Locksmiths in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: June 2024
NAICS OD4833Revenue
$3.0bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
37,434
Businesses
26,332
Wages
$XXX.Xm
Locksmiths in the US industry analysis
The performance of the construction and housing markets drives demand for locksmiths in the United States. Businesses depend on locksmiths to install mechanical locks, doors, gates safes, security surveillance and monitoring systems. Homeowners, property managers and landlords also use locksmiths to install locks and security systems. Demand for the industry’s services dropped in 2020 as the pandemic significantly hindered investment from commercial markets. Revenue soared amid the COVID-19 recovery as soaring corporate profit encouraged businesses to invest more in locksmiths. More recently, rising interest rates cut into the housing market's growth, hindering revenue and constraining profit. Overall, revenue for locksmiths is anticipated to inch upward at a CAGR of 0.4% during the current period, reaching $3.0 billion in 2024. This includes a 2.0% decline in revenue in that year.<br />During the outlook period, the US economy will overcome challenges related to high inflation, rising interest rates and recessionary fears, causing GDP to rise steadily. Stable economic growth will benefit locksmiths by spurring demand from the residential and commercial sectors. Specifically, climbing housing starts and existing home sales will heavily contribute to the industry's growth. Similarly, soaring corporate profit and business formation will support demand from the commercial sector. As external competition mounts, the industry's performance will increasingly rely on the ability of locksmiths to adopt value-added electronic locking and security systems, enabling the industry to differentiate effectively from security alarm monitoring and guarding services. Overall, revenue for locksmiths is forecast to climb at a CAGR of 2.0% during the outlook period, reaching $3.4 billion in 2029.
Trends and Insights
- The industry relies on the construction sector's performance. As interest rates have climbed, home sales have dropped, cutting a significant source of demand from rekeying, consultation and residential security and monitoring services.
- Businesses are the largest source of revenue for locksmiths. These buyers more commonly purchase extensive locksmithing services, creating significant growth opportunities.
- Locksmiths flock to populated regions. The presence of many households and businesses in the Mid-Atlantic, West and Southeast regions spur demand for the industry's services.
- Locksmiths face elevated internal competition in populated areas. Buyers can freely choose between multiple options, forcing greater price competition.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $3.0bn in 2024.
Trends and Insights
The level of nonresidential construction is a major driver of the industry's performance
- An increase in nonresidential construction boosts the need for locks so companies can protect their employees, structures and materials. A jump in this driver significantly affects the industry's performance since businesses make up more than half of locksmiths' customers.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Demand from the construction sector will stabilize
- Recovery in construction markets, particularly for new and existing home sales, will be the primary driver of locksmiths' growth through 2029.
Biggest companies in the Locksmiths in the US
| Company | Market Share (%)
2024 | Revenue ($short_0)
2024 | Profit ($short_0)
2024 | Profit Margin (%)
2024 |
|---|
There are no companies that hold a large enough market share in the Locksmiths in the US industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Nonresidential security system installation and repair, Residential security system installation and repair and Residential and nonresidential system services with monitoring. Nonresidential security system installation and repair is the largest segment of the Locksmiths in the US.
Trends and Insights
Nonresidential security system services generate the largest portion of revenue
- Designing, installing and repairing nonresidential security systems is the largest service segment for locksmiths, comprising nearly half of revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Alarm, Horn & Traffic Control Equipment Manufacturing in the US
- Security Services in the US
- Security Alarm Services in the US
Complementors
- Construction in the US
- Real Estate Sales & Brokerage in the US
International industries
- Security Alarm Services in Canada
- Fire and Security Alarm Installation Services in Australia
- Fire and Security Alarm Installation Services in New Zealand
- Security System Services in the UK
Table of Contents
About this industry
Industry definition
This industry performs installation, repair, rebuilding and adjusting services for security systems, along with lock management of keying and key control systems. Companies also sell locking devices, safes and security vaults.
What's included in this industry?
Installing and repairing nonresidential security systemsInstalling and repairing residential security systemsKey duplicationRenting and reselling security system productsCompanies
Purchase this report to view all major companies in this industry.
Related Terms
DO-IT-YOURSELF (DIY)KEY-DUPLICATING MACHINEKEY BLANKTIME LOCKIndustry Code
NAICS 56162 - Locksmiths in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The industry relies on the construction sector's performance. As interest rates have climbed, home sales have dropped, cutting a significant source of demand from rekeying, c...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Businesses are the largest source of revenue for locksmiths. These buyers more commonly purchase extensive locksmithing services, creating significant growth opportunities.
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Locksmiths flock to populated regions. The presence of many households and businesses in the Mid-Atlantic, West and Southeast regions spur demand for the industry's services.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Locksmiths face elevated internal competition in populated areas. Buyers can freely choose between multiple options, forcing greater price competition.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Nonemployers dominate the industry since most locksmiths lack the resources to operate outside their local areas. Low barriers to entry also reduce market share concentration...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Locksmiths must follow a number of regulations to operate in the industry. These regulations pertain to licensing, background checks and insurance requirements.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The industry relies on skilled employees, so wages make up nearly one-third of revenue. Installing and repairing locks and security systems is highly labor-intensive.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Locksmiths in the US industry in United States in 2024?
The market size of the Locksmiths in the US industry in United States is $3.0bn in 2024.
How many businesses are there in the Locksmiths in the US industry in 2024?
There are 26,332 businesses in the Locksmiths in the US industry in United States, which has declined at a CAGR of 0.6 % between 2019 and 2024.
Has the Locksmiths in the US industry in United States grown or declined over the past 5 years?
The market size of the Locksmiths in the US industry in United States has been growing at a CAGR of 0.4 % between 2019 and 2024.
What is the forecast growth of the Locksmiths in the US industry in United States over the next 5 years?
Over the next five years, the Locksmiths in the US industry in United States is expected to grow.
What does the Locksmiths in the US in United States include?
Installing and repairing nonresidential security systems and Installing and repairing residential security systems are part of the Locksmiths in the US industry.
How competitive is the Locksmiths in the US industry in United States?
The level of competition is high and steady in the Locksmiths in the US industry in United States.
