In 2023, the global mechanical locks market is estimated to be valued at US$ 7,112.1 million and is expected to reach US$ 10,426.9 million by 2033. The adoption of mechanical locks is likely to advance at a CAGR of 3.9% during the forecast period.
Factor that Fueling the Business:
- Increasing security concerns and higher crime rates are driving the demand for robust locking systems in the mechanical locks market.
- Advancements in lock technology, including keyless entry and biometric locks, are providing enhanced convenience and security, further boosting market growth.
- The rising adoption of smart home automation systems is a key driver for integrated mechanical locks, as they seamlessly integrate with these systems.
- As consumers seek more convenience and advanced security features for their homes and properties, the demand for mechanical locks continues to grow.
- The versatility of mechanical locks in offering various levels of security and access control contributes to their widespread adoption in residential and commercial settings.
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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.
Key Takeaways:
- 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.
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Competitive Landscape
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.
Mechanical Locks Market by Category
By Product Type:
- Mortice
- Cylindrical
- Tubular
- Interconnected
- Deadbolt
By Material:
- Aluminum
- Stainless Steel
- Copper
- Steel
By Application:
- Doors
- Furniture
- Suitcase
- External Facility
- Bicycles
By Grade:
- Grade Level 1
- Grade Level 2
- Grade Level 3
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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