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Summary of our market study
In 2020, the global padlock market was dominated by China, the world's leading exporter in terms of both value ($700 million) and quantity (143,000 tonnes), with Mexico a distant second.
Technological advances have enabled the introduction of connected padlocks, but their adoption remains marginal compared with traditional mechanical locks.
Although mechanical locks remain predominant, the emergence of connected padlocks, Bluetooth padlocks and fingerprint padlocks is notable. These advanced locking mechanisms enable unlocking via smart devices or biometric data. They currently occupy a marginal position on the market.
Analysis of padlock market trends and dynamics
The market for locks and fittings was set to decline by over 15% between 2014 and 2020, but rebounded strongly in 2021.
Increasing use of bicycles, which have become an increasingly popular mode of transport, is creating significant demand for secure locking mechanisms. This is particularly true for electric bicycles (EBS), which have a high value and generate greater investment in locking systems.
France imports to the value of $52 million, and is the third largest importer behind the USA with $264 million. Exports are worth between $20 and $25 million, making France one of the world's top ten padlock exporters. France exports mainly to European countries, the UK being the largest importer of French padlocks.
The trade deficit has widened over the years, rising from around US$12 million to US$30 million in 2020.
Key players in the global padlock market
- Master Lock is undoubtedly one of the best-known names in the padlock industry, with a significant presence on the global market. Master Lock continues to innovate, entering the digital security arena with its Bluetooth Smart padlocks and biometric offerings. Their factories in Mexico contribute to making the country the second largest exporter of padlocks.
- ABUS is another pillar of the market, with a strong European heritage in security products. The ABUS portfolio includes a wide range of padlocks, including traditional and connected bicycle locks.
- French startup Sharelock offers an innovative approach to bicycle security with its shared, connected lock service. This unique approach to padlocking allows users to reserve and use urban padlocks via an app, integrated with an alarm system that warns of any disruption.
- Thiriard offers high-security monoblock padlocks suitable for outdoor environments, transit locks and container locks. Thiriard's offering meets the demand for customized solutions for a variety of applications.
Hypermarkets and DIY stores are the main sales channels for padlocks. However, digitization and the predominance of e-commerce could change all that.
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Summary and extracts
1 Market overview
1.1 INTRODUCTION
A padlock is a tool for locking a door, a safe or a suitcase, but also to buckle a chain. The padlock is composed of a lock mechanism and a mechanical ring monitored by a key or a system of encrypted wheels
There are many models of padlocks that segment this market, from the locking system, to the degree of security, to the different dimensions and materials used to adapt to any type of use.
China is the main exporter of padlocks, in 2020, it exported 5 times more than the second largest exporter, Mexico. France is very present in the international trade of padlocks, 7th exporter and 3rd importer in value. Unfortunately, France's trade balance is in deficit, and has been for years. Generally speaking, the French padlock market is not the best off, for example, there has been a 40% drop in turnover between 2010 and 2020.
The padlock market has not escaped technological developments, however, with the emergence of connected padlocks: these padlocks can be unlocked directly via a smartphone (remotely or locally) with Bluetooth or fingerprint operation. Nevertheless, their use is still secondary and the priority is mechanical locks. The innovations in this market show that it still remains an interesting market, despite performances that do not follow the desired trend.
However, even if the market is not at its best, there are several trends that open the way to future growth, such as the trend around bicycles, a means of transport that is increasingly purchased and which unfortunately suffers from numerous thefts. This is where the lock comes in, it is the ideal tool to reassure users, especially since with the development of EBS (electric bicycles), the value of bicycles increases and with it, the amount invested in the lock in order to protect the investment made in the bike.
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the padlock market | France
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