$3.0bn
$XXX.Xm
37,434
26,332
$XXX.Xm
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.
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $3.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($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.
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.
Nonresidential security system services generate the largest portion of revenue
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.
Purchase this report to view all major companies in this industry.
NAICS 56162 - Locksmiths in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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...
Learn about an industry's products and services, markets and trends in international trade.
Businesses are the largest source of revenue for locksmiths. These buyers more commonly purchase extensive locksmithing services, creating significant growth opportunities.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
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.
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.
Locksmiths face elevated internal competition in populated areas. Buyers can freely choose between multiple options, forcing greater price competition.
Learn about the performance of the top companies in the industry.
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...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Locksmiths must follow a number of regulations to operate in the industry. These regulations pertain to licensing, background checks and insurance requirements.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
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.
Including values and annual change:
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.
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:
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:
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.
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.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Locksmiths in the US industry in United States is $3.0bn 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.
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.
Over the next five years, the Locksmiths in the US industry in United States is expected to grow.
Installing and repairing nonresidential security systems and Installing and repairing residential security systems are part of the Locksmiths in the US industry.
The level of competition is high and steady in the Locksmiths in the US industry in United States.