In the first three months of 2023, orders for locks and fittings in Germany fell by 20.6% compared to the same period last year. Such data were announced at the general meeting of the Association of Locks and Fittings Manufacturers FVSB. The negative figures are due to the geopolitical situation and the decline in the construction industry.
While the locks and fittings industry showed positive development in 2022, the German window and exterior door market showed the decline. And this trend will continue. According to the German Association of Window and Facade Manufacturers VFF, the window market is expected to fall by 4.5% in 2023, and the exterior door market by minus 5.8%.
The FVSB does not expect a long-term crisis. The construction activity will increase in Germany from 2025. Michael Voigtländer, Head of the Global and Regional Markets Cluster at the Cologne Institute for Economic Research (IW), said this in the report. In addition, the need for real estate already exists due to immigration.
Illustrative photo: Luis de Leon on Unsplash
German locks and fittings market shows a decline in the first quarter of 2023
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