|Current State of the Industry
|Market Size (industry trends)
|Market Forecast (5-year projection)
|Revenue per State
|Salary & Compensation Statistics
|Public Company Information
|Key Private Companies
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2024 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.
|2019 2020 2021 2022 2023
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|Average Revenue Per Firm
|Average Employees Per Firm
|Average Revenue Per Employee
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
|Forecast / Industry Outlook
|Market Forecast ($ millions)
|Projected Industry Growth Rate (%)
Industry InsightsThe 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 BreakdownResearch products and services in the Locksmiths industry generating sales. Note that products are broken into categories with different levels of classification.
|Number of Companies
|Sales ($ millions)
|Percent of Total Sales
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 StateMarket 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.
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.
|Percent of Sales
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|Cost of Goods Sold
|Pension, profit sharing plans, stock, annuity
|Rent paid on business property
|Domestic production activities deduction
|Compensation of officers
|Salaries and wages
|Employee benefit programs
|Taxes and Licenses
|Other Operating Expenses
|Total Operating Expenses
|EBIT (Earnings Before Interest and Taxes)
|Earnings Before Taxes
Financial Ratio AnalysisFinancial 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 Ratios
|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.
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.
|Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability.
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 Indicators
|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
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
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 EmployeesCompensation 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.
|Percent of Workforce
|Average (Median) Salary
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|General and Operations Managers
|Sales and Related Occupations
|Sales Representatives, Services
|Miscellaneous Sales Representatives, Services
|Sales Representatives of Services, Except Advertising, Insurance, Financial Services, and Travel
|Office and Administrative Support Occupations
|Installation, Maintenance, and Repair Occupations
|Electrical and Electronic Equipment Mechanics, Installers, and Repairers
|Miscellaneous Electrical and Electronic Equipment Mechanics, Installers, and Repairers
|Security and Fire Alarm Systems Installers
|Other Installation, Maintenance, and Repair Occupations
|Miscellaneous Installation, Maintenance, and Repair Workers
|Locksmiths and Safe Repairers
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:
Companies with the largest market share, focused in this industry
Largest companies that have diversified operations in this and other industries
Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry.
Innovators and Disruptors in adjacent industries that may also affect the Locksmiths industry.
Government ContractsIn 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
|Total Award Amount