In 2023, the import of locks of a kind used for furniture of base metal to India stood at approximately $14 million. The forecast data from 2024 to 2028 shows a steady growth trend with consistent annual increases. The year-on-year growth rates from 2024 to 2028 range from 3.9% to 3.3%, reflecting a stable increase. The Compound Annual Growth Rate (CAGR) over the five years from 2024 to 2028 is approximately 3.5%, indicating gradual market expansion.

Future trends to watch for include:

Technological advancements in lock systems could drive demand for new imports.
Potential trade policy changes or tariffs affecting import costs.
Growth in the domestic furniture industry boosting demand for locks.
Shifts in consumer preferences towards smart and eco-friendly locking solutions.