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Many aspects impact the cylinder locks market, affecting its operation and growth. Global construction industry expansion is a major driver. Cities are developing faster than ever, requiring more houses and companies. More construction is occurring. As more buildings are developed, more people prefer cylinder locks, an essential door security feature.
The worldwide cylinder locks market will reach USD 6 billion by 2032, growing at 5.20 percent per year. Cylinder-based locking dominates this sector. These have cylinders neatly integrated into the handles that attach to the chassis latch bolt. Turning a key inside the cylinder aligns the pins within, unlocking the mechanism.
This complicated mechanism proves cylinder locks are reliable and safe in various scenarios. The predicted surge suggests that robust security measures are gaining popularity worldwide. As technology advances and changes the security industry, cylinder locks remain vital to residential, commercial, and factory security. Since the industry is predicted to develop, consumers are still using new locks. It will shape global security systems in the next years.
Security concerns in homes and companies also drove industry growth. Property owners need powerful locking systems as crime rates rise and security concerns grow. Cylindrical locks stay long and perform consistently, so many people use them to secure their homes and businesses.
Technology and innovation also impact the cylinder lock industry. Smart technology like keyless access and digital identification have altered lock systems. Companies must invest in R&D to be competitive as more individuals choose these high-tech features. Therefore, the industry is shifting from mechanical locks to smarter, more advanced electronic locks.
The global economy and consumer spending affect the cylinder locks industry. Economic stability and growth affect construction projects, house improvements, and consumer purchasing. When the economy is poor, the construction sector may stall, lowering locking system sales. However, a strong economy boosts construction projects and security investment, which benefits the cylinder lock industry.
Cylinder locks industry competitiveness is also essential. When several manufacturers provide a variety of items, competition increases. Consumers consider pricing, quality, and brand image. Industry mergers and acquisitions may alter market dynamics, affecting market share and competition.
Design and consumer demand impact the cylindrical locks industry. People want locks that look good and keep their places safe. Because looks are increasingly important in building and interior design. In response, manufacturers offer many designs, colors, and styles to satisfy a wide range of customers.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 3.8 Billion |
| Market Size Value In 2023 | USD 4.0 Billion |
| Growth Rate | 5.20% (2023-2032) |
Cylindrical Locks Market Highlights:
Global Cylindrical Locks Market Overview
Cylindrical Locks Market Size was valued at USD 3.8 Billion in 2022. The cylindrical locks market industry is projected to grow from USD 4.0 Billion in 2023 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.53% during the forecast period (2024 - 2032). The growth of the organized retail sector and the growing need for two-way cylindrical locks on emergency exits are the key market drivers enhancing the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cylindrical Locks Market Trends
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As per industry demand more security is driving the market growth
Market CAGR for cylindrical locks is driven by the rising need for secure access control systems that can stop unauthorized entrance into homes, offices, and other structures as smart homes and the Internet of Things (IoT) become more prevalent. Electronic cylinder locks offer improved security features as an alternative to conventional mechanical locks.
Additionally, the use of electronic credentials, such as RFID cards, Bluetooth-enabled cellphones, or biometric information, to regulate access is done through electronic cylinder locks. These credentials are more secure than conventional keys since they are challenging to reproduce. An additional security measure is the ability of electronic cylinder locks to be set to restrict access to particular times or locations.
Cylindrical locks are the most practical and secure method of securing items or properties. Manufacturers have included modern technologies in the bolts, levers, and springs that make up the mechanism of these locks. In addition, the use of sophisticated materials in the construction of locks' exterior shells provides tensile strength and pressure resistance. So, due to technological advancements, suppliers engaged in the worldwide cylindrical lock market have access to attractive chances. The growing need for increased security is a major factor driving the market for electronic cylinder locks. As more people learn about the advantages of electronic access control systems, this trend is anticipated to continue.
Salto Systems will unveil a new platform aimed at the home sector in March 2022. The all-in-one solution from Salto Homelok, which combines digital keys, a smart living environment, hardware, cloud software, and smart access control technologies, is expected to transform residential living. For instance, Dormakaba completed the purchase of Alldoorco in August 2022. The acquisition represents a new step in the company's plan to bolster its core operations in the sizeable Dutch market. Thus, driving the cylindrical locks market revenue.
Cylindrical Locks Market Segment Insights
Cylindrical Locks Type Insights
The cylindrical locks market segmentation, based on type, includes euro cylinder locks, oval cylinder locks, deadbolts, KIK cylinders, interchangeable core cylinders, and others. The deadbolts segment dominated the market, accounting for 32% of market revenue (1.21 Billion). As deadbolts are the best addition to existing door security, this segment dominates the forecast period.
Cylindrical Locks End-User Insights
The cylindrical locks market segmentation, based on end-users, includes Residential and Commercial. The residential category generated the most income (50.4%) with the highest CAGR. Residential locking systems provide security against theft and robbery. They are also user-friendly, focusing on door furniture that complements home décor, likely fueling the segment's growth.
Cylindrical Locks Distribution Channel Insights
The cylindrical locks market segmentation, based on distribution channels, includes store-based and non-store-based. The store-based category generated the most income (75.9%), with the highest CAGR. Another factor supporting the segmental expansion is the ease of quick product delivery through offline retailers.
Figure 1: Cylindrical Locks Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cylindrical Locks Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American cylindrical locks market area will dominate this market, as manufacturers predict great success in North America. This expansion can be ascribed to rapid improvements in incorporating diverse raw materials in the manufacture of cylinder locks and ongoing product innovation. The desired final appearance of cylindrical locks has been achieved via the use of a variety of technologies by manufacturers. Technology developments have led to the introduction of many different cylindrical locks in North America. The expansion of the real estate industry and rising consumer spending power also contribute to the regional market's expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CYLINDRICAL LOCKS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's cylindrical locks market accounts for the second-largest market share due to the rising demand for safe, practical, and effective cylinder lock systems due to the continent's rapid urbanization and growth in the residential and commercial sectors. The building industry in Europe has been rapidly growing as a result of the rising demand for homes and businesses. About one-fifth of all construction expenditures go toward new residential construction. Further, the German cylindrical locks market held the largest market share, and the UK cylindrical locks market was the largest growing market in the European region.
The Asia-Pacific cylindrical locks market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the organized retail sector. One of the key factors driving India's expanding cylindrical locks market is the increase in investments in the hotel sector. Several corporations are also making significant investments in India to boost sales. In the nation, producers are also launching new goods. Moreover, China’s cylindrical locks market held the largest market share, and the Indian cylindrical locks market was the fastest-growing market in the Asia-Pacific region.
Cylindrical Locks Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the low-voltage cables & accessories market, grow even more. In order to increase their worldwide footprint, market participants are also engaging in a variety of strategic actions. Important market developments include the introduction of new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and rising market climate, cylindrical locks must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers of cylindrical locks use to benefit clients and increase the market sector. In recent years, the cylindrical locks industry has offered some of the most significant advantages. Major players in the cylindrical locks market, including 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), are attempting to increase market demand by investing in research and development operations. ASSA ABLOY AB develops, designs, and manufactures a complete range of door-opening solutions. The business sells entrance automation, security doors, access control systems, identification technologies, mechanical and electromechanical locking solutions, and hotel security. For instance, a manufacturer of commercial doors and window systems, Pacific Door Systems (New Zealand), was purchased by Assa Abloy in December 2021. With this, the business hopes to hasten its growth in New Zealand.
Allegion PLC provides security products and solutions. The company provides mechanical and electronic security systems, services, and products to protect people and property. Customers of Allegion throughout the Americas, Europe, the Middle East, India, Africa, and the Asia Pacific region include businesses, institutions, and households. For instance, the door and access systems division of GWA Group Limited was acquired by Allegion through one of its subsidiaries in July 2020. Renowned Australian companies Gainsborough Hardware and API Locksmiths were part of the deal. Gainsborough is the industry leader in Australia for residential door hardware, and their product line includes the best entrance door lock in the nation.
Key Companies in the 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)
- dormakaba Holding (Switzerland)
Cylindrical Locks Industry Developments
August 2020: The merger of CEStronics GmbH and CESlocks GmbH with C.Ed. Schulte GmbH Zylinderschlossfabrik was done to streamline internal operations and increase the emphasis on customer service.
November 2021: UCEM SISTEMAS DE SEGURIDAD S.A. (UCEM), a subsidiary of DOM, and METALRGICA CERRAJERA DE MONDRAGN S.A. (MCM) announced their merger, with UCEM becoming a part of MCM. The MCM company that was acquired changed its name to DOM-MCM S.A.
December 2021: With the transfer of the shares in DOM Sicherheitstechnik GmbH and SECU Beteiligungs GmbH, GROUPE SFPI re-established the DOM division.
Cylindrical Locks Market Segmentation
Cylindrical Locks Type Outlook
- Euro Cylinder Lock
- Oval Cylinder Lock
- Deadbolt
- KIK Cylinders
- Interchangeable Core Cylinders
- Others
Cylindrical Locks End-User Outlook
- Residential
- Commercial
Cylindrical Locks Distribution Channels Outlook
- Store-Based
- Non-Store-Based
Cylindrical Locks Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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