Mechanical Locks Market is projected to Record a CAGR of 4% During the Forecast Period 2022-2031

The mechanical locks market is anticipated to reach a worth of over US$ 6.5 billion, growing at a CAGR of 4% from 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%

Because they do not require keys and offer automatic capabilities like remote locking and unlocking, electronic door locks are growing in popularity. An app for smartphones can be used to monitor and control the locks.

Numerous variations of these locks are available, including proximity cards, key cards, smartphone-operated locks, biometric door locks, and coded entry locks. Numerous advantages of electronic locks include ease of use in the dark, remote access, increased security, and an automatic time-based locking mechanism.

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Mechanical locks made of stainless steel are tougher, more resilient, and offer the best defence against the elements and general wear and tear.

Due of its affordability and accessibility, consumers are increasingly choosing stainless-steel locks over mechanical locks made of other materials.

Additionally, because grade 1 mechanical locks provide the highest level of security, sales of these locks are predicted to skyrocket. Additionally, it is anticipated that the U.S. market for mechanical locks would stay strong throughout the evaluation period. Due to the growing use of tubular and two-way locks and rising demand for sophisticated locking systems in recreational spaces, the nation is expected to lead the North American mechanical lock industry.

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

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