A padlock is a tool to lock a door, a trunk, or a suitcase but also to lock a chain. The padlock consists of a lock mechanism and a mechanical ring monitored by a key or a system of encrypted wheels. The market can be segmented according to whether the padlock is at mechanical lock or to electronic lock
The different models of padlocks present such as the padlock with a swivel handle, the padlock with a sliding handle or the single-point padlock are also relevant segmentation points. Also, the level of security differs according to the type of padlock, with maximum security levels in the case of hardened steel and armoured material padlocks. Finally, the market can be segmented according to end users such as users commercial or residential . The residential sector could represent a significant share of the padlock market in the coming years and gain a head start on commercial use.
The padlock market is plagued by different types of technological developments related to the emergence of connected padlocks These padlocks can be unlocked directly via a smartphone (remotely or locally) with Bluetooth operation. The factors that play a major role in market growth are the growing acceptance of the intelligent building management system and the growing consumer demand for securing valuables .
The industry leaders are globalized and operate in different geograghic regions: for example, ASSA-Abloy, Master Lock, Stanley Hardware, Zephyr, Lowe and Fletcher (Euro-Locks), Ojmar, Alpha Locker, Keyless.Co-Hollman, SATLO, etc
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