ID: MRFR/CR/1354-CR | February 2021 | Region: Global | 107 pages
Market Research Future (MRFR) projects the Mechanical Locks Market to garner a healthy growth rate of 5.51% between 2018 and 2023 (analysis period). The market size is all to touch a significant valuation of nearly USD 10603.28 million by 2023-end.
The COVID-19 outbreak has had a detrimental impact on the mechanical locks industry, with the temporary shutdown of manufacturing facilities and weakened demand. With the primary focus on curbing the spread of SARS-CoV-2 among the healthcare workers, players in the global market for mechanical locks are fixated on fostering their supply chains and accelerating their operations to curb further revenue losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market can recover faster in the coming years.
Rural and Underdeveloped Countries to Emerge as Key Consumers
Mechanical locks have witnessed a dramatic increase in demand across both developing as well as developed nations, in view of soaring cases of electrical lock systems power failure or even system errors. Additionally, preference for mechanical locks in rural and undeveloped areas across various countries has mounted significantly, which is yet another factor has favored the global industry. Another factor that benefits the global market include technical innovations and the escalation in marketing efforts by the renowned mechanical locks manufacturers. Burgeoning demand for mechanical digital locks, mechanical keyless door lock and mechanical combination door locks is also touted to be quite favorable for the global market in the next couple of years.
Expanding Marine Applications to be a Huge Opportunity for Firms
Soaring application range of waterproof padlocks in the marine sector is viewed as a significant opportunity by players. Weatherproof padlocks are witnessing strong demand since they have protected keyway and plastic cover. Apart from these, these are keyless, resistant to adverse weather conditions, portable and are resistant to saltwater, which also bolster their application scope in the marine industry.
Threat from Availability of Substitutes in Market to Challenge Players
Other substitutes for mechanical locks like biometric access platforms, high tech security systems and smart locks could be a credible threat and challenge the market growth in the following years.
Mortise Locks to Observe the Highest Demand
Key types of mechanical locks available in the global industry include mortise locks, padlocks, deadbolt, cylindrical locks, and others. The mortise locks segment is set to secure the lead and also procure the highest growth rate over the conjectured period. Mortise locks have gathered significant traction in developed as well as developing economies owing to their appealing features including sliding bolt lock mechanism, aesthetically pleasing, dual locking system, and more.
Grade 1 Captures the Majority of the Global Share
Grade-wise, the global market has been considered for grade 1, grade 2 as well as grade 3. The grade 1 segment will not only take the lead but also project the fastest CAGR over the given period.
Copper to be the Leading Raw Material
Chief raw materials discussed in the report are copper, stainless steel, aluminum, iron, and others. While the copper segment can accumulate the highest revenue, the iron segment will be obtaining the fastest growth rate between 2018 and 2023.
North America to Make Stunning Progress
North America generates the highest revenues in the global market for mechanical locks, and has emerged highly lucrative owing to the soaring adoption of interconnected, cylindrical, two-way mechanical locks in households. Additionally, the mounting demand for the same in various industries combined with the increasing technical advances in mechanical locks in Canada and US also encourage market growth in the region. Most of the commercial spaces like recreational facilities, hospitality and retail in the region comprise modern infrastructure as well as technology that require extra security, which fosters mechanical and electromechanical locks market demand.
Asia Pacific to Procure the Fastest CAGR
The APAC market for mechanical locks can record the fastest CAGR over the review period, on account of the rising applications in several industries. On top of that, the continuous launch of new types of innovative mechanical locks that are not only convenient but also ensure high-security levels have resulted in significant product demand in the region. Moreover, the increasing preference for mechanical digital door locks and digital mechanical locks among consumers could also boost market expansion in the region.
Firms Focus on Product Innovations to Capture a Higher Customer Base
Firms are mostly focused on bolstering their mechanical lock industry share, for which they undertake various strategies including partnerships, collaboration and merger. However, the prime focus is on product innovations as well as new launches to not only foster brand recognition but also gain a wider customer base in the fiercely competitive industry.
The report overview presents crucial mechanical lock industry insights, while outlining segments including the types of mechanical locks, electronics locks market size as well as the mechanical and electromechanical locks market. The report has assessed the top challenges, barriers and drivers affecting the market size. MRFR outlines the base year, projected period as well as the size during the given period. The market study also comprises some of the key developments post the COVID-19 outbreak and the effects of the novel coronavirus and the subsequent lockdown on the market. The report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments, and the top mechanical lock industry factors that induce growth. Besides, the well-known companies, their mechanical lock industry share volume and the key strategies adopted by them to stay relevant in the industry are also profiled in the MRFR report. mechanical lock industry share
Scope of the Report
The scope of the report covers a few key segments including types of mechanical locks, mechanical combination door locks, mechanical digital door locks, digital mechanical locks, mechanical keyless door lock, mechanical digital locks, and more.
Global Mechanical Locks Market, By Type
Global Mechanical Locks Market, By Grade
Global Mechanical Locks Market, By Raw Material
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.
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.
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.
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.
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).
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.