Interconnected Mechanical Locks will Record Steady Revenue Growth during 2017 - 2022

Sep 15,2017 | Consumer Product

While evaluating the security characteristics of electronic locks and mechanical locks, the latter seems to hold inferiority owing to designing flaws, large area for surface impact, and lack of provision for security upgrades. A recent study published by Future Market Insights assesses the future prospects of global market for mechanical locks. Key findings from this report reveal that by the end of 2022, around US$ 7,160 million worth of mechanical locks are anticipated to be sold across the globe. The report also forecasts that for the assessment period, 2017-2022, the global mechanical locks market is likely to attain growth at a moderate CAGR of 4.5%.

Mechanical Locks Market

The report covers a wide range of macroeconomic factors influencing the expansion of overa...

Mechanical Locks Market

In the view of emerging technologies in the domain of physical security, the future demand for mechanical locks is less likely to witness steadfast growth. Adoption of smart locks, high-tech guarding systems, and biometric access platforms continues to surge, concurrently lowering the uptake for mechanical locks among consumers. Even as a retail commodity, mechanical locks are exhibiting a decline in terms of capturing the mass consumer appeal which continues to opt for adamantine security products.

Demand for Interconnected Mechanical Locks to Remain Steady

According to the report, interconnected mechanical locks will continue to gain grounds in the global market. Despite the moderate expansion anticipated for the global mechanical locks market, interconnected locks will bring in nearly US$ 1,880 Mn in revenues by the end of 2022. Interconnected mechanical locks will continue to find application in security of buildings, apartments, military housing, and other residential facilities. Moreover, the demands for interconnected locks are also expected to be influenced by their precise lever actions and compatibility to handicapped requirements. Easy installation and construction will also have a governing factor in compelling manufacturers towards increasing production of interconnected locks.

Competitive Landscape of Mechanical Locks Market

The report has profiled leading companies partaking in the growth of global mechanical locks market. These companies are expected to aim towards bringing cost-effectiveness in manufacturing of mechanical locks by procuring quality raw materials through a robust supply chain. Subjected to intrinsic engineering, manufacturing of mechanical locks will continue to incur qualitative enhancement, wherein apposite application of locksmithing knowledge and metallurgy will play a pivotal. Companies namely, Serrature Meroni Spa, ASSA ABLOY AB (key subsidiary - Mul-T-Locks), Dom Ronis, Allegion Plc, Winkhaus Austria Gmbh, Yale Security Inc., Dormakaba Holdings AG, The Eastern Company, Picard-Serrures, and ECO Schulte GMBH & Co. KG are observed to remain prominent in the competitive landscape of global mechanical locks market during the forecast period.

Additional Highlights from the Report include:

  • The report also reveals that tubular locks will be a top-selling product in the global mechanical locks market, and will register 5.6% CAGR over the forecast period

  • On the basis of materials, stainless steel will be viewed as a sought-after, revenues from which are projected to reach US$ 2,430 Mn by 2022-end

  • Sales of grade level 2 mechanical locks will gain steady traction, creating an incremental opportunity of approx. US$ 600 Mn between 2017 and 2022

  • In 2017, external facility security will be viewed a lucrative application, revenues from which are expected to procure nearly one-fifth share on global market value

  • Throughout the forecast period, North America will remain the largest market for mechanical locks

  • Europe’s mechanical locks market is pegged to witness an absolute dollar opportunity of more than quarter of billion dollars between 2017 and 2022

  • In 2017, sales of mechanical locks recorded in the Asia-Pacific excluding Japan (APEJ) region are expected to contribute significantly to global revenues

For queries, get in touch with Future Market Insights’ analysts at [email protected]

About Consumer Products division of FMI

Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.

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.