The mechanical locks market is likely to touch USD 8.52 billion at a 4.80% CAGR between 2018- 2023, reveals the new Market Research Future (MRFR) report. Mechanical locks are the backbone of a security system. It is a mechanical safety as well as an interlocking device that use a key. The combined usage of such devices guarantees systematic safety management. Deadbolt, cylindrical locks, mortise locks, padlocks, and others are the most widely used mechanical locks.
Numerous factors are adding to the mechanical locks market demand. Such factors, as revealed by the latest MRFR report, include growing demand in developed and developing countries on account of rising cases of system errors or electrical locking device power failure, increasing popularity of interconnected locks, tabular locks, and two-way locks, growing adoption of cylindrical, deadbolt, padlocks, mortise, and other mechanical locks, and increasing awareness about waterproof padlocks as it is saltwater resistant, keyless, portable, and is weather resistant. Additional factors adding to the mechanical locks industry factors growth include various marketing strategies, increasing innovations in mechanical locks, and rising security concerns among consumers.
On the contrary, the availability of alternatives such as biometric access platforms smart locks and high-tech security systems are factors that may limit the mechanical locks market growth over the forecast period.
The Market Research Future Report provides an inclusive segmental analysis of the mechanical locks market based on raw material, grade, and type.
By type, the mechanical locks market is segmented into deadbolt, cylindrical locks, mortise locks, padlocks, and others. Of these, the mortise locks segment is predicted to lead the market over the forecast period and grow at a high CAGR.
By grade, the mechanical locks market is segmented into grade 1, 2, and 3. Of these, the grade 1 segment is predicted to dominate the market over the forecast period.
By raw material, the mechanical locks market is segmented into aluminium, iron, copper, stainless steel, and others. Of these, the copper segment will have a major share in the market over the forecast period followed by the iron segment, which is predicted to grow at a notable CAGR by 2023.
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By region, the global mechanical locks market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. It is likely to grow at a healthy 5.41% CAGR. China is a leading contributor in the region for the urbanization and rapid industrialization in the region.
The global mechanical locks market in North America is predicted to have a notable growth over the forecast period. Factors propelling the global mechanical locks market growth in the region include the rapid use of raw materials in mechanical locks production, constant product innovation, and technological advances. Besides, manufacturers have incorporated different technologies to attain the much-needed look of mechanical locks which is also adding market growth. It is likely to touch USD 2,211.4 million by 2023.
The global mechanical locks market in Europe is predicted to have healthy growth over the forecast period for the rapidly expanding real estate sector and product innovation.
Key players profiled in the mechanical locks market report include Godrej Boyce Manufacturing Company Limited (India), Dormakaba International Holding GmbH (Germany), ECO Schulte GMBH Co. KG (Germany), The Eastern Company (US), Serrature Meroni SpA (Italy), Assa Abloy AB (Sweden), August Bremicker Söhne KG (Germany), Nuova Oxidal SRL (Italy), Codelocks Inc. (US), EVVA Sicherheitstechnologie GmbH (Austria), Draper Tools Ltd (UK), Allegion PLC (Ireland), DOM Security (France), and Spectrum Brands Holdings, Inc. (US).