DUBLIN, Mar. 31, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Lock Market 2017-2021" report to their offering.
The global lock market to grow at a CAGR of 6.03% during the period 2017-2021.
Global Lock Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market. The report covers the present scenario and the growth prospects of the global lock market for 2017-2021. The global lock market has been witnessing growth across regions due to increasing awareness about high-tech security systems among various end-users.
According to the report, one driver in the market is the security concerns. With improvements in the standard of living and the availability of affordable home security systems, consumers from all income segments are investing in home security products. Moreover, in developed regions such as North America and Western Europe, the average loss incurred from burglaries for residents that have equipped homes with security systems is approximately $2000 lower than that for residents whose homes lack such security systems. Growing awareness about the need for such home security systems has contributed to the growth of the global lock market.
One trend in the market is the Vendor focus on smart lock systems. A smart lock system uses sophisticated technology to provide better security. A smart lock system can replace mechanical locks as it can do more than locking and unlocking with physical keys. Smart locks have the mechanism to track intrusions. The smart lock system offers features such as smart keypad, digital keys, and integration with app-based locking mechanism.
Further, the report states that one challenge in the market is the intense vendor competition. With the increase in the prices of raw materials and increased competition among vendors, the profit margins of vendors are expected to decline. Vendors are focusing on the development of customized security solutions However, the majority of the growth potential of the market lies in emerging markets where end-users are price-sensitive. Such price-conscious end-users prefer investing in low-cost security solutions. This reduces the sales potential and revenue generation of global vendors. Also, the dominance of domestic players, especially in countries such as China, has forced foreign vendors to reduce their product prices, which, in turn, reduces their profit margins.
- Godrej & Boyce
- Gunnebo Group
Other prominent vendors
- Bode Panzer
- CompX International
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by application
Part 07: Market segmentation by product
Part 08: Market segmentation by end-user
Part 09: Geographical segmentation
Part 10: Market drivers
Part 11: Impact of drivers
Part 12: Market challenges
Part 13: Impact of drivers and challenges
Part 14: Market trends
Part 15: Vendor landscape
Part 16: Key vendor analysis
Part 17: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/dw6bpv/global_lock
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SOURCE Research and Markets