a range of stylish designs, and provides remote security. The lockset can be operated with the use of a knob or a lever handle and it can be locked or unlocked with the option of keys and an electronic keypad. Therefore, Lockset is come up with many benefits and majorly regarding security.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
With the increase in the popularity of smart homes and safety & security concerns, the leading organizations/players in the market are expanding and developing new technology which supports customer demand. Companies are mainly focusing to manufacture product innovations to capture a higher customer base. Also, they undertake various strategies including collaborations, mergers, etc. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Lockset market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
OMNIA Industries (United States), Tri-Circle (China), Yale (United States), Better Home Products (United States), Dorma Products (Germany), Kwikset (United States), Emtek (Indonesia), Medeco (United States), Dormakaba (Switzerland) and ASSA ABLOY (Sweden) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Schwepper Beschlag (Germany), Lokitron (United States), Baldwin (United States), Haven (Switzerland), Goji (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Lockset market by Type (Mechanical Locksets and Smart Locksets), Application (Residential Use, Commercial Use, Automobile and Other) and Region.
On the basis of geography, the market of Lockset has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by By Security, the sub-segment i.e. Pad Lockset will boost the Lockset market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in the adoption of safety and security appliances/tools and Growing technological development in the home decor
Market Growth Drivers:
An increase in the use of smartphones raise demand for a smart lockset and The rise in adoption of smart homes across the globe
Challenges:
To create awareness about smart locksets and change perception of unreliability about smart lockset
Restraints:
High cost of the Smart Lockset and Lack of awareness about different locksets among customers
Opportunities:
Development of touchless/contactless platform to operate locksets and Locksets can be carried out using voice recognition and other technology solutions
Market Leaders and their expansionary development strategies
In May 2021, ASSA ABLOY has acquired Sure-Loc Hardware, a leading supplier of residential locks and associated hardware in the United States, for undisclosed terms.
In December 2019, OMNIA Manufacturers of Locksets & Architectural Hardware introduces Elite Cabinet Hardware. The strong metal cupboard and appliance/door pull in OMNIA's new Elite line are planned, produced, and accurately machined in Italy. These Elite plans are as significant to the eye as the robust pulls are to the hand. This most recent assortment from OMNIA is offered in a wide collection of lengths and popular finishes.
The American National Standards Institute (ANSI) and the Underwriters Laboratories (UL) are the regulatory factors that administer, coordinate and grades lockset. The grades denote the level of security expected.
Key Target Audience
Service Providers, Industry Association, Government Regulatory Bodies, Private Research Organization and Government Research Organization
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.