Mechanical Locks Market Research Report - Forecast till 2028

Mechanical Locks Market Research Report: Information By Type (Padlocks, Mortise Locks, Cylindrical Locks, Deadbolt and Others), By Grade (Grade 1, Grade 2 and Grade 3), By Raw Material (Stainless Steel, Copper, Iron, Aluminum and Others) - Forecast till 2028

ID: MRFR/CR/1354-CR | February 2021 | Region: Global | 107 pages

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Impact of covid-19 on the Global Mechanical Locks Market

The advent of the global pandemic, COVID-19, has resulted in a global crisis across the world. The outbreak has disrupted the growth of real estate across the globe. Mechanical locks are used for security purposes. The global market for locks has been growing due to the deployment of security-based products such as mechanical and digital locks in residential, commercial, and industrial spaces. The increasing security concerns across all the world are driving the need for high-security locking systems in residential and commercial spaces. The sale of mechanical locks is highly dependent on the real estate sector. The real estate sector has witnessed substantial growth over the last few years in the emerging economies, which helped increase the sales of mechanical locks. Rapid urbanization also expected to increase the growth of the mechanical locks market. However, due to the increasing positive cases of COVID-19 patients globally, several governments have decided to lock down borders to minimize the spread of COVID-19. So, the construction process has stopped over the last couple of months, which is anticipated to create a major impact on the Mechanical Locks Market. Both residential and commercial sectors are expected to face a major downfall during the lockdown period as well as in the near future. One of the significant factors reducing the demand from the residential sector is the decreasing per capita disposable income of the consumers during the lockdown period. Additionally, many banks have started reducing the interest rate in a savings account in several emerging economies. For instance, in April 2020, the Indian government has announced a reduction in the interest rates on the Public Provident Fund (PPF), which is anticipated to reduce the per capita income of Indian consumers. Additionally, India’s largest bank, State Bank of India (SBI), has reduced fixed deposit rates as well. Thus, the per capita disposable income of Indian consumers is expected to be reduced in the upcoming quarters. Furthermore, the construction process will be stopped in several countries owing to the lack of workers. Thus, many of the projects will not be completed in the stipulated period. The usage of mechanical locks will be limited across the globe. Moreover, the decreasing growth of the hospitality industry has negatively impacted the growth of the mechanical locks market during the study period. Additionally, the import & export activities are strictly prohibited in the majorly infected countries, which restricts the growth of the global mechanical locks market.

Table of Content

Impact of COVID-19 on the market
- Impact on product availability
- Impact on supply chain
- Impact on store-based vs online sales
- Impact on pricing
- Impact on consumer buying behaviour
- Short-term & long-term impact on market growth

1 Executive Summary

2 Market Introduction

2.1 Definition 16

2.2 Scope of the Study 16

2.3 Assumptions 16

2.4 Market Structure 17

2.5 Key Takeaways 17

2.6 Key Buying Criteria 18

3 Research Methodology

3.1 Research Process 20

3.2 Primary Research 20

3.3 Secondary Research 21

3.4 Market Size Estimation 22

3.5 Forecast Model 23

4 Market Dynamics

4.1 Drivers 25

4.1.1 Increasing Demand for Weatherproof Padlocks in Marine Applications 25

4.1.2 Consumer Preference for Deadbolt Locks 25

4.1.3 Rising Need for Two-Way Locks in Emergency Exits 25

4.2 Restraints 25

4.2.1 Growing Application of Smart Locks 25

4.2.2 Availability of Advanced Key Duplication Technologies 26

4.3 Opportunity 26

4.3.1 Increasing popularity of safer locking systems through innovations and upgrades 26

5 Market Factor Analysis

5.1 Introduction 28

5.2 Value Chain Analysis 28

5.2.1 Research & Product Development 28

5.2.2 Raw Material Procurement 28

5.2.3 Processing 29

5.2.4 Packaging 29

5.3 Supply Chain Analysis 29

5.4 Porter’s Five Forces Analysis 30

5.4.1 Threat of New Entrants 30

5.4.2 Threat of Substitutes 31

5.4.3 Bargaining Power of Buyers 31

5.4.4 Bargaining Power of Suppliers 31

5.4.5 Competitive Rivalry 31

5.4.6 Bargaining Power of Suppliers 32

5.4.7 Competitive Rivalry 32

6 Mechanical Locks Market, by Product Type

6.1 Overview 34

6.1.1 Padlocks 34

6.1.2 Mortise Locks 34

6.1.3 Cylindrical Locks 34

6.1.4 Deadbolt 34

6.1.5 Others 34

7 Mechanical Locks Market, by Grade

7.1 Overview 39

7.1.1 Grade 1 39

7.1.2 Grade 2 39

7.1.3 Grade 3 39

8 Mechanical Locks Market, by Raw Material

8.1 Overview 43

8.1.1 Stainless Steel 43

8.1.2 Copper 43

8.1.3 Iron 43

8.1.4 Aluminum 43

8.1.5 Others 43

9 Global Mechanical Locks Market, by Region

9.1 Introduction 45

9.2 North America 46

Mechanical Locks Market, by Product Type