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Procurement Market Intelligence Report

Locks & Security Hardware
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Locks & Security Hardware?

What is the average price of Locks & Security Hardware?

This procurement report includes pricing information to help you purchase Locks & Security Hardware. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Locks & Security Hardware been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Locks & Security Hardware yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Locks & Security Hardware?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Locks & Security Hardware with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The market for locks and security hardware has a moderate level of market share concentration, with the top four players capturing more than 40.0% of total market revenue. There are an estimated 2,600 suppliers in the market, ranging from private and public manufacturers to wholesalers and retailers. Stanley, Black &... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Supplier Experience

What support do you receive from industry trade groups, such as the BHMA?

As the BHMA has introduced new standards, how have your products changed?

What industries do you most commonly sell locks to?

Based on my business and security needs, what type of lock would you recommend?

What type of experience do your employees have?

What can I do to ensure the purchasing process moves quickly?

Related Goods

If the locking system requires the end user to use a phone, how do you ensure the software or application is properly installed on the device?

Are there any incentives for me to use your preferred locksmith?

What type of related goods do you recommend with the locks and security hardware I am purchasing?

What discounts do you offer for purchasing related goods from you?

Location & Shipping

How do you determine your shipping costs? Have your shipping costs changed as a result of complications due to the pandemic?

If I am not in a region you typically serve, what difficulties do you expect to encounter when delivering my order?

Will all locks and security hardware ship together? If they do not, will you wait to start the job if not all products have arrived?

What locks and security hardware are commonly out of stock or will take longer to deliver?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should outline their budget for locks and security hardware.

Buyers should indicate if their budget is for a one-time purchase or for an extended scope of products.

Buyers can reference the Total Cost of Ownership and Benchmark Price sections of this report for other important pricing considerations.

Selection Criteria

Buyers should evaluate vendors on their ability to provide quality locks and security hardware that satisfy their needs.

Buyers should prefer vendors that offer competitive prices and extensive warranties.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard of this report.

Project Schedule

Buyers should outline when proposals should be submitted by prospective suppliers.

Buyers should indicate when proposal evaluation will be complete and award information will be communicated.

Buyers should provide the date for which they expect locks and security hardware to be installed and functional.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The supply chain for locks and security hardware has a medium level of risk, which undermines buyer power. Moderate supply chain risk is primarily associated with changes in raw material prices, which historically exhibit significant volatility. Given that metal is the primary raw material used in lock production, fluctuations in... Subscribe to learn more.