Overview

Lock in: Steady growth in housing starts and the number of businesses will aid industry growth

IBISWorld’s Locksmiths market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$2bn
Annual Growth
11-16
1.9%
Annual Growth
16-21
Profit
Employment
32,280
Business
21,081

Industry Threats & Opportunities

  • Steady recovery in the housing market and growth in the number of US businesses will aid industry demand
  • Demand for locksmith services from homeowners increased over the past five years
  • Households and businesses will continue to be the main area of growth for locksmiths

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    Industry Analysis & Industry Trends

    The Locksmiths industry's demand is tied to the performance of the commercial and residential markets. Therefore, locksmiths benefited from steady business creation and a rebounding housing market over the past five years. In the coming years, demand for the industry is expected to strengthen, aided by continued recovery in the housing market as well as growth in the number of US businesses. Moreover, anticipated growth in the total number of motor vehicle registrations will slightly increase demand for emergency automotive locksmith services, which account for a significant share of industry revenue...

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    Industry Report - Industry Analysis Chapter

    Over the five years to 2016, revenue for the Locksmiths industry is expected to increase slowly, at an annualized rate of 1.9% to total $1.9 billion. Much of this growth has been driven by an increase in demand from the commercial and residential markets, as locksmiths have benefited from steady business creation and a strong housing market over the past five years.

    Businesses depend on locksmiths to install mechanical locks, doors, gates and safes, as well as security surveillance and monitoring systems. Over the five years to 2016, rising profit margins and an expansion in the number of US businesses helped drive industry revenue growth, as companies increased their spending on security systems designed to protect their expanding assets from crime. In ..

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    Additional Insights for the Locksmiths Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Locksmiths Industry are

  • Level of competition existing in the market
  • Experienced work force
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Number of businesses and Existing home sales in the Locksmiths industry impact industry performance..

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    Look under the hood?

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    Industry Products

    What is the Locksmiths Industry?

    This industry performs installation, repair, rebuilding and adjusting services for security systems, as well as lock management of keying and key control systems. Companies also sell mechanical or electronic locking devices, safes and security vaults.

    Industry Products
    Nonresidential security system installation and repair
    Residential security system installation and repair
    Residential and nonresidential system services with monitoring
    Key cutting and duplication services
    Resale of locks and security merchandise
    Other services
    Industry Activities
    Installing and repairing nonresidential security systems
    Installing and repairing residential security systems
    Key duplication
    Renting and reselling security system products

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Number of businesses
  • Existing home sales
  • Value of private nonresidential construction
  • Housing starts
  • Number of motor vehicle registrations
  • Per capita disposable income

  • Current Performance
  • Revived downstream commercial demand
  • Residential sector improves
  • Industry profit and participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Stable downstream demand
  • Competition and industry profit
  • Table: Locksmiths Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Locksmiths Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Manufacturing
  • Retail Trade
  • Consumers

  • Key Selling Industries
  • Alarm, Horn & Traffic Control Equipment Manufacturing
  • Civic, Social & Youth Organizations
  • Power Tools & Other General Purpose Machinery Manufacturing
  • Security Alarm Services
  • Security Services

  • Products & Services
  • Nonresidential security system installation and repair
  • Residential security system installation and repair
  • Key cutting and duplication services
  • Resale of locks and security merchandise
  • Other services
  • Residential and nonresidential system services with monitoring
  • Chart: Locksmiths Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Businesses
  • Households
  • Government entities
  • Not-for-profit organizations
  • Chart: Major Market Segmentation for the Locksmiths Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesOther costs
  • Chart: Cost Structure Benchmarking – Sector vs Locksmiths

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Locksmiths Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Locksmiths Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Locksmiths Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • No. of Businesses (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Do-It-Yourself (Diy)
  • A category of customers who complete tasks and projects on their own that would generally be outsourced to a business or service provider, for example, home renovations and wedding planning.
  • Key Blank
  • A key that has not been cut to a specific bitting (or the shape that causes it to fit or actuate the lock).
  • Key-Duplicating Machine
  • Machines used to make a copy of a key by cutting a blank key to match the original's shape and groove pattern.
  • Time Lock
  • A timer designed to prevent the opening of a safe or vault until it reaches a pre set time, even if the correct combination is known.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Locksmiths:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Locksmiths market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Locksmiths, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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