The mechanical locks market is expected to reach a valuation of approximately US$ 6.5 Bn, expanding at 4% CAGR over the forecast period 2021 to 2031.
| Attribute | Details |
| Estimated Mechanical Locks Market Size 2021 | US$ 6.5 Bn |
| Volume CAGR (2021-2031) | ~3% |
| Value CAGR (2021-2031) | ~4% |
Sales of mechanical locks in Europe are slated to grow at a 3% CAGR through 2031, with the U.K. emerging as an attractive pocket. The presence of key market players along with high adoption rate of advanced security systems in the U.K. is expected to continue growth of the mechanical locks market over the forecast period.
Mechanical locks are in high demand due to increased demand for two-way and tubular mechanical locks, as well as rising safety concerns, particularly in commercial areas. Mechanical lock sales fell in the first quarter of FY’2020 due to the outbreak of the COVID-19 pandemic.
The mechanical locks market, on the other hand, is predicted to rebound at a moderate pace as production and trade activities resume, with demand expected to expand by 2% year over year between 2020 and 2021. Mechanical lock sales are likely to increase as the popularity of stainless-steel locks grows.
Stainless steel mechanical locks are more durable and sturdier, and they offer the best protection against the elements and wear and tear. Stainless-steel locks are increasingly preferred by consumers over mechanical locks made of other materials.
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Aside from that, sales of grade 1 mechanical locks are predicted to skyrocket, as this grade of lock provides the most security. Furthermore, demand for mechanical locks is predicted to continue strong in the United States throughout the evaluation period. Due to increased use of tubular and two-way locks, as well as rising demand for innovative locking systems in recreational spaces, the country is expected to lead the North American mechanical locks market.
Key Takeaways:
- Mortise locks are predicted to grow in popularity through 2031, owing to its excellent durability and ease of use.
- Grade 1 mechanical locks will continue to be in high demand since they provide the highest level of security and may be installed in a variety of door types.
- The exterior facilities category is expected to account for the largest market share of the entire mechanical locks market in terms of applications.
- Sales of stainless-steel mechanical locks are likely to increase at a steady rate through 2031, according to material.
- Due to strong demand for modern security systems in residential and recreational spaces, the United States is likely to lead the North American mechanical locks market.
- The hospitality industry in the United Kingdom will continue to place a strong demand for mechanical locks in order to improve 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
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