In 2023, the sold production of padlocks, locks for motor vehicles, and furniture locks made from base metal stood at 30.958 million items. From 2024 onwards, a steady growth is forecasted, with the production volume rising from 31.834 million in 2024 to 35.908 million by 2028. The expected year-on-year growth rates for the forecasted period range between 3.3% to 2.8%, reflecting a gradually slowing growth pace. The compound annual growth rate (CAGR) over the forecasted five-year period is approximately 3%.
Future trends to watch for include technological advancements in lock mechanisms, increased demand for smart and integrated security solutions, and potential impacts of economic conditions on the construction and automotive industries, which affect demand for these products.
