Cylindrical door lock industry is projected to witness a CAGR of 6% during the period 2024-2032. This growth can be attributed to increasing safety solutions for door safety in the commercial and residential sector.
Selbyville, Delaware, June 19, 2024 (GLOBE NEWSWIRE) —
Cylindrical Door Lock Market Size is projected to reach over USD 6.6 billion by the end of 2032. The increasing construction activities, especially in the residential and commercial sectors is creating the strong demand for secure door locking systems.
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The growing awareness of security concerns among consumers is encouraging the adoption of high-quality locking solutions. Significant innovations, such as smart lock integration and keyless entry systems are increasing the convenience and security of doors.
As per data from the Associated General Contractors of America (AGC), the U.S. construction sector creates approximately $2.1 trillion worth of structures each year. This increasing number of construction activities will fuel the demand for door locks. The rollout of stringent building regulations and standards are mandating the installation of reliable locking mechanisms, boosting the product appeal. The rise in urbanization and the expansion of the real estate sector is further accelerating the installation of cylindrical door locks in both new constructions and renovations.
Rising preference for lever handles
The lever handles segment is projected to hold sizeable share of the cylindrical door lock market by 2032. Lever handles offer ease of use, particularly for individuals with mobility issues or disabilities, increasing their popularity in both residential and commercial applications. Aesthetic appeal, along with advancements in design and materials is also amplifying their demand. The integration of smart technologies in lever handle locks are further driving the segment expansion.
Growing appeal in residential applications
The cylindrical door lock market from the residential segment is anticipated to grow at notable rate between 2024 and 2032, due to the increasing construction activities in the housing sector. The rising concerns about home security and burglary are driving the demand for high-quality locking systems. The growing trend of smart home technologies is driving the adoption of advanced cylindrical door locks with features like keyless entry and remote access. The availability of a wide range of design options is enhancing the product appeal in residential settings.
Europe to obtain significant share
Europe cylindrical door lock market size is estimated to depict significant growth between 2024 and 2032, led by the increasing construction activities in residential and commercial sectors. The rising security concerns among consumers and stringent building regulations across the region are driving the product uptake. The growing trend of urbanization and the renovation of existing infrastructure along with robust adoption of aesthetically pleasing and durable locking solutions is spurring the regional industry gains.
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Cylindrical Door Lock Market Participants
Some of the leading firms operating in the cylindrical door lock industry include ASSA ABLOY, Allegion plc, dormakaba Group, Securitas Technology, Liberty Safe, Focus Technology Co., Ltd., Guard Security Equipment Co. Ltd., Serrature Meroni S.p.A., EVVA Security Technology GmbH, ABUS AUGUST BREMICKER SÖHNE KG, KSB SE & Co. KGaA, The Eastern Company, iLOQ Ltd., Taiwan Fu Hsing Industrial Co., Ltd., and Legrand.
These market players are adopting various business expansion strategies, including mergers & acquisitions, partnerships, and launching new products to increase their market presence. For instance, in October 2023, Netatmo, a manufacturer of smart home devices, introduced its first smart lock designed for Eurocylinder-style doors.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Cylindrical door lock industry 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Raw material analysis
3.3 Regulatory landscape
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter’s analysis
3.6.1 Supplier power
3.6.2 Buyer power
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.6.5 Industry rivalry
3.7 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix
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