The padlock market - Spain

1.1 Introduction

A padlock is a tool to lock 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, ranging from the locking system, the degree of security, through the different dimensions and materials used to adapt to any type of use.

China is the main exporter of padlocks to Spain. In 2021, almost 60% of Spanish imports came from this country, while the second country in the ranking, Taiwan, exported 20% of the total. Unfortunately, Spain's trade balance is in deficit, and in the long term. In general, the market for padlocks in Spain is experiencing a downward trend.

However, the padlock market has not escaped technological developments 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. 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 unfortunately suffers from many thefts. This is where the lock comes in, it is the ideal tool to reassure users, especially since with the development of the E-bike (electric bicycle), the value of bikes is increasing and with it, the amount invested in the lock in order to protect the investment made in the bike.