Mechanical Locks Market by End-user and Geography - Forecast and Analysis 2022-2026

The mechanical locks market share is expected to increase by USD 2.52 billion from 2021 to 2026, at a CAGR of 7.67%.

This mechanical locks market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers mechanical locks market segmentation by end-user (commercial and residential) and geography (APAC, South America, MEA, North America, and Europe). The mechanical locks market report also offers information on several market vendors, including Abus August Bremicker Sohne KG, Allegion Plc, ASSA ABLOY AB, Codelocks Ltd., Draper Tools Ltd., Edilportale.com SpA, EVVA Sicherheitstechnologie GmbH, Serrature Meroni SpA, SFPI Group, and Spectrum Brands Holdings Inc. among others.

What will the Mechanical Locks Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Mechanical Locks Market Size for the Forecast Period and Other Important Statistics

"APAC will generate growth across all the years of the forecast period between 2021 and 2026. The year-on-year growth during this period will vary between 7.83% and 9.41%"

Mechanical Locks Market: Key Drivers and Trends

The growing demand from emerging economies is notably driving the mechanical locks market growth, although factors such as growing emphasis on smart locks may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the mechanical locks industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Mechanical Locks Market Driver

The increase in demand for emerging economies is one of the key factors driving the mechanical locks market growth. There has been a growth in urbanization and rise in infrastructural investments, which are subsequently boosting the growth of the construction industry in developing nations such as India and Indonesia. Therefore, the demand for mechanical locks in developing countries by the end-user industries such as residential, non-residential, and infrastructure is expected to drive the market growth during the forecast period. Furthermore, mechanical locks are considered as essential components of security by keeping the doors closed until a release mechanism is activated. They fulfill the growing needs of safety and privacy and provide ease of use comparatively than digital locks.

Key Mechanical Locks Market Challenge

The increase in the priority of smart locks is a key challenge for mechanical locks market share growth. Smart locks, also known as digital locks, provide more flexibility to access remotely through wireless tech networks such as Bluetooth, Wi-Fi and Z-Wave through the smartphone of users. Smart locks are primarily used in the residential sectors as they are considered as luxury installations and provide high security with their innovative locking systems, eliminating the mandate to carry keys. Furthermore, many smart locks have advanced security features such as HID smart cards and mobile credentials. These factors are hindering the sales of mechanical locks, negatively impacting the market growth.

This mechanical locks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Market Overview

Growth in the global housewares and specialties market will be driven by the following factors: Introduction of houseware with new designs: The introduction of houseware with new designs and bright colors, by vendors, is driving the global housewares and specialties market. Consumers are increasingly demanding stylish products with distinctive colors for their kitchens. Consumers are often willing to buy a new product because of its unique style. As a result, purchasing frequency may increase at a pace faster than the normal product replacement cycles. The younger generation, in particular, is interested in buying houseware and specialties with unique styles. Increase in the demand for eco-friendly homeware: Many vendors in the market offer eco-friendly products such as toxin-free mechanical locks, glass containers, beeswax wrap, wooden cutting boards, reusable silicone baking cups, stainless steel eco-friendly straws, plates and bowls made of bagasse, bamboo-based reusable towels and household cleaning tools and supplies. 

Who are the Major Mechanical Locks Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Abus August Bremicker Sohne KG
• Allegion Plc
• ASSA ABLOY AB
• Codelocks Ltd.
• Draper Tools Ltd.
• Edilportale.com SpA
• EVVA Sicherheitstechnologie GmbH
• Serrature Meroni SpA
• SFPI Group
• Spectrum Brands Holdings Inc.

 

This statistical study of the mechanical locks market encompasses successful business strategies deployed by the key vendors. The mechanical locks market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The mechanical locks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Mechanical Locks Market?

For more insights on the market share of various regions Request for a FREE sample now!

64% of the market's growth will originate from APAC during the forecast period. China, India, Brazil, Indonesia, and Pakistan are the key markets for the mechanical locks market in APAC. Market growth in this region will be faster than the growth of the market in rest of the regions.

The increasing numbers of commercial offices and significance of technology in residential solutions especially in China and India will facilitate the mechanical locks market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Mechanical Locks Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The mechanical locks market share growth by the commercial segments will be significant during the forecast period. As all the commercial buildings, including offices, retail stores, hospitals, educational institutions require safety functions, they are expected to opt for mechanical locks. With a rapid growth of service sectors in India and services outsourced by multinational businesses, the demand for office spaces is rising, surging investments in commercial constructions that are direct customers for mechanical locks. Also, vendors are releasing self-locking mechanical locks, contributing to the market segment growth.

This report provides an accurate prediction of the contribution of all the segments to the growth of the mechanical locks market size and actionable market insights on post COVID-19 impact on each segment.

 

Mechanical Locks Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 7.67%
Market growth 2022-2026	$ 2.52 billion
Market structure	Fragmented
YoY growth (%)	8.45
Regional analysis	APAC, South America, MEA, North America, and Europe
Performing market contribution	APAC at 64%
Key consumer countries	China, India, Brazil, Indonesia, and Pakistan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Abus August Bremicker Sohne KG, Allegion Plc, ASSA ABLOY AB, Codelocks Ltd., Draper Tools Ltd., Edilportale.com SpA, EVVA Sicherheitstechnologie GmbH, Serrature Meroni SpA, SFPI Group, and Spectrum Brands Holdings Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Mechanical Locks Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive mechanical locks market growth during the next five years
• Precise estimation of the mechanical locks market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the mechanical locks industry across APAC, South America, MEA, North America, and Europe
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of mechanical locks market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch