Locksmiths in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Locked in: An increase in the number of housing starts will support industry demand

The performance of the construction and housing markets drives performance in the industry. Businesses depend on locksmiths to install mechanical locks, doors, gates safes, security surveillance and monitoring systems. Homeowners, property managers and landlords also rely on locksmiths to install locks and security systems. Locksmiths benefited from steady business creation and a strong housing market before the pandemic, but rising interest rates cut into the housing market's growth. Overall, the industry has contracted at an estimated CAGR of 0.1% to $2.6 billion through 2023, when profit rose to 6.2%.

This industry performs installation, repair, rebuilding and adjusting services for security systems, as well as lock management of keying and key control systems. Companies also sell locking devices, safes and security vaults.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.