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Cylindrical Door Lock Market Size
- Report ID: GMI8258
- Published Date: Feb 2024
- Report Format: PDF
Cylindrical Door Lock Market Size
Cylindrical Door Lock Market size was valued at USD 3.98 billion in 2023 and is anticipated to register a CAGR of over 6% between 2024 and 2032. Growth in this market can be attributed to the growing awareness about security of properties & homes, advancements in lock technology, and growing adoption of smart home automation systems.
Growing consumer interest in sophisticated locking systems is resulting in the adoption of such advancements, which are predicted to boost the appeal of door locks with cameras. Over the forecast period, the market is anticipated to be driven by the growing requirement to protect various assets including private homes, hotels, supermarkets, banks, financial institutions, corporate buildings, smart lockers, and commercial buildings with modern security systems.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Cylindrical Door Lock Market Size in 2023: | USD 3.98 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 6% |
| 2024 – 2032 Value Projection: | USD 6.67 Billion |
| Historical Data for: | 2018 – 2023 |
| No. of Pages: | 387 |
| Tables, Charts & Figures: | 250 |
| Segments covered: | Type, Product, Connecting Technology, Pricing, Application, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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A distinctive feature that sets the cylindrical door lock apart from other types of locks is its unusual design that passes through the door. The original door lock design is being replaced by this lock type due to its easy use. This lock has a two-fold locking mechanism and is placed via drilling. It supports the door’s security, serves as an armor against abuse, and permits appropriate authentication for the intended user to gain access. Furthermore, the market is witnessing an upsurge in the use of cylindrical door locks in both the commercial and residential sectors.
Cylindrical lock manufacturers are subject to a myriad of international & regional regulation standards related to accessibility and safety. Different regions have varying requirements, making it necessary for manufacturers to develop models that meet a wide range of customer requirements. For instance, locks must comply with safety standards, building code requirements, and accessibility standards for people with disabilities. This regulatory landscape requires ongoing vigilance as regulations can change over time.
The challenge is to produce locks that meet diverse requirements while maintaining a high level of security and ease of use. This may limit the market reach of lock manufacturers and can lead to legal liabilities. Addressing security concerns, ensuring sustainability, adapting technological advancements, and navigating the complex regulations and standards are crucial components that the industry must contend to continue its global prominence.
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Cylindrical Door Lock Market Scope
