Market Overview
Mechanical Locks market size was valued at USD 7946.5 million in 2021. The Mechanical Locks market industry is projected to grow from USD 8384.35215 million in 2022 to USD 12204.63715 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.51% during the forecast period (2022 - 2030)Mechanical locks rely on the activation of a releasing mechanism. A lever, key, knob, or thumb turn is placed for releasing mechanism activation to open a door, furniture, bags, bicycles, or similar external facility. Brass, plated brass, nickel, steel, and other metals are used to construct these locks. These locks serve as a guardian or protector for a person's valuables and property.
The steady rise in security concerns globally, which has boosted the requirement for high-security locking systems within commercial and residential sectors, is expected to significantly affect the global mechanical locks market outlook over the forecast period. Because of its reinforced steel bolts and the innovative mechanism that provides a significantly greater level of protection, consumer desire for deadbolt locks has steadily increased.
On the other hand, smart locks are likely to have an impact on the growth of the worldwide mechanical locks market and during the study period due to their increased use and rising customer preference for networked access control.
Market segmentation
The mechanical locks market is expected to grow in size due to high demand from the worldwide target audience, which is dispersed around the globe in different mushrooming regions.
The following are the market segments for mechanical locks:
Based on the Type
- Padlocks
- Cylindrical Locks
- Mortise Locks
- Deadbolt
- Others
Based on Grade
- Grade 1
- Grade 2
- Grade 3
Based on Raw Material
- Stainless Steel
- Iron
- Copper
- Aluminium
- Others
Regional Analysis
According to market trends and key growth tactics adopted by mechanical locks market insights participants during the period, the industry in different global regions is rising tremendously. The North American region generates higher revenues in the international market for mechanical locks, owing to rising demand in a variety of industries and rising technological advances within mechanical locks in Canada and the United States, which all contribute to the area's market development and success.
Industry news
Copper, which possesses good properties such as ductility, hardness, and strength, is predicted to hold the greatest share of the market during the projection period. Several manufacturers utilize the iron for mechanical locks since it is the most cost-effective. The mortise locks segment is predicted to have the greatest share of the market throughout the forecast period, based on type. Because construction activities are likely to increase, doors are anticipated to hold the greatest market share during the projection period.
The expanding use of mechanical locks in physical security applications and their cost-effectiveness are indeed the market's primary driving forces. The market for mechanical locks is growing, thanks to the increasing utilization of mechanical locks in small-scale companies and households, especially in rural areas. Mechanical locks are becoming more popular in various electrical locking systems, driving the mechanical lock market.
Mechanical locks industry products and services contribute to the target audience's home security and safety on a wide scale. Furthermore, since the emerging concept of smartphones has expanded, there is an increasing trend of this market technology, and thus the market has dependable possibilities during the projected period of 2021-2028.
Key Companies in the Mechanical Locks market includes
- Spectrum Brands Holdings Inc. (US)
- Allegion PLC (Ireland)
- Dormakaba International Holding GmbH (Germany)
- EVVA Sicherheitstechnologie GmbH (Austria)
- Draper Tools Ltd (UK)
- DOM Security (France)
- Codelocks Inc. (US)
- Godrej & Boyce Manufacturing Company Limited (India)
- The Eastern Company (US)
- ECO Schulte GMBH & Co. KG (Germany), among other
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