ID: MRFR/CR/9094-CR | June 2021 | Region: Global | 99 pages
The global cylindrical locks market is projected to register a CAGR of 4.91% and reach a value of USD 3,324.64 million by 2026. A cylinder is installed in the lever with the latch bolt connected to the chassis. When the key is turned in, the pins inside the cylinder line up and cause the lock to open. The biggest advantage of a cylindrical lock is its relatively quick installation as compared to other types of mechanical locks. Cylindrical locks are found in both residential and commercial places. Several types of cylindrical locks are available in the global market, such as euro-cylinder lock, oval cylinder lock, deadbolt, KIK cylinders, and interchangeable core cylinders.
COVID-19 Impact Analysis
The outbreak of COVID-19 has resulted in lockdown across regions, border restrictions, and breakdown of transportation networks. Due to the COVID-19 outbreak, the economic uncertainty is much higher than past outbreaks such as the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola, owing to the escalating number of infected people and the uncertainty about the end of the crisis.
Due to the outbreak, there was a spike in demand for essential goods such as sanitizers and masks, with household essentials such as toilet paper and bread being stocked up by customers. Most of the customer’s budget was shifted to essential goods, and a major downfall in non-essential businesses was observed. As more cities went into lockdown, non-essential businesses were ordered to remain closed during the first half of the pandemic. Cylindrical locks being a non-essential product, the demand for the same was affected noticeably. The outbreak has disrupted the growth of real estate across the globe. Cylindrical locks are used for security purposes. The global market for locks has been growing due to the deployment of security-based products such as cylindrical and digital locks in residential, commercial, and industrial spaces.
The global cylindrical locks market is expected to register significant growth during the forecast period. Cylindrical locks are specially designed to be installed into a hole or bore cut in the face of the door while a latch bolt is installed into a bore on the edge of the door. There are several factors positively or negatively affecting the market growth.
Rising Need for Two-Way Cylindrical Locks in Emergency Exits
Two-way locks accept a key on either side of the door and even if it is not completely rotated. A key or keypad is required on either side of the door to activate the two-way locking mechanism. For instance, Lockey Digital Systems’ 3230DC keyless mechanical digital double-sided combination spring latch door lock provides keyless security, fits most doors, is easy to install and use, and weather resistance. The ease of use at exit and entry points and prevention against self-locking results in the increased demand for two-way cylindrical locks for emergency exits.
Economic growth, growing middle class, and high migration rates from rural to urban areas have led to the influx of international retailers worldwide; this has prompted the expansion of existing retail outlets in countries such as the US, Germany, and Japan, driving the demand for cylindrical locks. Online retailing is trending for cylindrical locks across the globe. With instant access to catalogs and price lists, customers have a clear idea of the available products, simplifying purchasing decisions. It has been observed that online retailers are focusing on capturing a large portion of the market share than brick-and-mortar retailers. Consumers are increasingly inclined toward online shopping to minimize shopping time.
Retailers across the world, private-label brands, and international brands offer low-cost substitutes to consumers and increase revenue generation. According to MRFR analysis, retail sales for cylindrical locks have increased gradually over the past two years due to increased sales of private-label brands. These private-label manufacturers also sell their products in the unorganized market, thereby limiting the growth of the players in the global cylindrical locks market.
Cylindrical locks are the most convenient and secure way to protect properties or belongings. Manufacturers have introduced advanced technologies in the mechanism of these locks in bolts, levers, and springs. Moreover, the use of advanced materials to manufacture the shell or outer covering of locks offers tensile strength and pressure resistance. Therefore, technological developments offer the manufacturers of cylindrical locks lucrative opportunities for the vendors operating in the global cylindrical locks market.
Based ontype, the global cylindrical locks market has beendivided into Euro cylinder lock, oval cylinder lock, deadbolt, KIK cylinders, interchangeable core cylinders, and others. The oval cylinder lock is further broken down into UK oval cylinder, Scandinavian oval cylinder, and others. The deadbolt segment accounted for the largest market share in 2019.Deadboltsare ideal for complementary door security.
By End Use
By end use, the global cylindrical locks market has been segmented as residential and commercial. The residential segment is projected to exhibit the higher CAGR of 5.01% during the forecast period.Residential locking systems offer protection against burglary and theft and are also user-friendly, with a special focus on door furniture being matched with the home décor,which is expected to stimulate the growth of the segment.
By Distribution Channel
Based on distribution channel, the global cylindrical locks market has been segmented into store-based and non-store-based. The store-based segment accounted for a larger market share in 2019.The convenience of immediate delivery of the product through offline stores is further aiding the segmental growth.
Global Cylindrical Locks market Share, by Region, 2019 (%)
Source: MRFR Analysis
By region, the global cylindrical locks market has been divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.Asia-Pacific accounted for the largest market share of 30.09% in 2019 and is also expected to register the fastest growth rate from 2020 to 2026. Europe was the second-largest market in 2019 and is projected to exhibit a CAGR of 4.82% during the review period.
North America Market
North America is anticipated to be a lucrative region for manufacturers of cylindrical locks. The North American market is projected to grow at a moderate pace during the forecast period. This growth can be attributed to continuous product innovation and rapid advancements in the inclusion of various raw materials in the production of cylindrical locks. Manufacturers have also adopted various technologies to achieve the desired end look of cylindrical locks. The advancements in technology have resulted in introducing a wide variety of cylindrical locks in North America. Moreover, the increasing spending capacity of consumers and the growth of the real estate sector are further driving the regional market growth.
The Asia-Pacific cylindrical locks market accounted for the highest shareof the global market in 2019. The organized retail sector has played a significant role in the rising growth of the cylindrical locks market over the last few years. Increasing investments in the hospitality industry are one of the important reasons for India’s growing cylindrical locks market. Furthermore, several multinational companies are investing heavily in India to increase sales. Manufacturers are also introducing new products in the country.
The market comprises tier-1 players along with some local players with diverse product portfolios. Companies such as Spectrum Brands, Inc., Assa Abloy AB, Allegion PLC, August Bremicker Söhne KG, and dormakaba Holding dominate the global market due to brand reputation, product differentiation, financial stability, and strong distribution network.The players are focused on lowering their environmental footprint and investing in research and development along with strategic growth initiatives such as acquisitions and mergers to strengthen their market position and capture a large customer base.
Prominent players in the global cylindrical locks market include Spectrum Brands, Inc. (US), Assa Abloy AB (Sweden), Allegion PLC (Ireland), DOM Security (France), Serrature Meroni S.p.A. (Italy), Draper Tools Ltd (UK), EVVA Sicherheitstechnologie GmbH (Austria), C.Ed. Schulte GmbH Zylinderschlossfabrik (Germany), August Bremicker Söhne KG (Germany), and dormakaba Holding (Switzerland).
Few developments occurred in recent times, influencing the market growth of cylindrical locks are listed below:
Global Cylindrical Locks market, by Type
Global Cylindrical Locks market, by End Use
Global Cylindrical Locks Market, by Distribution Channel
Global Cylindrical Locks market, by Region