Furniture Lock Market Scope
The Furniture Lock is the supporting products or pieces which are used to provide support to the furniture maintaining the design, style, pattern, overall look and durability. They are widely used for household applications, healthcare industry, retail industry, hospitality industry, and various others. There might be some issues involved with external environments like corrosion, costly manufacturing, etc. Nowadays, there has been a rise in theft. Here Furniture locker plays a vital role to keep different essential items in it. The locker may come in various sizes, colors and shapes, and locker type.The locker can be installed at condos, complexes, apartments, small businesses, and large enterprises.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Illinois Lock Company (United States), Bai Fu Co., Ltd(ARMSTRONG) (Taiwan), Vijayan Lock (India), ArmStrong (United States), ASSA-Abloy (Sweden), Master Lock (United States), Hafele (Germany), Lowe & Fletcher(Euro-Locks) and Be-Tech (China) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Global Vendors will contribute to the maximum growth of Global Furniture Lock market throughout the predicted period.
Illinois Lock Company (United States), Bai Fu Co., Ltd(ARMSTRONG) (Taiwan), Vijayan Lock (India), ArmStrong (United States), ASSA-Abloy (Sweden), Master Lock (United States), Hafele (Germany), Lowe & Fletcher(Euro-Locks) and Be-Tech (China) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Furniture Lock market by Type , by Application (Cabinet, Drawers and Others) and Region with country level break-up.
On the basis of geography, the market of Furniture Lock 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In December 2022, Illinois Department of Commerce and Economic (DCEO) released the 2022 Illinois Economic Development Report. This report highlights a record year for economic development in key sectors, including investments in communities, support for small businesses, and assistance for Illinoisians in need.
In March 2023, Illinois, an international industry-leading business publication released its annual corporate expansion and relocation rankings, naming Illinois 2nd in the nation for corporate projects and Chicago the Top Metro for the 10th year in a row. The publication noted 487 Illinois projects in 2022, moving the state up from the number three spot in the previous year's rankings.
"An array of laws and guidelines — including the Americans with Disabilities Act (ADA) and standards from the National Fire Protection Association (NFPA) — affect the design, specification, testing, and maintenance of doors and door hardware, including closers, locks, hinges, exit devices, and alarms. To ensure compliance with ADA requirements, managers must fully understand the provisions of ADA's accessibility guidelines related to doors and door hardware. For example, guidelines contained in section 4.13 of the ADA Standards for Accessible Design specify that a 32-inch, clear opening with the door open, Lever-, push, or U-handle design and no tight grasp or pinching, Knob handles might not comply, due to gripping pressure required to operate them, a closing speed of 3 seconds from 70 degrees open to 3 inches from the latch. And lastly a maximum opening force of 5 pounds for an interior hinged door and "low-energy, automatic operators that meet ANSI/BHMA Standard."
Influencing Trend:
The Advent of Furniture Lock in Various Designs and Styles
Market Growth Drivers:
The Need for Furniture Fittings for Proper Working and Safety of People in the Home and Increasing Purchasing Power and Standard of Living of People around the World Leading to Increased Investment in Home and Types of Furniture
Challenges:
Prevailing Intense Competition in the Market
Restraints:
Stringent Regulatory Compliance Regarding Safety Involved with Furniture Lock and High Cost Involved with Manufacturing of Furniture Lock
Opportunities:
Growing E-commerce Market will Boost the Furniture Hardware Market and Surging Demand for Furniture Hardware from Architectural Industry
Key Target Audience
Furniture Lock Manufacturers, Furniture Lock International Traders, Furniture Lock Distributors and Suppliers, Research and Development Institutes, Regulatory Bodies, Potential Investors, Upstream and Downstream Buyers and Others