ID: MRFR/CR/1354-CR | February 2021 | Region: Global | 107 pages
The global mechanical locks market is projected to have excellent prospects of growth during the ongoing forecast period of 2021-2028 owing to the rising safety concerns and security issues. Also, the global market growth is growing because of the rising ability of the market segments to grow and gain excellent revenue. The global interior door market is expected to rise at a CAGR growth rate of 5.51% during the ongoing period. There are a series of factors like the technology advancements, tech-savvy population, which is likely to push the market and reach a final market revenue worth USD 10603.28 million during the ongoing forecast period.
The mechanical locks market products and services help in providing home security and safety for the target audience on a large scale. Also, there is a rising trend of this market technology since the emerging concept of smartphones has increased, and hence, the market has dependable prospects during the forecast period of 2021-2028. Burgeoning demand for mechanical digital locks, mechanical keyless door locks, and mechanical combination door locks is also touted to be quite favorable for the global market in the next couple of years, as a part of the forecast period that will be ending in 2028.
The APAC market for the mechanical locks market can record the fastest CAGR over the review period that ends in 2028, on account of the rising applications in several industries. On top of that, their market trends suggest that there has been a continuous launch of new types of innovative mechanical locks that are not only convenient but also ensure high-security levels. These factors have resulted in significant product demand in the global region. Moreover, there has been a rise in the preference for mechanical digital door locks and digital mechanical locks among consumers could also boost market expansion in the APAC region.
COVID 19 Analysis
The COVID-19 outbreak has had a detrimental impact on the mechanical locks industry, with the temporary shutdown of manufacturing facilities and weakened demand.
Since the initial cases of the novel coronavirus were reported, the market, participating regions, industries, companies, manufacturing, and production units have been careful in operating as per the set norms to meet the demand of the market. However, during the outbreak of these unfortunate times, there are newfound challenges. These impose various other kinds of restrictions and disruption in the management and smooth running of the demand and supply chain system.
Hence, to dissolve these issues, the global government is focusing on the development of technology. These will also help in increasing the diverging demand for digital doors owing to security and safety concerns for the global target audience. The key market players are in the rising competition are also focusing on developing strategies that will enhance the security features and further, strive for improved global demand during the forecast period ending in 2028. Also, the global mechanical locks market services deal in the keyless locks that look forward to their operation on technologies like wifi connectivity and Bluetooth to ensure a better degree of reliance and safety. Hence, they have a major and reliable role to play in enhancing the customer’s safety by providing full access to operation to the global market users that are spread in various regions across the globe especially during the forecast period that will be ending in 2028.
The mechanical locks trends are soaring application range of waterproof padlocks in the marine sector is viewed as a significant opportunity by players. Weatherproof padlocks are witnessing the emergence of strong demand since they have protected keyways and plastic covers. Apart from these, these have features like being keyless, resistant to adverse weather conditions, portable, and are resistant to saltwater, which also bolsters their application scope in the marine industry during the period that ends in 2028.
The Mechanical locks have witnessed a dramatic increase in demand across both developing as well as developed nations, given soaring cases of electrical lock systems power failure or even system errors. Additionally, the preference for mechanical locks in rural and undeveloped areas across various countries has mounted significantly, which is yet another factor that has favored the global industry. Other factors that benefit the global mechanical locks market include technical innovations and the escalation in marketing efforts by renowned mechanical locks manufacturers.
The mechanical locks market is witnessing the emergence of market threats from the availability of market substitutes in the global market to the challenge of the functioning of the market players. The availability of market substitutes is another considerable factor that might limit the mechanical locks market growth that has been projected for the period.
The advent of reliable and propelling technology advancements and trends in the functioning of the mechanical locks is driving major growth aspects for the overall smart home competitors and industry during the forecast period that will be ending in 2028. The key types of mechanical locks available in the global industry include many like mortise locks, padlocks, deadbolts, and others like cylindrical locks. Mortise locks, as a part of the market, have gathered significant traction in developed as well as developing economies owing to the appealing features including sliding bolt lock mechanism, aesthetically pleasing, dual locking system, and many others.
The mechanical locks market size is projected for expansion because of the wide demand from the global target audience that is spread in various mushrooming locations across the global market premises. The mechanical locks market segments are as follows:
Global Mechanical Locks Market segmented based on the Type
Global Mechanical Locks Market segmented based on Grade
Global Mechanical Locks Market segmented based on Raw Material
Based on the trends and key strategies for growth undertaken by the mechanical locks market players during the period in various global regions is expanding at an immense market rate. The North American region generates the highest revenues in the global market for mechanical locks owing to the mounting demand for the same in various industries combined with the increasing technological advances in mechanical locks in Canada and US also encouraging the market growth and expansion in the region.
The mechanical locks market value is increasing during the period that will be ending in 2028 because of the performance that has been recorded by the following market segments:
The mechanical locks market report helps in discussing the efforts of the key market players like mergers, joint ventures, and acquisitions that will impact the market growth and push a huge degree of competition during the period ending in 2028. The mechanical locks market report also helps in discussing the market insights and dynamics that help to analyze the prevalent trends on which the key market players have predicted the CAGR rate of the market and also the final market valuation likely to be attained because of these dynamics in the period that ends in 2028.
Frequently Asked Questions (FAQ) :
mechanical locks market is projected to grow at approximately 4.80% CAGR during the assessment period (2017-2023).
mechanical locks market is estimated to reach a valuation of approx. USD 8.52 BN by the end of 2023.
Based on type, the mortise locks segment, based on grade, the grade 1 segment, and based on raw material, the copper segment holds majority shares in the global mechanical locks market.
North America holds the largest share in the global mechanical locks market, followed by Europe and the Asia Pacific, respectively.
Spectrum Brands Holdings, Inc. (US), Godrej & Boyce Manufacturing Company Limited (India),DOM Security (France), The Eastern Company (US), Allegion PLC (Ireland), Codelocks Inc. (US), Draper Tools Ltd (UK), Nuova Oxidal SRL (Italy), EVVA Sicherheitstechnologie GmbH (Austria), August Bremicker Söhne KG (Germany), Serrature Meroni SpA (Italy), Assa Abloy AB (Sweden), Serrature Meroni SpA (Italy), dormakaba International Holding GmbH (Germany), and ECO Schulte GMBH & Co. KG (Germany, are some of the top players operating in the global mechanical locks market.
Major key players listed in the mechanical locks market include Assa Abloy (Sweden), Allegion PLC (Ireland), DOM Security (France), and Codelocks Inc. (US) among others. Mechanical locks have an established market throughout the globe and increasing product offering with advanced technologies through strategic acquisitions are further driving the growth of the market. Also, the growth in the marketing strategies adopted by the key players is a major driver in the global mechanical locks market. These listed players account for the major developmental share in the global mechanical locks market. To compete with the new players entering the mechanical locks market, the established players follow certain strategies to sustain their consumer base.
Assa Abloy accounted for the highest market share in terms of development and is projected to constitute 24% of the developmental share in the global mechanical locks market. The company delivers wide range of mechanical locks under several categories. The company is majorly focusing on expanding its distribution reach as well as increasing its business operation and production. For instance, the acquisition of Shree Mahavir Metalcraft Pvt. Ltd helped Assa Abloy to enter into the business of architectural hardware and locks in India. The company is also inclined towards product launches in order to compete in the market by offering new and innovative technologies. For instance, the launch of CY110, an exclusive European patented master key solution with reversible key technology.
Allegion PLC and DOM Security also holds a prominent place in the market with strong focus on acquisition, geographical expansion, and product launches. They both accounted for a respective share of 20% in the global mechanical locks market during the period of 2013–2018. Major developments Allegion PLC underwent were acquisitions of major brands to build a stronger product portfolio, for instance, the acquisition of door and access systems business from GWA Group Limited and the renowned Australian brand Gainsborough Hardware and API Locksmiths. This acquisition gave an opportunity to Allegion PLC to operate in the business of residential door hardware in Australia and expand its portfolio with the country’s top entrance door lock. However, DOM Security is witnessed to be focused on majorly launching new and innovative products as well as strategic acquisitions along with business expansions. Launching products such as trolley lock in 2017 and high security ‘ixTwinstar’ at the 2016 Security Essen exhibition in Germany are expected to boost the company sales of mechanical locks during the forecast period.
Codelocks Inc. accounted for a share of 16% of the overall development in the global mechanical locks market. This company is highly involved into business expansions as well as expanding in different geographical regions. For instance, the new head office in the UK at Newbury’s Greenham Business Park offers the employees of Codelocks Inc. a better working environment as well as provide UK customers with advanced technical support and training. The company also includes products launches as a key company strategy and the introduction of a range of easy-to-install locks with the CL50 and CL160 is expected to fuel revenue generation from the global market of mechanical locks during the forecast period.
Other major manufacturers include Spectrum Brands, Inc. (US), Serrature Meroni S.p.A. (Italy), August Bremicker Söhne KG (Germany), Draper Tools Ltd (UK), EVVA Sicherheitstechnologie GmbH (Austria), and Nuova Oxidal SRL (Italy), among many others. These companies are also found to have a high focus on strategic product launch to seek consumers’ attention towards their product range. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Acquisitions are also made to mark the company’s presence and expand their business line. Additionally, the companies are inclined towards product promotions and strengthening their marketing base. The promotional strategy aids in retaining the existing customers and to regenerating new customer base.