According to a recent market analysis by Future Market Insights (FMI), sales in the mechanical locks market are expected to reach a valuation of approximately US$ 6.5 Bn, expanding at 4% CAGR over the forecast period 2021 to 2031. Growing demand for two-way and tubular mechanical locks, along with rising safety concerns, especially in commercial spaces are key factors spurring demand for mechanical locks. Due to the outbreak of the COVID-19 pandemic, sales of mechanical locks were slumped for the first quarter of FY’2020. However, with resumption in production and trade activities, the mechanical locks market is expected to recover at a moderate pace, with demand projected to grow by 2% year-over-year between 2020 and 2021. The growing popularity of stainless-steel locks is also expected to propel sales of mechanical locks. Stainless steel mechanical locks are more durable and sturdier and provide optimal protection against harsh environmental factors and wear and tear. Consumers are increasingly preferring stainless-steel locks over mechanical locks made of other materials due to their cost-effectiveness and easy availability. Besides this, sales of grade 1 mechanical locks are expected to soar as this grade of locks offers maximum protection. Further, demand for mechanical locks in the U.S. is expected to remain high over the assessment period. The country is anticipated to dominate the North America mechanical locks market, owing to increasing adoption of tubular and two-way locks, along with rising demand for advanced locking systems in recreational spaces.
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- Demand for mortise locks is expected to soar through 2031, owing to high durability and easy accessibility.
- Grade 1 mechanical locks will remain highly sought-after as they offer the highest degree of protection and can be fitted in all door types.
- In terms of applications, the external facilities segment is projected to account for the maximum market share of the total mechanical locks market.
- Based on material, sales of stainless-steel mechanical locks are expected to rise at a steady pace through 2031.
- The U.S. is expected to dominate the North America mechanical locks market, due high demand for advanced security systems in residential and recreational spaces.
- The U.K. will continue exhibiting high demand for mechanical locks from the hospitality sector for improved security.
- China will emerge as a lucrative pocket, accounting for a dominant share in the East Asia mechanical locks market.
- Japan and South Korea will account for 35% and 21% of the total mechanical locks market share respectively.
Serrature Meroni Spa, DOM Security, Codelocks Inc., ECO Shulte GmbH & Co. KG, ASSA ABLOY AB, The Eastern Company, Dormakaba Holdings AG, Yale Security, Inc. Winkhaus Austria GmbH, Allegion Plc., Spectrum Brands, Inc., August Bremicker Söhne KG, Draper Tools Ltd, EVVA Sicherheitstechnologie GmbH, and Nuova Oxidal SRL are among some of the leading players operating in the global mechanical locks market.
Top 5 players in the mechanical locks market are expected to account for 10-15% of the total mechanical locks market share over the forecast period.
Leading players operating in the global mechanical locks market are aiming at product portfolio expansions through research and development. Apart from this, players are investing in mergers, acquisitions, collaborations, and partnerships to expand their global footprint. For instance:
- In August 2021, Dormkaba signed an agreement to acquire Australian Reliance Doors and Best Doors Australia Groups (RELBDA), a leading provider of garage doors, automatic openers, industrial doors, and related hardware like mechanical locks.
- In September 2020, Mul-T-Locks Group announced its plans to establish a subsidiary in the UAE with an investment of approximately US$ 1.5 Mn.
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More Insights into the Mechanical Locks Market Report
FMI, in its new offering, provides an unbiased analysis of the mechanical locks market presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the demand for mechanical locks based on product type (mortice, cylindrical, tubular, interconnected, and deadbolt), material (aluminum, stainless steel, copper steel, and others), application (doors, furniture, suitcase, external facilities, bicycles, and others), and grade (grade 1, grade 2, and grade 3) across seven regions.
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