The global padlock market is expected reach USD 5.6 billion by 2027, at a CAGR of 7.2% during the forecast period. Growing number of residential and commercial projects, along with renovation of existing infrastructure, is the key factor driving the growth of the global padlock market. Moreover, the increasing demand from hospitality sector is also projected to propel the global padlock market growth.

Padlocks of different types are available in the market, which range from traditional mechanical locks to technologically advanced smart locks. These smart padlocks include security solutions such as touch padlocks, tap padlocks, Bluetooth padlocks among others. There is a growing preference for these technologically advanced, and aesthetically pleasing padlocks across the globe.

The Asia-Pacific padlock market is expected to grow at a healthy rate during the forecast period. The growth in the Asia-Pacific padlock market can be attributed to the growing number of residential and commercial projects in the region. The region has witnessed huge investments in infrastructure by public and private players. With rising populations and growing disposable income the region is becoming a hub of urban development projects. All these projects require padlocks in their rooms to cater to the safety needs, which will give impetus to the global padlock market during 2021-2027.

The Padlock market is segmented by Type (Key Padlock, Password Enabled, Others), by End Use( Commercial, Household, Others), and Regions( North America, Europe, Asia-Pacific, Central & South America, and Middle-East & Africa).

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Padlock Market Size, Demand Outlook, COVID-19 Impact, Trend Analysis by Type (Key Padlock, Password Enabled), by End Use, and Industry Estimates 2021-2027 –  “https://quantalignresearch.com/global-padlock-market-report “

Key insights: 

• Based on type, the key padlock segment held the maximum share of the global padlock market in 2020, and the trend is likely to continue over the forecast period
• The password padlock segment is projected to emerge as the fastest growing segment.
• Asia Pacific is projected to be the fastest growing region from 2021 to 2027

Key players operating in the global padlock market includes: Master Lock Company LLC., ASSA ABLOY AB, Zephyr Lock., The ABUS group., Stanley Black & Decker, Allegion PLC., Europa Padlock, Godrej & Boyce., Yale, among others.