In fast growing economies and developing markets, the construction industry is estimated to gain traction in the coming years. Advancements in technology have led to the higher acceptance of safety products such as outdoor safety locks. Different types of outdoor safety locks are available in market based on types such as key locks, dial combination locks, card locks, fingerprint locks, etc. The electronic outdoor safety locks segment is anticipated to gain momentum in the coming years, owing to ease of operation, safety & security, and reliability.
More recently, the demand for outdoor safety locks is expected to be significantly impelled over the forecast period, owing to change in consumer preference towards advanced safety products
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Outdoor Safety Locks Market: Market Dynamics
Outdoor Safety Locks Market Drivers:
Growth in the residential, commercial and industrial sectors, both, in developing and developed economies, is expected to be a major factor responsible for the growth of the global outdoor safety locks market over the forecast period. Moreover, increasing safety concerns among consumers is also expected to drive the growth of the outdoor safety locks market over the forecast period. That apart, increasing automation coupled with innovations in technologies are further expected to surge the demand for outdoor safety locks over the forecast period.
Outdoor Safety Locks Market Restraints:
The cost of electronic outdoor safety locks are high as compared to manual locks, which is anticipated to act as a restraining factor to the growth of the outdoor safety locks market over the forecast period. Moreover, electrically powered outdoor safety locks may not function properly in the case of power failure. This is also expected to hamper the growth of the outdoor safety locks market in the coming years. Regarding electronic outdoor safety locks, the user has to change the battery ever so often. This is further expected to act as a challenge to the growth of the outdoor safety locks market over the forecast period.
Outdoor Safety Locks Market Trends:
The global outdoor safety locks market is highly fragmented with the presence of several global and regional players. Hence, manufacturers in the market are highly focused on investing in research and development (R&D) activities to develop new & innovative locks with more safety, to uphold their leadership in the market. Moreover, strong outlook of the residential, commercial, and industrial sectors across the globe creates significant opportunities for outdoor safety lock manufacturers.
Outdoor Safety Locks Market: Segmentation
The global outdoor safety locks market can be segmented on the basis of type, technology, and end user.
On the basis of type, the global outdoor safety locks market can be segmented as:
- Key Locks
- Dial Combination Locks (Keypad)
- Card Locks
- Fingerprint Locks
On the basis of technology, the global outdoor safety locks market can be segmented as:
- Manual Outdoor Safety Locks
- Electronic Outdoor Safety Locks
On the basis of end user, the global outdoor safety locks market can be segmented as:
Outdoor Safety Locks Market: Regional Outlook
The global outdoor safety locks market is totally dependent on the growth of end use sectors across geographies. Increased infrastructure spending across developing economies such as China and India is anticipated to enhance the construction industry in the Asia Pacific region. Thus, the Asia Pacific region is expected to show a high growth rate in the global outdoor safety locks market over the forecast period. Some of the countries in Latin America are expected to experience a growth in their economies, which, in turn, will push the growth of the construction industry as well as the outdoor safety locks market. Western Europe is predicted to grow at a significant CAGR during the forecast period, due to a surge in the demand for outdoor safety locks in the growing industrial sectors. The Middle East & Africa is anticipated to grow at a considerable CAGR during the forecast period, owing to increasing safety concerns among consumers in the region.
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Outdoor Safety Locks Market: Market Participants
Examples of some of the key participants identified across the value chain of the global outdoor safety locks market include:
- ASSA ABLOY (Yale)
- August Home
- City Lock and Safe Ltd
- Godrej Locking Solutions & Systems
- HANMAN INTERNATIONAL PTE LTD
- HAVEN Lock, Inc.
- Link Locks
- Super Safety Services
- Spectrum Brands, Inc. (Kwikset)