The mechanical locks market is set to grow at a 4% CAGR from 2021 to 2031, driven by demand for durable and advanced security solutions.
According to a recent market analysis by Future Market Insights (FMI), sales in the mechanical locks market are expected to reach a valuation of approximately US$ 6.5 Bn, expanding at 4% CAGR over the forecast period 2021 to 2031.
Growing demand for two-way and tubular mechanical locks, along with rising safety concerns, especially in commercial spaces are key factors spurring demand for mechanical locks.
Due to the outbreak of the COVID-19 pandemic, sales of mechanical locks were slumped for the first quarter of FY’2020. However, with resumption in production and trade activities, the mechanical locks market is expected to recover at a moderate pace, with demand projected to grow by 2% year-over-year between 2020 and 2021.
Growing popularity of stainless-steel locks is also expected to propel sales of mechanical locks. 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.
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“Manufacturers operating in the mechanical locks market are offering customized locking solutions for residential and commercial spaces. Along with this, players are offering assistance in installation, repair, and replacement post-purchase, which is expected to continue propelling sales of mechanical locks over the assessment period,” says an FMI analyst.
Key Takeaways:
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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, Draper 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:
More Insights into the Mechanical Locks Market Report
FMI, in its new offering, provides an unbiased analysis of the mechanical locks market presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the demand for mechanical locks based on product type (mortice, cylindrical, tubular, interconnected, and deadbolt), material (aluminum, stainless steel, copper steel, and others), application (doors, furniture, suitcase, external facilities, bicycles, and others), and grade (grade 1, grade 2, and grade 3) across seven regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth prospects of the mechanical locks market, projected to expand at a 4% CAGR from 2021 to 2031.
Stainless-steel locks are favored for their durability, sturdiness, and cost-effectiveness, making them a popular choice.
The U.S. is expected to dominate the North America market due to high demand for advanced security systems.
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