Mechanical Locks Market is Likely to Surge at a Vigorous 4% CAGR in 2031 | FMI

The mechanical locks market is expected to surpass a valuation of US$ 6.5 Bn through 2021, likely to surge at a vigorous 4% CAGR during the assessment period

Electronic door locks are increasingly getting popular because they eliminate the need for keys and provide automated features such as remote locking and unlocking. The locks can be controlled and monitored with a smartphone application.

These locks come in many variants, comprising coded-entry locks, smartphone-operated locks, biometric door locks, and key card/proximity cards. Electronic locks offer a myriad of benefits such as easy access in the dark, remote access, additional security, and an automatic time-based locking feature.

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Stainless steel mechanical locks are more durable and sturdier and provide optimal protection against harsh environmental factors and wear and tear.

Consumers are increasingly preferring stainless-steel locks over mechanical locks made of other materials due to their cost-effectiveness and easy availability.

Besides this, sales of grade 1 mechanical locks are expected to soar as this grade of locks offers maximum protection. Further, demand for mechanical locks in the U.S. is expected to remain high over the assessment period. The country is anticipated to dominate the North America mechanical locks market, owing to increasing adoption of tubular and two-way locks, along with rising demand for advanced locking systems in recreational spaces.

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, 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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.