Cleveland OH, July 31, 2023 – According to a new study by The Freedonia Group, Global Access Controls & Locks
, global demand for locks is projected to increase 2.6% per year to $48.4 billion in 2027. Price growth in unit terms is expected to be faster, as average lock prices are expected to decline as metals prices fall from elevated 2021 and 2022 levels. Door locks will account for the entirety of growth, as these products hold opportunities to gain value as electromechanical locks become more common. Other lock products tend to be highly commoditized, with limited opportunities for value growth, and the market value will shrink as prices come down from elevated 2022 levels.
Global demand for door locks is forecast to rise 3.0% per year to $42.9 billion in 2027
. Gains will be fueled by healthy growth in building construction activity in lower and middle-income countries, with the Asia/Pacific region accounting for the largest share of gains.
Growth in door lock demand in North America and Western Europe will be supported by increased market penetration of higher-value electromechanical locks. These products are becoming increasingly common in both nonresidential and residential settings, reflecting greater use of access control systems as app-driven building management and smart home systems gain popularity. However, electromechanical locks sold on their own will face increasing competition from packaged systems that incorporate locks and access controls into a single product, which are categorized in access controls for the purposes of this study.
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