Cylindrical Door Lock Market Analysis

Cylindrical Door Lock Market Analysis

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Based on type, the cylindrical door lock market is categorized into deadbolt, lever handles, padlock, digital locks, and others. Deadbolt held a dominant market share valued at USD 1.74 billion in 2023 and is anticipated to grow over the coming years. The deadbolt segment is expanding due to low installation costs, excellent durability, and sufficient protection against entry. Additionally, businesses are concentrating on growing their range of products.
 

For instance, Kwikset, a door lock manufacturing company, added single-touch locks, low battery alerts, and customized user codes to their lineup of cutting-edge deadbolts with integrated features, which drew a lot of interest from consumers. The digital locks segment is also anticipated to grow at a significant CAGR during the forecast period. Smart lock technology is unique and easier to use than conventional methods.
 

Security techniques, such as mechanical locks, passwords, ID codes, code phrases, and paper slips, were frequently used before the invention of smart locks. These techniques increased the danger of data loss or theft and required a lot of upkeep. Smart locks can synchronize with a user’s smartphone and provide access control owing to the Internet of Things connectivity. This characteristic of smart locks makes them stand out in the market and adds to their distinctive, trustworthy, and user-friendly qualities.
 

Based on application, the cylindrical door lock market is categorized into residential and commercial. The commercial segment held a dominant market share, generating USD 2.15 billion, in 2023 and is anticipated to grow over the forecast period. The sector has been adopting smart cylindrical door locks at a quick pace to meet the growing consumer demands for security. In the coming years, it is anticipated that the hospitality, retail, and government sectors’ requirements to enhance in-room security will increase the use of these keyless entry systems. Market leaders also aim to provide inventive solutions to these sectors.
 

For instance, in October 2022, the smart lock manufacturer, Kwikset (Spectrum Brands Holdings, Inc.) introduced two new models to its lineup: the SmartCode 260 Keypad Deadbolt and the SmartCode 270 Touchpad Deadbolt. These goods come with application assistance and can be purchased in both conventional & modern styles. The hotel’s brand value is boosted by the installation of these locks, which further contributes to their industry adoption. The residential segment is also anticipated to grow at a significant CAGR during the forecast period.
 

Its significant revenue production can be attributed to the growing global use of smart homes as well as the rise in new building & restoration projects in the industry in recent years. It is anticipated that the increased use will result from the lower cost of contemporary security solutions such as fingerprint door locks, motion detectors, door and window opening sensors, and remote door locking and unlocking. The creation of locks that work with Z-Wave, ZigBee & BLE is becoming more popular, especially for mass-market residential applications, drawing in a large customer base.
 

North America dominated the global cylindrical door lock market with a major share of 47% in 2023. The regional growth can be attributed to the extensive technology adoption and rapid expansion of smart homes in the U.S. In the U.S., millennials have a strong preference for home automation and are prepared to spend more on cutting-edge goods. As the usage of smartphones and the Internet grows, more end users such as government offices, hospitals, and educational institutions are adopting these sophisticated technologies, driving significant expansion in the regional market over the forecast period.
 

Furthermore, the market is anticipated to witness a significant increase in household demand to stop invasion and unauthorized access. Moreover, the U.S. government’s efforts to create smart cities and the increased emphasis on implementing intelligent technologies to raise living conditions offer creative lock suppliers enormous growth potential. In March 2023, HavenLock Inc., a U.S. door lock company, launched the Power G version of its smart locking system, which is suitable for use in businesses and schools.