Mechanical Locks Market Research Report - Global 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

Market Snapshot:

The global mechanical locks market research is estimated to demonstrate 4.80% CAGR owing to the augmenting demand for weatherproof padlocks in the marine applications, asserts Market Research Future (MRFR). The global market is also predicted to garner USD 8.52 billion during the forecast period (2018-2023). Mechanical locks are usually used for security purposes. Electronic locking devices require mechanical lock during any power failure or system error. With ever-increasing security concerns across the globe, the need for high-security locking systems is expected to boom in commercial as well as residential spaces.

The global mechanical locks market is expanding at a significant rate owing to several factors. The augmenting demand for waterproof padlocks in marine applications is predicted to flourish the mechanical locks market during the assessment period. Weatherproof padlocks protect against rust and grit as they are equipped with a plastic jacket and a guarded keyway. For instance, Draper Tools Ltd. has offered 42 MM resettable, 45 MM laminated steel, 48 MM resettable, and 54 MM laminated steel padlocks.

With the rising consumer preference for deadbolt locks, the market for mechanical locks is expected to trigger. Deadbolts provide a higher level of protection than doorknobs with pin tumbler locks due to its hardened steel bolts and advanced mechanism, thereby propelling the market growth for mechanical locks market during the assessment period. Moreover, several market players have developed various kinds of deadbolts for level one or level two security. For instance, Assa, which is a subsidiary of Assa Abloy, has offered two levels of security with 7000 and 6000 series grade 1 and the M80 and M90 series grade 2 deadbolt locks that come with the pick-resistant Assa cylinder.

However, with the increasing applications of smart locks, the global market for mechanical locks market is expected to experience a gradual slowdown. Consumers are shifting their preferences from mechanical locks to smart locks as they offer networked access control. This is anticipated to restrain the market growth during the appraisal period.

Segmental Analysis:

The global mechanical locks market has been segmented on the basis of product type, grade, raw materials, and by region.

Based on product type, the global mechanical locks market has been segmented into mortise locks, cylindrical locks, deadbolt, padlocks, and others. Among these, the mortise locks segment is considered to witness a CAGR of 5.03% during the assessment period. On the other hand, deadbolt segment is estimated to witness a CAGR of 5.41%, during the appraisal period.

Based on grade, the global mechanical locks market has been segmented into grade 1, grade 2, and grade 3. Among these, the grade 1 locks provide the highest security level and are rated for applications where they experience heavy use such as in schools, hospitals, and public buildings.

Based on raw materials, the global mechanical locks market has been segmented into copper, iron, aluminum, stainless steel, and others. Among these, the copper segment has been considered as one of the most commonly used materials as it possesses excellent mechanical attributes such as hardness, ductility, and strength. Iron is widely used in the manufacturing of locksets as it offers cost-effectiveness.

Regional Insights:

The mechanical locks market has been studied under regions namely, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

The North American region demonstrates a 26.3% share and is anticipated to expand at a moderate pace owing to the product innovation and rapid advancements in the inclusion of raw materials. The manufacturers have also adopted several technologies in order to achieve the desired end look of mechanical locks which is further driving the market in this region.

The European region is expected to be driven by the growth of the real estate sector. Besides, product innovation is also considered to be one of the major factors triggering the demand for mechanical locks during the assessment period.

Asia-Pacific is considered to be a profitable region for the manufacturers of mechanical locks and is predicted to experience a substantial CAGR of 5.41%. In this region, China is considered one of the leading markets owing to the rapid industrialization and urbanization, as these factors have fueled the demand for residences.

Competitive Dashboard:

The prominent players operating the global mechanical locks market are Allegion PLC (Ireland), EVVA Sicherheitstechnologie GmbH (Austria), Assa Abloy (Sweden), August Bremicker Söhne KG (ABUS) (Germany), Nuova Oxidal SRL (Italy), Draper Tools Ltd (UK), Serrature Meroni SpA (Italy), DOM Security (France), Spectrum Brands Inc. (US), and Codelocks Inc. (US).

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