Mechanical and Electromechanical Locks Market - Global Outlook & Forecast 2023-2028

Mechanical and Electromechanical Locks Market - Global Outlook & Forecast 2023-2028

The global mechanical and electromechanical locks market is expected to grow at a CAGR of 5.43% from 2022-2028.

MARKET TRENDS & DRIVERS

Increasing Demand for Wireless Access Control & Locking

Electronic or digital access control system accessories and products, which were earlier dedicatedly utilized in commercial spaces, found unprecedented adoption in large hotel chains. It has become hard not to list any large hotel which hands out conventional keys for mechanical locks on room doors. Electronic or digital access control locking systems have features such as high-end security, convenience, user activity management, smartphone connectivity, and other wireless access features that are anticipated to grow at a significant value in the upcoming years. Such factors are projected to support the mechanical and electromechanical locks market growth.

Rising Number of Smart Homes

Smart Home is a rapidly growing market due to the booming demand for energy-efficient and intelligent technologies enabling people to remotely control their residence appliances and other household systems. Thus, the growing demand for smart homes is expected to increase opportunities for electromechanical lock vendors as people are equipping their smart homes with various smart devices, such as smart locks.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT TYPE

The global mechanical and electromechanical locks market is segmented into mechanical locks (requiring a physical key and manual operation to lock/unlock) and electromechanical locks (using electronic circuits and digital parameters for locking and unlocking). The mechanical locks segment dominated the market in 2022 due to their widespread adoption worldwide and high compatibility with all common door types. Mechanical locks require user assistance to lock and unlock doors. The residential segment extensively uses mechanical locks for their relatively low price and easy operation. These locks are available in several types, including padlocks, cylinders, deadbolts, and mortise. The growth of the mechanical locks industry is also proportional to the installation of manual doors. Mechanical locks also have adoption in automatic and glass doors as terminal locking systems. They are installed to keep doors closed when the premises are shut. For instance, they are used in retail outlets, corporate properties, or premises at night. Hence, such developments are also propelling the demand for mechanical locks across the globe.

Segmentation by Product Type

• Mechanical Locks
• Electromechanical Locks

INSIGHTS BY INSTALLATION TYPE

• The replacement installation type dominated the global mechanical and electromechanical locks market 2022. The demand for replacement doors is higher in renovation and retrofit activities and is prevalent globally, therefore, driving the demand for replacement locks. APAC and Europe lead the market for replacement locks as most of the existing commercial building stock could be more energy efficient in these regions. North America follows Europe regarding market size as building owners seek advanced access control systems in their buildings and homes. The demand for replacement locks is directly connected to the replacement of doors, the rising trend of DIY activities, and the increasing need for advancing the security of the premises. Regarding the replacement demand for locks, the current driving trend is the increasing growth toward energy efficiency, which brings the overall fenestration of buildings to the forefront. Also, consumers and building owners are increasingly adopting new doors for their buildings, especially external and entry doors.
• Further, emerging economies such as China, India, Brazil & others are expected to significantly grow in constructing new buildings. Numerous construction projects related to hospitality, healthcare, real estate, and others are lined up, which will favor the new construction segment's mechanical and electromechanical locks market growth.

Segmentation by Installation

• Replacement
• New Construction

INSIGHTS BY END-USER

The hospitality segment is expected to dominate the global mechanical and electromechanical locks market, with a share of over 26% in 2022. The end-user segment follows a mix of mechanical and electromechanical locks, with some segments presenting a rising inclination toward electromechanical and electronic locks. For instance, the hospitality and corporate segments accounted for a high share of the electromechanical locks market in 2022. In contrast, the residential and retail segments are expected to adopt more mechanical and electromechanical locks during the forecast period.

Segmentation by End-User

• Hospitality
• Corporate
• Retail
• Healthcare
• Residential
• Education
• Others

GEOGRAPHICAL ANALYSIS

APAC was the largest and fastest-growing mechanical and electromechanical locks market, accounting for over 39% share in 2022. Comprising the most emerging economies globally, China, Japan, and India are expected to witness considerable investor attention in residential and commercial building construction activities. Moreover, APAC comprises a large millennial population, especially in countries such as China and India.

Segmentation by Geography

• APAC
• China
• Japan
• South Korea
• India
• Australia
• Singapore
• Europe
• Germany
• The U.K.
• France
• Italy
• Spain
• Poland
• Russia
• North America
• The U.S.
• Canada
• Latin America
• Mexico
• Brazil
• Argentina
• Peru
• Chile
• Middle East and Africa
• UAE
• Turkey
• Saudi Arabia
• South Africa
• Kenya

COMPETITIVE LANDSCAPE

The global mechanical and electromechanical locks market is highly competitive, with many public and private companies. These vendors typically compete on key ranges such as product design, reliability, quality, support services, and price. The instant technological advancements adversely impact the market vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to alter and enhance their unique value proposition (UVP) to achieve a strong market presence.

Key Company Profiles

• Allegion
• ASSA ABLOY
• dormakaba Group
• Geze
• Gretsch-Unitas
• Honeywell
• Hormann
• Master Lock
• NOVOFERM
• TECKENTRUP

Other Prominent Vendors

• ABUS
• Alban Giacomo
• Brisant-Secure
• Baldwin Hardware
• Cal-Royal
• Codelocks
• Deltana Enterprises
• DOM Security
• Dynasty Hardware
• Godrej
• Guangdong Archie Hardware
• Hager Group
• Hampton Products International
• ISEO
• Kason Hardware
• Keyu Intelligence Co
• Kiwi
• Lawrence Hardware
• Oubao
• Onity
• PERCo
• PRIME-LINE Products
• Rejuvenation
• SAFETRON
• Southco
• Somfy
• Tell Manufacturing

KEY QUESTIONS ANSWERED:

1. How big is the mechanical and electromechanical locks market?

2. What is the growth rate of the global mechanical and electromechanical locks market?

3. Which region dominates the global mechanical and electromechanical locks market share?

4. What are the significant mechanical and electromechanical locks market trends?

5. Who are the key players in the global mechanical and electromechanical locks market?