Over the past decade, industry revenue has fallen consistently as companies continue to offshore production, a trend that has resulted in the industry's shrinking footprint on the US economy. The Door Lock and Lockset Manufacturing industry derives the majority of its demand from the construction, home improvement, automotive and office furniture markets, all of which contracted significantly during the recession. As a result, demand for industry products dropped sharply. Over the five years to 2019, industry revenue is projected to increase marginally, however, after the postrecessionary boost, heightened competition from inexpensive imports and the continued offshoring of US manufacturing plants will overwhelm this short-term growth, leading to continued revenue contraction.
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.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.