Door Lock & Lockset Manufacturing in the US - Industry Market Research Report

Door Lock & Lockset Manufacturing in the US - Industry Market Research Report

Door Lock & Lockset Manufacturing in the US

The Door Lock and Lockset Manufacturing industry has struggled through 2023, with increased international competition and offshoring alongside weak demand from key downstream markets. In particular, the collapse of the residential construction sector following the pandemic has slashed demand. Many companies have also offshored operations, resulting in greater import penetration. Given that the industry derives most of its demand from the construction, home improvement and furniture markets, the downturn in residential construction activity amplified the strain from rising import penetration. Also, the industry declined in 2020 during the COVID-19 pandemic, though strong demand from home improvement stores because of do-it-yourself (DIY) trends stabilized the market. Overall, the industry has been declining at a CAGR of 3.5% over the past five years, and is expected to reach $3.4 billion through the end of 2023. This includes a 5.1% decrease in 2023.

This industry manufactures classic and keyless door locks and locksets. A door lock is a lock on an exterior door. Lockets are complete locking systems, which include knobs, plates and a locking mechanism.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.