NAICS 561622 - Locksmiths
This U.S. industry comprises establishments primarily engaged in (1) selling mechanical or electronic locking devices, safes, and security vaults, along with installation, repair, rebuilding, or adjusting services or (2) installing, repairing, rebuilding, and adjusting mechanical or electronic locking devices, safes, and security vaults.
Industry trends:
The locksmith industry, classified under NAICS 561622, has been experiencing several qualitative trends in recent times. One significant trend is the increased integration of smart technology into traditional locksmith services. This includes smart locks, electronic access control systems, and advanced security solutions that integrate with home automation systems. Consumers are demanding more convenience and enhanced security features, driving locksmiths to upgrade their skills and offerings.
Another trend is the rise in demand for mobile locksmith services. With the growing need for convenience, many consumers prefer on-site services that can address their locksmith needs without requiring a visit to a physical shop. Consequently, locksmiths are investing in fully equipped mobile units that can cater to various locksmithing jobs on the go.
Additionally, there is a noticeable emphasis on cybersecurity within the locksmith sector. As digital access and keyless entry systems become more prevalent, locksmiths are expanding their expertise into cybersecurity measures to protect against hacking and unauthorized access. This blend of traditional locksmithing with digital security is becoming increasingly essential.
Forecasts for the near future suggest continued growth in these areas, with smart technology and mobile services leading the way. Moreover, as urbanization intensifies and security concerns rise, the demand for professional locksmith services is expected to grow, necessitating continuous innovation and adaptation within the industry.
This industry is comprised of:
Locksmith services
Locksmith services with or without sales of locking devices, safes, and security vaults
Locksmith shops
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.