Industry Data & Market Research

2023 U.S. Industry Statistics & Market Forecast - Locksmiths

Market Size & Industry Statistics

The total U.S. industry market size for Locksmiths: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.

Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.

Locksmiths market size 2023
Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics 2017        2018        2019        2020        2021        2022
Market Size
(Total Sales/Revenue)

Order at top of page
Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Average Revenue Per Employee
Statistics Source: U.S. Census, AnythingResearch Analysis of Federal Data

Market Forecast

Market forecasts show the long term industry outlook and future growth trends. The following extended five-year / six-year demand forecast projects both short-term and long-term trends.

Forecast / Industry Outlook 2023 2024 2025 2026 2027 2028
Market Forecast ($ millions)
Projected Industry Growth Rate (%)
Source: AnythingResearch Economic Analysis

Industry Insights

The locksmiths industry is undergoing significant changes driven by various trends, including technological advancements, increasing security concerns, and the emergence of new business models.

One of the most significant trends is the adoption of advanced technologies such as smart lock systems, biometric readers, and cloud-based security management platforms. These technologies are transforming the way locksmiths operate, making it easier for them to provide faster and more efficient services while enhancing security levels for clients. They are also driving changes in business models, with many locksmiths moving towards offering more comprehensive security solutions rather than just lock repair and installation.

Another trend is the increasing focus on security and risk mitigation, driven by rising crime rates and terrorist threats. This has led to increased demand for security solutions, including CCTV systems, alarms, and emergency response services. Additionally, locksmiths are expanding into high-security areas, such as government and corporate sectors, to meet the growing demand for sophisticated security solutions.

The emergence of new business models is also transforming the locksmiths industry. Digital platforms and online marketplaces are providing locksmiths with new opportunities to reach customers and expand their businesses. However, these platforms are also changing the competitive landscape, leading to increased competition and price pressure.

Finally, the growing importance of sustainability and environmental concerns is also impacting the locksmiths industry. Locksmiths are increasingly adopting sustainable practices, such as recycling and using eco-friendly products, to reduce their environmental footprint and meet changing customer expectations.

Product & Services Breakdown

Research products and services in the Locksmiths industry generating sales. Note that products are broken into categories with different levels of classification.

Product DescriptionNumber of Companies Sales ($ millions) Percent of Total Sales

Industry Total

Building Security System And Lock Installation, Including Repair Services (Without Monitoring)

Building Security System And Lock Installation, Including Repair Services (Without Monitoring) - Residential

Building Security System And Lock Installation, Including Repair Services (Without Monitoring) - Non-Residential

Key Duplication Services

Resale Of Merchandise

Resale Of Merchandise, Over-The-Counter Or Separate From Services Provided

All Other Receipts

All Other Operating Receipts

U.S. Geographic Distribution: Revenue Statistics by State

Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.

U.S. map by state

Income Statement (Average Financial Metrics)

Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.

Industry AveragePercent of Sales
(Industry Benchmark)
Total Revenue

Order at top of page
Operating Revenue
Cost of Goods Sold
Gross Profit

Operating Expenses
Pension, profit sharing plans, stock, annuity
Rent paid on business property
Charitable Contributions
Domestic production activities deduction
Compensation of officers
Salaries and wages
Employee benefit programs
Taxes and Licenses
Bad Debts
Other Operating Expenses
Total Operating Expenses
Operating Income
Non-Operating Income
EBIT (Earnings Before Interest and Taxes)
Interest Expense
Earnings Before Taxes
Income Tax
Net Profit
Net Income
Source: AnythingResearch Analysis of U.S. federal statistics

Financial Ratio Analysis

Financial ratio information can be used to benchmark how a Locksmiths company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.

Profitability & Valuation RatiosIndustry Average
Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Locksmiths industry is performing.
Profit Margin
Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues.
Return on Equity (ROE)
Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings).
Return on Assets (ROA)
Return on Assets (ROA) is net income relative to total assets. The market research on Locksmiths measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets.

Liquidity RatiosIndustry Average
Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability.
Current Ratio
Measures a firm's ability to pay its debts over the next 12 months.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.

Efficiency Ratios - Key Performance IndicatorsIndustry Average
Measure how quickly products and services sell, and effectively collections policies are implemented.
Receivables Turnover Ratio
If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
Fixed-Asset Turnover
Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue.

Compensation & Salary Surveys for Employees

Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 7%

Order at top of page
Chief Executives0%
General and Operations Managers5%
Sales and Related Occupations 11%
Sales Representatives, Services 8%
Miscellaneous Sales Representatives, Services 8%
Sales Representatives of Services, Except Advertising, Insurance, Financial Services, and Travel 8%
Office and Administrative Support Occupations 22%
Installation, Maintenance, and Repair Occupations 45%
Electrical and Electronic Equipment Mechanics, Installers, and Repairers 33%
Miscellaneous Electrical and Electronic Equipment Mechanics, Installers, and Repairers 33%
Security and Fire Alarm Systems Installers 32%
Other Installation, Maintenance, and Repair Occupations 9%
Miscellaneous Installation, Maintenance, and Repair Workers 8%
Locksmiths and Safe Repairers 7%
Source: Bureau of Labor Statistics

Locksmiths Competitor Landscape & Key Companies [PREMIUM]

The most influential companies in the Locksmiths industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Locksmiths industry and adjacent sectors:

Market Leaders:
Direct Competitors

Companies with the largest market share, focused in this industry
Market leaders:
Diversified Competitors

Largest companies that have diversified operations in this and other industries
Direct Competitors

Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry.
Diversified Competitors

Innovators and Disruptors in adjacent industries that may also affect the Locksmiths industry.

Government Contracts

In 2022, the federal government spent a total of $18,621,386 on Locksmiths. It has awarded 151 contracts to 72 companies, with an average value of $258,630 per company.   

Most Recent Contracts Date Total Award Amount
9919 Hibert St Ste D
San Diego, CA
Jun 29, 2023$6,000

Related Reports

Can't find what you're looking for? We have over a thousand market research reports. Ask us and an analyst will help you find what you need.

Industries Related to Locksmiths

Locksmiths Market Report