India Furniture Lock Market Forecast To Register CAGR Of Over 3.23% From 2024 To 2033
India Furniture Lock Market Size
The India Furniture Lock Market size was valued at USD 254 million in 2024 and is expected to reach USD 341.2 millionby 2033, at a CAGR of 3.23% during the forecast period 2024 – 2033.
India Furniture Lock Market Overview
The Indian furniture lock market is also escalating because of the increasing demand for snooze and enough locks for furniture, including cabinets, wardrobes, drawers, and safes. These locks are solid ones made of stainless steel, brass, or zinc alloy for security and cannot be easily bent to open, which makes them suitable for home or business use.
Today, various locks are available based on technological progress, primarily cam and cylinder locks and smart locks that involve the newest technologies. In view of their role in protecting our properties, locks are common features in our homes, workplaces, and institutions.
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Population growth, the growth of middle-income people, and overall urbanization, particularly in the Indian region, drive this market. According to the United Nations, well over 600 million people will be living in urban areas by 2030. Modern furniture that is safe for use is therefore required. Furniture locks are much in demand due to government plans such as Pradhan Mantri Awas Yojana (PMAY) to strengthen housing production.
Moreover, this is true given the influx of the Indian furniture industry, which is expected to grow at a CAGR of 12% from FY 2023 to FY 2027. Housing and office furniture are adaptively moving toward multipurpose, portable, application-specific furniture that requires more and better locking technologies.
However, threats inherent in the market are key factors hindering its growth, such as increased competition due to increased production of similar products and cost control by the end users. Due to the large number of domestic and foreign players, pricing impacts the gross; this is felt by small-scale producers.
Another major bottleneck is the problem of product non-homogeneity, which results in problems such as counterfeiting. Not only are these fake products risky for the buyer, but they also negatively affect the brand’s image, becoming a major headache for manufacturers and genuine producers who would like to benefit from specific niches.
The market offers great growth potential here. Integrating IoT-enabled furniture locks makes it possible to connect the network of smart homes, which are expected to be around 13.5 million by 2025 in India. Technologically integrated, these locks provide higher and improved security solutions and are conspicuous to technology-inclined buyers.
Similarly, the ‘Make in India’ campaign supports export chances by insisting producers harmonize with the global market. With these trends, Indian manufacturers can penetrate the global markets to improve the sector and grow.
BRI has comprehensively analyzed the Indian furniture Lock market. We have thoroughly explained the driving forces, restraints, challenges, opportunities, and key trends to provide a comprehensive market scenario. Segment-wise market size and market share during the forecast period have been duly addressed to portray the probable picture of this industry.
The competitive landscape includes key innovators, after-market service providers, market giants, and niche players, who were studied and analyzed extensively with respect to their strengths, weaknesses, and value-adding prospects. In addition, the report covers key players’ profiles, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.
List of the prominent players in the India Furniture Lock Market:
- Godrej & Boyce Manufacturing Company Limited
- Zuari Furniture
- Durian Industries Limited
- Nilkamal Limited
- Ikea
- Usha Shriram Enterprises Pvt. Ltd.
- Cello World Private Limited
- Damro Furniture Pvt. Ltd.
- Wipro Furniture Private Limited
- Supreme Industries Ltd.
- Stanley Furniture
- Evok
- Hulsta
- Featherlite
- Omfurn India Ltd.
- Dynasty Furniture
- Pepperfry
- Urban Ladder
- Spacewood
- Wakefit Innovations Pvt. Ltd.
- Others
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