Market Research

COVID-19 Impact on Mechanical Locks Market is projected to grow at a CAGR of 4.80% During Forecast Period 2020 to 2023

Jul 8, 2020 4:09 PM ET
iCrowd Newswire – Jul 8, 2020

Market Overview

Global COVID-19 Impact on Mechanical Locks Market Research is presumed to garner USD 8.52 billion during the forecast period. The global market is predicted to demonstrate 4.80% CAGR owing to the rising demand for weatherproof padlocks in marine applications, asserts Market Research Future (MRFR). Mechanical locks are generally used for security purposes. Several electronic locking devices require mechanical lock in case of power failure or system error. Owing to the deployment of mechanical locks at commercial, residential, and industrial spaces, the global mechanical locks market is expanding at a rapid pace. With growing security concerns across the globe, the need for high-security locking systems in commercial as well as residential spaces is increasing.

With the growing demand for waterproof padlocks in marine applications, the market is estimated to flourish during the assessment period. The increasing consumer preference for deadbolt locks is further considered to stimulate the market growth. Also referred to as deadlocks, deadbolts can be opened by rotating the key. Deadbolts provide a higher level of protection than doorknobs with pin tumbler locks owing to its hardened steel bolts and advanced mechanism. The majority of the burglaries involve forced entries which has further encouraged the consumers to shift to deadbolt locks, thereby propelling the market growth for mechanical locks market during the assessment period. Moreover, with the growing demand for two-way locks in emergency exits, the market is anticipated to foster in the coming years. The ease of use both at entry and exit points coupled with the prevention against self-locking is triggering the demand for two-way locks for emergency exits.

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There have been rapid technological advancements in locks in the past few years. Consumers are shifting their preferences from mechanical locks to smart locks as they offer networked access control. This can dampen the market growth in the coming years.

Competitive Dashboard

The prominent players operating the Global Covid-19 Analysis on Mechanical Locks Market are Spectrum Brands, Inc. (US), Allegion PLC (Ireland), Assa Abloy (Sweden), August Bremicker Söhne KG (ABUS) (Germany), Draper Tools Ltd (UK), DOM Security (France), Codelocks Inc. (US), Serrature Meroni SpA (Italy), EVVA SICHERHEITSTECHNOLOGIE GmbH (Austria), Nuova Oxidal SRL (Italy). Product developments and acquisitions are core strategies of these players aiming to capture a larger share of the market. For instance, Assa Abloy is focusing on acquisitions to increase its consumer base. It acquired Shree Mahavir Metalcraft, a prime manufacturer of mechanical locks and architectural hardware fittings in India in 2019.

Segment Analysis

Global Covid-19 Analysis on Mechanical Locks Market has been segmented based on product type, grade, raw materials, and by region.

By mode of product type, the mechanical locks market has been segmented into padlocks, mortise locks, cylindrical locks, deadbolt, and others. Among these, the mortise locks segment is considered to witness a CAGR of 5.03%, and it is likely to garner USD 2,132.39 million during the assessment period. The Asia Pacific and Latin America regions are deemed to contribute the maximum to this segment’s revenue owing to various construction and renovation projects. On the other hand, the deadbolt segment is estimated to witness a CAGR of 5.41% over the forecast period to generate USD 1,275.61 million by 2023.

By mode of grade, the Global Mechanical Locks Market has been segmented into grade 1, grade 2, and grade 3. Among these, the grade 1 locks offer the highest security level and are rated for applications where they experience heavy use such as in schools, public buildings, and hospitals. The common grade 1 lock comprise mortise locks, cylindrical key and lever locks, locks used with electronic or other access control hardware, and supporting deadbolts.

By mode of raw materials, the global mechanical locks market has been segmented into stainless steel, copper, iron, aluminum, and others. Among these, copper is one of the most commonly used materials thanks to inherent mechanical characteristics of superior strength, hardness, and ductility, apart from providing easy processability. Iron is extensively used in the manufacturing of locksets as it offers cost-effectiveness.

Regional Insights

Geographically, the mechanical locks market covers opportunities across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The Asia-Pacific region is anticipated to be a lucrative region for the manufacturers of mechanical locks and is predicted to experience a substantial CAGR of 5.41% over the forecast period. China is considered one of the leading markets in this region, accounting for the largest market share. The growth is attributed to the rapid industrialization and urbanization in this region as these factors have fueled the demand for residences.

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Among all the regions, North America accounts for 26.3% share of the total market in 2019. The region is estimated to expand at a moderate pace owing to the continuous product innovation coupled with rapid advancements in the inclusion of raw materials in the production of mechanical locks. Moreover, manufacturers have adopted several technologies in order to achieve the desired end look of mechanical locks. Such advancements have further resulted in the introduction of a variety of mechanical locks in this region. The region can generate close to USD 2,211.4 million by 2023.

The European region is presumed to be driven by the growth of the real estate sector. Moreover, product innovation is one of the major factors triggering the demand for mechanical locks during the assessment period.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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