Mechanical Locks Market

2016-2020 Mechanical Locks Market Outlook in Comparison to 2021-2031 Growth Forecast

Demand for mechanical locks grew at a steady 4% CAGR between 2016 and 2020. Sales prospects were dampened due to the outbreak of the COVID-19 pandemic. However, recovery of the market is on cards. FMI has projected sales of mechanical locks to grow year-over-year by 2% between 2020 and 2021.

Increasing popularity of tubular and deadbolt locks is spurring demand for mechanical locks. Consumers are getting more concerned regarding security of their homes, offices, and external facility spaces. This has encouraged mechanical lock market players to focus on innovations.

As per FMI, manufacturers are offering customized lock systems as per consumers' requirements to improve sales. Some lock makers also offer additional services such as installation, maintenance, repair, and replacement.

The availability of such services is propelling demand for mechanical locks. Owing to these factors, sales of mechanical locks are projected to continue rising over the forecast period, with top 5 players in the market accounting for 10-15% of the total mechanical locks market share.

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What is Driving Demand for Deadbolt Locks?

As incidence of break-ins and burglary continue to rise, consumers have become more willing to spend on premium and highly durable locks for optimal safety. When it comes to mechanical locks, deadbolt locks most popular lock types and are widely used in residential properties.

Due to their popularity, they are being adopted in commercial spaces as well. There are multiple types of deadbolts available in the mechanical locks market that suffice every type of security needs in residential and commercial spaces. This is one of the chief factors driving sales of deadbolt locks.

Deadbolt locks are mostly used to secure external doors. These locks do not utilize spring-loaded mechanisms, hence they are called 'dead'. Deadbolt locks are considered the most secure locks, especially for residential spaces. Not every deadlock is made the same, however, they are available in different grades which gives consumers an idea of how much load a deadlock can withstand.

Most common types of deadlocks include single and double cylinder locks. The main difference between the two is that the former is applied on one side of the door and the latter can be applied on both sides of the door. This makes deadlocks the most appropriate and versatile option for all types of doors.

Owing to high demand, manufacturers are also launching different variants of deadlocks to cater to a growing consumer pool. These developments are indicative of lucrative growth prospects for players operating in the mechanical locks market in the forthcoming years.

How Will Surging Demand for Electric Locks Affect Mechanical Locks Sales?

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.

In addition to this, the introduction of smart locks such as Ring and Nest by Google is also hampering sales of traditional mechanical locks. These locks include web-enabled security cameras that detect motion and send notifications when the user is away. These features offer optimal security in residential spaces and commercial spaces.

As these high-tech locks, biometric locks, and camera-enabled locks continue gaining traction in physical security applications, sales of mechanical locks might get hindered over the forecast period.

Country-wise Insights

What will Drive Mechanical Locks Sales in the U.S.?

As per FMI, the U.S. is expected to register high demand for mechanical locks over the forecast period. Sales of mechanical locks in North America are expected to increase at a 2% CAGR through 2031.

Increasing adoption of tubular and two-way locks in the residential sector in the U.S. is expected to bolster sales of mechanical locks. Rising security concerns in shared living spaces, hospitals, university accommodations, senior homes, and recreational facilities are spurring demand for mechanical locks.

In addition to this, the U.S. is home to a widespread retail sector that comprises numerous warehouses and storage facilities. These spaces require heavy-duty locking systems, most commonly deadlocks for easier access. This in turn is boosting sales of mechanical locks in the U.S.

Will the U.K. Continue Exhibiting High Demand for Mechanical Locks?

Sales of mechanical locks in Europe are slated to grow at a 3% CAGR through 2031, with the U.K. emerging as an attractive pocket. The presence of key market players along with high adoption rate of advanced security systems in the U.K. is expected to continue growth of the mechanical locks market over the forecast period.

The U.K. is a popular destination among travel enthusiasts, comprising numerous resorts, hotels, and recreational centers. Tourists lodging in hotels are worried about the safety of their belonging, which is compelling hotel owners to improve their security systems by adopting durable mortise locks and deadlocks.

Manufactures in the U.K. are also providing pre and post-installation services to improve sales and establish a firm foothold in the market. New entrants in the mechanical locks market in the U.K. are launching small and compact variants for the safety of smaller commodities like suitcases and lockers. Considering this, FMI has projected the mechanical locks market to expand at a steady pace in the U.K. over the assessment period.

How will Mechanical Locks Sales Fare Across China?

China is expected to emerge as an attractive mechanical locks market owing to easy availability of raw materials and the presence of vast metal industry. Stainless steel mechanical locks are popular across the globe, and China’s robust steel production is further boosting sales of stainless steel locks in the country.

This is expected to continue fostering growth of the mechanical locks market in China. Further, increasing demand for two-way locks in the residential and commercial sectors is expected to provide tailwinds to mechanical locks sales in China through 2031.

Category-wise Insights

Stainless Steel Mechanical Locks to Remain Highly Sought-After

In terms of material, the stainless steel segment is expected to expand at a steady pace over the forecast period. Mechanical locks made of stainless steel offer higher resistance against environmental factors and hazards such as fire, heat, corrosion.

Besides this, the weight-to-strength ratio in stainless steel mechanical locks potentially reduces manufacturing costs. These factors are expected to continue boosting sales of stainless steel mechanical locks over the assessment period.

Applications of Mechanical Locks in External Facilities to Gain Traction

Based on applications, sales of mechanical locks in the external facilities segment are expected to account for a dominant share of the global mechanical locks market.  Increasing incidence of lock-picking in external facilities, along with growing demand for tubular locking systems to ensure optimal safety are pushing sales of mechanical locks in external facilities.

Manufacturers in the mechanical locks market are offering customized solutions for external facilities, comprising multiple key-control locks, advanced deadbolt locks, and tubular locks to improve sales in this segment.

What is Driving Sales of Mortise Locks?

As per FMI’s analysis, the mortise locks segment is projected to dominate the product category in the mechanical locks market. Door security in commercial and residential spaces is paramount. Mortise locks are reliable and strong, offer optimal protection from burglars, and are more aesthetically pleasing than cylindrical locks.

These locks are more versatile than cylindrical locks and can be used in all types of doors and furniture. Mortise locks comprise a robust and special locking system fitted to the inside of a door. The door's thickness must range from 45mm to 1.75 inches for better results. Increasing demand for effective door locking systems is expected to propel sales of mortise locks through 2031.

Why is Demand for Grade 1 Mechanical Locks High?  

In terms of grade type, sales of grade 1 mechanical locks are expected to increase significantly over the forecast period. Grade 1 locks are heavy-duty commercial security systems. These locks are mainly used in commercial and industrial applications, but they can also be used in residential spaces for higher security requirements.

Business owners and external facility owners are preferring grade 1 locks for their maximum security and durability, which in turn is pushing sales of grade 1 mechanical locks. This trend is expected to continue over the forecast period, opines FMI.

Competition Landscape

Leading players operating in the global mechanical locks market are focusing on expanding their product portfolio by investing in research and development. Apart from this, players are expanding their production facilities through mergers, acquisitions, and collaborations to gain a competitive edge in the market. For instance:

• In September 2021, ASSA ABLOY signed a definitive agreement to acquire the hardware and Home Improvement division of Spectrum Brands. Spectrum Brand's Hardware and Home division is a leading provider of security, builders' and plumbing hardware products in North America with a wide portfolio of locksets, faucets, and other hardware for the residential sector.
• In October 2020, Mul-T-Lock launched MTL300, a high-security and cost-effective locking solution for residential and small-to-medium business consumers. The MTL300 is an entry-level locking solution that offers advanced, patented technology and protection, complying with international standards.

Scope of Report

FAQs the Study Answers

• What is the current value of the global mechanical locks market?

  The global mechanical locks market is expected to reach a valuation of approximately US$ 6.5 Bn in 2021.

• At what rate did the global mechanical locks market grow between 2016 and 2020?

  The global mechanical locks market grew at a 4% CAGR between 2016 and 2020.

• What are the key trends boosting mechanical locks sales?

  Growing preference for deadbolt locks for improved security, coupled with surging demand for interconnected and tubular locks are key trends driving sales in the mechanical locks market.

• What is the total share of top 5 players operating in the global mechanical locks market?

  Top 5 players in the global mechanical locks market are expected to hold around 10-15% of the total market share.

• Who are the leading players in the global mechanical locks market?

  Serrature Meroni Spa, DOM Security, Codelocks Inc., ECO Shulte GmbH & Co. KG, ASSA ABLOY AB, The Eastern Company, Dormakaba Holdings are some of the leading players operating in the global mechanical locks market.

• What will be the demand outlook for North America mechanical locks market?

  North America mechanical locks market is projected to grow at a 2% CAGR during the forecast period.

• What will be the mechanical locks market share in Europe?

  The mechanical locks market in Europe is anticipated to expand at a 3% CAGR between 2021 to 2031.

• What is the current market share of Japan and South Korea in the global mechanical locks market?

  Japan and South Korea are anticipated to hold 35% and 21% of the global mechanical locks market share collectively.

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