Mechanical locks are used for security purposes. The global locks market has been growing due to the deployment of security-based products such as mechanical and digital locks at residential, commercial, and industrial spaces. Increasing security concerns across all the world are driving the need for high-security locking systems in residential and commercial spaces.
The demand for mechanical locks is expected to be driven by the rising need for two-way locks, also known as double-sided locks, in the emergency exits of buildings for evacuation during fires and other calamities. Two-way locks accept a key on either side of the door, even if it is not completely rotated. A key or keypad is needed on either side of the door to activate the two-way locking mechanism.
Over the past decade, there have been rapid technological developments in locks with a shift from mechanical to electronic smart locks. Smart electronic locks offer networked access control, which is expected to hamper the growth of the global mechanical locks market during the review period.
The global mechanical locks market has been segmented, by region, into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The European market accounted for the majority market share in 2018 and is expected to retain its dominance during the forecast period. The sale of padlocks in Europe is low as compared to other regions due to consumer inclination toward premium products. However, the sales of deadlocks are expected to increase.
Asia-Pacific is expected to be a lucrative market for the manufacturers of mechanical locks. The regional market is projected to register a substantial CAGR of 5.41% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. Rapid industrialization and a rising population are fueling the demand for residential construction. Moreover, the Indian market is also expected to exhibit a significant growth rate of 5.78% during the forecast period of 2018 to 2023. The construction industry in India has grown over the past few years due to investments in infrastructure and construction projects. Additionally, developments in the Indian manufacturing and retail industries are also expected to support the growth of the mechanical locks market.
The global mechanical locks market has also been segmented on the basis of product type, grade, and raw material.
The global mechanical locks market has been segmented, on the basis of product type, into padlocks, mortise locks, cylindrical locks, deadbolts, and others. In 2018, the cylindrical locks segment accounted for the majority of the market share and is projected to reach USD 2,435.5 million by the end of 2023. The deadbolts segment is projected to register a CAGR of 5.41% during the review period.
On the basis of grade, the global mechanical locks market has been segmented into grade 1, grade 2, and grade 3. The grade 3 segment held the largest market share of 49.6% in 2018 and is projected to reach USD 4,145.8 million by the end of 2023. The grade 1 segment is expected to register the highest growth rate of 5.27% during the forecast period.
On the basis of raw material, the global mechanical locks market has been segmented into stainless steel, copper, iron, aluminum, and others.
The leading market players in the global mechanical locks market are Spectrum Brands Inc. (US), DOM Security (France), Allegion PLC (Ireland), Draper Tools Ltd (UK), EVVA Sicherheitstechnologie GmbH (Austria), Codelocks Inc. (US), Nuova Oxidal SRL (Italy), August Bremicker Söhne KG (ABUS) (Germany), Assa Abloy (Sweden), and Serrature Meroni SpA (Italy).
• Mechanical locks manufacturers
• Locks manufacturers
• Real estate industry
• Raw material suppliers
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• The growth of the real estate sector in developing economies is considered to be a significant factor for the rising demand for mechanical locks at the global level.
• Growing consumer preference for smart locks can pose a major threat to the players in the global mechanical locks market.
Global Mechanical Locks Market Research Report—Forecast till 2023:
As per MRFR analysis, the global mechanical locks market is estimated to reach USD 8,525.2 million by the end of 2023 at a CAGR of 4.80% during the forecast period.
The report also offers a regional analysis:
• North America
o Rest of Europe
o Australia & New Zealand
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
o Rest of the Middle East & Africa