The padlock market - Spain

1.2 Global market

The global market for padlocks and other locks remains dynamic. It is expected to grow at *.**% per year over the decade, reaching a market size of US$**.* billion by ****.

evolution of Padlocks & Other Locks Market Size World, ****-****, US$ billion Source: ****

It is worth noting that the most significant innovation in the market in recent years has been connected padlocks, which can be unlocked by a smartphone. This market segment could grow at +**.*% per year until ****.

connected locks and padlocks revenue trend World, ****-****, US$ billion Source: ****

1.3 Spanish market

Data on turnover in the padlock market in Spain is available on the INE website, under CNAE code ****: "Manufacture of locks and fittings," which includes "the manufacture of padlocks, locks, keys, hinges and other similar hardware for buildings, furniture, vehicles, etc."[***]

In ****, the turnover reached *** million euros.

evolution of the turnover of the locksmith industry Spain, ****-****, millions of euros Source: ****

1.4 International Trade

Data on foreign trade in padlocks can be found on the UN Comtrade website under HS code ******: "Padlocks (***) of base metal".

In terms of imports, Spain is heavily dependent on China, which accounts for nearly **% of the total.

Origin of padlock imports by country Spain, ****, % Source: ****

Spain's export partners are more diversified. They are mainly European, with France, Italy and Germany accounting for almost **% of exports.

Export destination by country Spain, ****, % Source: ****

Spain's trade balance is relatively stable in the padlock market, while volumes traded have increased between **** and ****. The deficit was US$** million in ****, and US$** million in ****.

evolution of the trade balance in the padlock market Spain, ****-****, € million Source: ****

2.1 "Candado de amor": a declining trend

The ****s saw an explosion in the sale of small keyed padlocks, as a result of the fashion for padlocks symbolizing love. These were attached to a bridge, from which the key was then thrown. This practice was popularized by a book,"I want you" by the Italian writer Federico Moccia. The book, published in ****, is a best-seller that seduces a large audience of teenagers. In ****, the novel was adapted into a film, and the practice spread to the rest of the world.

However, some municipalities have decided to tackle this phenomenon. Indeed, in the emblematic places of the whole world (***), the bridges began to collapse under the padlocks. Paris is one of the first cities to disincentivize engaging in this practice, through the hashtag #lovewithoutlocks launched in ****.[***]

So we can conclude that the demand for padlocks has been very strong with this trend, but instead it tends to die out little by little, with municipalities increasingly getting in the way of those who tend to keep this tradition alive. It is also conceivable that this practice will be less appreciated in the years to come taking into account the environmental impact, issues that are of increasing concern to the ...

2.2 Increase in cycling

The use of bicycles and scooters is increasing in Spain, although it is still historically small compared to the Dutch, for example. These means of transport are used mainly in the big cities: Seville, Zaragoza, Madrid, Valencia and Barcelona. [***]

Estimated use of bicycles Spain, ****, % Source: ****

In the same vein, it is possible to observe an increase in the sale of bicycles and scooters in the country. This success in urban areas is due to the fact that these means of transport are safe, convenient, pleasant and healthy. In ****, more than one million Spaniards will use one of these vehicles for the first time [***] The containment during the health crisis is one of the causes mentioned to explain this surge in demand.

Figures for the development of soft mobility Spain, ****-****, thousands of units Source: ****

This increase in the number of bicycles and scooters in circulation has been accompanied by a decrease in thefts, which nevertheless remain significant. The peak was reached in ****, with **,*** bikes stolen. In ****, this figure was **,***, or about ** per day, and only *% recovered. In total, there have been ***,*** missing bicycles since ****.

Number of thefts per city Spain, ****, units Source: ****

Faced with this phenomenon, having a lock or a ...

2.3 Locks for suitcases and bags

Among the uses of small padlocks, they can be used to close: suitcases, lockers, doors, garden sheds... The list is long. The demand for padlocks adapted for suitcases is the most significant, given the frequency of travel of Spaniards. For trips in shared transport, they are almost indispensable, and it is very common to have a lock inside your suitcase when you buy it. There are also suitcases with integrated padlocks. This demand for padlocks is quite dependent on travel in general, whether professional or tourist. We can therefore imagine that the health crisis has had a heavy impact on this segment, as the population has limited its travel during this period of health crisis.

In ****, a study carried out by the Ministry of Infrastructure and Transport reveals the preferred means of transport for Spaniards: the bus, the plane and the local train. For these three uses, it is necessary to protect the security of your luggage.

Preferred means of transport for Spaniards  

Regarding Spanish commercial air traffic, it is worth remembering that in **** it has recovered its **** level. Thus, the sector grew by +***.*% between **** and ****, with a total number of passengers of ***.* million.

evolution of the number of passengers in ...

3.1 Decrease in gross operating income

The gross operating surplus of the manufacture of locks and fittings fell from € ***.* million in **** to € **.* million in ****, a decrease of -**% in the space of just two years. This bodes ill for the future of this industrial sector.

evolution of the EBITDA of padlock manufacturing Spain, ****-****, € million Source: ****

3.2 Employment and business

The number of people employed in the sector has fallen by about ***, while the number of hours worked has fallen by more than a million in two years.

evolution of personnel specialized in the manufacture of padlocks Spain, ****-****, people, thousands of hours Source: ****

The number of active companies has also declined, with the disappearance of about *** of them.

evolution of the number of companies in the padlock market Spain, ****-****, unit Source: ****

4.1 Award

Different products are suitable for protecting a range of vehicles, from scooters to bicycles to scooters.

Source: ****

4.2 Types of products

It is also important to consider the wide variety of shapes and materials of padlocks, which can be adapted according to the use. Among the common formats we find :

U-shaped padlocks; Cable and chain locks; Fasteners; Unboltable padlocks; Padlocks with integrated alarm; Frame locks ; SRA padlocks; The locks adapted to electric vehicles.

Source: ****

We propose to compare the advantages and disadvantages of some of these models:

Source: ****

5.1 Regulations

The security level of a padlock

The European standard EN-***** measures the technical performance of a padlock. The padlock is subjected to ** resistance tests, so the intensity goes from * to *. Most hardware padlocks are not classified and correspond to a level * or *. This can be explained by the fact that passing these tests by an approved body is extremely expensive and that is why manufacturers reserve them for their high-end products.

Among these tests, we can find the minimum number of different keys, or the tensile strength of the handle, here are some examples taken from the test table of the EN-***** standard:

TSA standard in the United States

Since the attacks of September **, ****, it is necessary to lock your suitcase with a TSA certified padlock to travel to the United States. This lock allows the American customs to open the lock to carry out baggage checks without damaging the suitcase, which is the case for those who have not purchased this type of lock. The TSA (***) system is actually a lock that has a second lock, a lock that is only compatible with the keys available to US Customs[***].

6.1 Segmentation

• Amazon
• Master Lock Europa
• Leroy Merlin Espagne
• ABUS
• THIRARD