Outdoor safety locks are used to fasten up the doors to provide security and protection to certain commercial places and residential settings. The security system has become essential to prevent the high rise in home invasions and burglary. The safety locks have been used for a long time and with the advancement in technology and automation, new launches of security systems have been made. Lock and key are the most basic type of outdoor safety system used. A lock is considered as a mechanical or electronic device that is operated by a specific type of key designed according to the lock. Generally, the lock and key are made up of metals such as brass, plated brass, nickel, silver, steel, and others. In recent times, the outdoor safety locks have been updated to smart locks and high-security locks which limit the access of the lock and can be operated without physical keys.
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COVID-19 Scenario Analysis:
- The COVID-19 pandemic has affected the revenue and sales of outdoor safety lock market as the distribution channels such as specialty stores have been shut down as per the government regulation to prevent mass gathering.
- The lockdown scenario caused a decline in the production of outdoor safety locks due to the shutdown of manufacturing units and shortage of manpower.
- The export and import restrictions have disrupted the global supply chain of outdoor safety locks.
- The post-COVID scenario is anticipated not to extremely affect the outdoor safety lock market as they are the essential requirement for maintaining residential security.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Outdoor safety lock has undergone huge technological changes in recent times. The launches of smart security systems have created a new alternative for the customers to ensure the safety and well being of their households as well as working places. As the incidents of theft, burglary, and attacks have risen, the demand for the new automated security systems has increased. The increasing concerns about the security system, increase in crime rate, investment in technology and automation, incorporation of new features in safety locks, the surge in the use of smart locks, additional safety features, voice recognition feature, smartphone operated locks, increase in urbanization, high disposable income, DIY security locks, outdoor key safe storage box, and incorporation of sensors and detectors in the devices are the key drivers that lead the growth of the global outdoor safety lock market. However, increase in competition in the market, expensive and complex smart locks, less awareness about a new product launch, and the availability of substitute products hinder the market growth. Contrarily, investment in advanced product development, reduction in the use of a physical lock and key system present a new pathway to the outdoor safety lock market.
The global outdoor safety lock market trends are as follows:
Incorporation of technology in the outdoor safety locks
The increase in concerns about the safety systems have increased the critical need for outdoor safety locks with enhanced features to provide digital safety which can be monitored easily. The introduction of outdoor safety locks with different variety of designs and shapes has provided the extensive choice to the customers which can be easily attached to the doors. The advancement in the safety levels from basic security to digital security by the incorporation of software and wireless protocol in the outdoor safety locks has created a new trend in the market for the smart home. The dial combination lock, password lock, card lock, fingerprint lock, Wi-Fi enabled lock, Bluetooth enabled locks, and others are the widely adopted outdoor safety locks. The use of electromagnetic lock and smartphone as a cryptographic key without any requirement of the physical key has enhanced the security of the locks and reduced the chances of a break-in.
In addition, the development of weatherproof and Bluetooth enabled outdoor key safe with advanced features has created a flexible operating system for the outdoor safety locks. The leading players are inclined towards providing advanced digital solutions with a simplified operating system and high-security alert. For instance, August Home has launched Wi-Fi smart lock, which can be operated from a far distance by smartphone and can be easily installed on the existing deadbolt.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global outdoor safety lock industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global outdoor safety lock market share.
- The current market is quantitatively analyzed to highlight the global outdoor safety lock market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global outdoor safety lock market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Outdoor Safety Lock Market Research Report:
- What are the leading market players active in the outdoor safety lock market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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Reasons To Buy This Outdoor Safety Lock Market Report:
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> To develop effective R&D strategies, gather information, analysis, and strategic insight from competitors.
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