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

Description

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?

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.1 MARKET SEGMENTS
- 4.1.1 MARKET SEGMENTATION BY TYPE
- 4.1.2 MARKET SEGMENTATION BY INSTALLATION
- 4.1.3 MARKET SEGMENTATION BY END-USER
- 4.1.4 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1.1 DRIVING FACTORS
6.1.2 PRODUCT SEGMENTS - LOCK TYPE
6.1.3 SEGMENTATION BY INSTALLATION TYPE
6.1.4 SEGMENTATION BY END USER
6.1.5 COMPETITIVE LANDSCAPE

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW
8.2 DRIVING FACTORS
- 8.2.1 ADVANCES IN WIRELESS ACCESS CONTROL SYSTEM
- 8.2.2 RISING GLOBAL CONSTRUCTION PUSH THE DEMAND FOR DIGITAL LOCKING SYSTEM
- 8.2.3 FABRICATOR DOORS FROM RESIDENTIAL SECTORS BOOST IMMENSE GROWTH FOR ELECTROMECHANICAL LOCKS MARKET.
- 8.2.4 MECHANICAL & ELECTROMECHANICAL LOCKS GLOBAL MARKET REVIEW
- 8.2.5 KEY HIGHLIGHTS OF GLOBAL RESIDENTIAL CONSTRUCTION SECTOR
8.3 VALUE CHAIN ANALYSIS
- 8.3.1 RAW MATERIAL SUPPLIER
- 8.3.2 MANUFACTURER
- 8.3.3 DISTRIBUTOR/WHOLESALER
- 8.3.4 INTEGRATOR/ INSTALLER
- 8.3.5 END-USER
8.4 IMPACT OF COVID-19 AND RUSSIA INVASION
- 8.4.1 PANDEMIC IMPACTS IN 2020 - 2022
- 8.4.2 RUSSIA & UKRAINE GLOBAL IMPACT

9 MARKET OPPORTUNITIES & TRENDS

9.1 INCREASING DEMAND FOR WIRELESS ACCESS CONTROL & LOCKING
9.2 RISING HOUSING INVESTMENTS
9.3 RISING EMERGENCE OF NEW TECHNOLOGIES (IOT, AI/ML)
9.4 INCREASING NUMBER OF SMART HOMES

10 MARKET GROWTH ENABLERS

10.1 GROWING CONSTRUCTION IN COMMERCIAL SECTOR
- 10.1.1 MANUFACTURING INDUSTRY:
- 10.1.2 HOSPITALITY:
- 10.1.3 CORPORATE OFFICES:
10.2 INCREASING DEMAND FOR DIGITAL LOCKS FROM COWORKING SPACES
10.3 IMMENSE DEMAND FOR ELECTRONIC ACCESS CONTROL FROM HOSPITALITY SECTOR
10.4 INCREASING DEMAND FOR SAFETY & CONVENIENCE

11 MARKET GROWTH RESTRAINTS

11.1 GROWING SECURITY RISKS IN SMART DEVICES
11.2 INCREASING RESTRAINTS IN CONSTRUCTION INDUSTRY
- 11.2.1 INTERRUPTED GLOBAL BUILDING CONSTRUCTION INDUSTRY
- 11.2.2 NON-PROFITABLE COST TRADE-OFF
11.3 VOLATILITY IN RAW MATERIALS
11.4 RISING TURBULENT POLITICAL & TRADE RELATIONS
11.5 COMPETITIVE MARKETPLACE

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW
12.2 GEOGRAPHIC INSIGHTS
12.3 MARKET SIZE & FORECAST
12.4 FIVE FORCES ANALYSIS
- 12.4.1 THREAT OF NEW ENTRANTS
- 12.4.2 BARGAINING POWER OF SUPPLIERS
- 12.4.3 BARGAINING POWER OF BUYERS
- 12.4.4 THREAT OF SUBSTITUTES
- 12.4.5 COMPETITIVE RIVALRY

13 PRODUCT TYPE

13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 MECHANICAL LOCKS
- 13.3.1 MARKET OVERVIEW
- 13.3.2 MARKET SIZE & FORECAST
- 13.3.3 MARKET BY GEOGRAPHY
13.4 ELECTROMECHANICAL LOCKS
- 13.4.1 MARKET OVERVIEW
- 13.4.2 MARKET SIZE & FORECAST
- 13.4.3 MARKET BY GEOGRAPHY

14 INSTALLATION

14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 REPLACEMENT
- 14.3.1 MARKET OVERVIEW
- 14.3.2 MARKET SIZE & FORECAST
- 14.3.3 MARKET BY GEOGRAPHY
14.4 NEW CONSTRUCTION
- 14.4.1 MARKET OVERVIEW
- 14.4.2 MARKET SIZE & FORECAST
- 14.4.3 MARKET BY GEOGRAPHY

15 END-USER

15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 HOSPITALITY
- 15.3.1 MARKET OVERVIEW
- 15.3.2 MARKET SIZE & FORECAST
- 15.3.3 MARKET BY GEOGRAPHY
15.4 CORPORATE
- 15.4.1 MARKET OVERVIEW
- 15.4.2 MARKET SIZE & FORECAST
- 15.4.3 MARKET BY GEOGRAPHY
15.5 RETAIL
- 15.5.1 MARKET OVERVIEW
- 15.5.2 MARKET SIZE & FORECAST
- 15.5.3 MARKET BY GEOGRAPHY
15.6 HEALTHCARE
- 15.6.1 MARKET OVERVIEW
- 15.6.2 MARKET SIZE & FORECAST
- 15.6.3 MARKET BY GEOGRAPHY
15.7 RESIDENTIAL
- 15.7.1 MARKET OVERVIEW
- 15.7.2 MARKET SIZE & FORECAST
- 15.7.3 MARKET BY GEOGRAPHY
15.8 EDUCATION
- 15.8.1 MARKET OVERVIEW
- 15.8.2 MARKET SIZE & FORECAST
- 15.8.3 MARKET BY GEOGRAPHY
15.9 OTHERS
- 15.9.1 MARKET OVERVIEW
- 15.9.2 WAREHOUSES
- 15.9.3 GOVERNMENT SECTOR
- 15.9.4 TRANSPORT & LOGISTICS
- 15.9.5 MARKET SIZE & FORECAST
- 15.9.6 MARKET BY GEOGRAPHY

16 GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.2 GEOGRAPHIC OVERVIEW

17 APAC

17.1 MARKET OVERVIEW
17.2 MARKET SIZE & FORECAST
17.3 PRODUCT TYPE
- 17.3.1 MARKET SIZE & FORECAST
17.4 INSTALLATION
- 17.4.1 MARKET SIZE & FORECAST
17.5 END-USER
- 17.5.1 MARKET SIZE & FORECAST
17.6 KEY COUNTRIES
- 17.6.1 CHINA: MARKET SIZE & FORECAST
- 17.6.2 JAPAN: MARKET SIZE & FORECAST
- 17.6.3 SOUTH KOREA: MARKET SIZE & FORECAST
- 17.6.4 INDIA: MARKET SIZE & FORECAST
- 17.6.5 AUSTRALIA: MARKET SIZE & FORECAST
- 17.6.6 SINGAPORE: MARKET SIZE & FORECAST

18 EUROPE

18.1 MARKET OVERVIEW
- 18.1.1 CONSTRUCTION OVERVIEW IN EUROPE
18.2 MARKET SIZE & FORECAST
18.3 PRODUCT TYPE
- 18.3.1 MARKET SIZE & FORECAST
18.4 INSTALLATION
- 18.4.1 MARKET SIZE & FORECAST
18.5 END-USER
- 18.5.1 MARKET SIZE & FORECAST
18.6 KEY COUNTRIES
- 18.6.1 GERMANY: MARKET SIZE & FORECAST
- 18.6.2 UK: MARKET SIZE & FORECAST
- 18.6.3 FRANCE: MARKET SIZE & FORECAST
- 18.6.4 ITALY: MARKET SIZE & FORECAST
- 18.6.5 SPAIN: MARKET SIZE & FORECAST
- 18.6.6 POLAND: MARKET SIZE & FORECAST
- 18.6.7 RUSSIA: MARKET SIZE & FORECAST

19 NORTH AMERICA

19.1 MARKET OVERVIEW
19.2 MARKET SIZE & FORECAST
19.3 PRODUCT TYPE
- 19.3.1 MARKET SIZE & FORECAST
19.4 END-USER
- 19.4.1 MARKET SIZE & FORECAST
19.5 INSTALLATION
- 19.5.1 MARKET SIZE & FORECAST
19.6 KEY COUNTRIES
- 19.6.1 US: MARKET SIZE & FORECAST
- 19.6.2 CANADA: MARKET SIZE & FORECAST

20 LATIN AMERICA

20.1 MARKET OVERVIEW
20.2 MARKET SIZE & FORECAST
20.3 PRODUCT TYPE
- 20.3.1 MARKET SIZE & FORECAST
20.4 INSTALLATION
- 20.4.1 MARKET SIZE & FORECAST
20.5 END-USER
- 20.5.1 MARKET SIZE & FORECAST
20.6 KEY COUNTRIES
- 20.6.1 MEXICO: MARKET SIZE & FORECAST
- 20.6.2 BRAZIL: MARKET SIZE & FORECAST
- 20.6.3 ARGENTINA: MARKET SIZE & FORECAST
- 20.6.4 PERU: MARKET SIZE & FORECAST
- 20.6.5 CHILE: MARKET SIZE & FORECAST

21 MIDDLE EAST & AFRICA

21.1 MARKET OVERVIEW
21.2 MARKET SIZE & FORECAST
21.3 PRODUCT TYPE
- 21.3.1 MARKET SIZE & FORECAST
21.4 END-USER
- 21.4.1 MARKET SIZE & FORECAST
21.5 INSTALLATION
- 21.5.1 MARKET SIZE & FORECAST
21.6 KEY COUNTRIES
- 21.6.1 UAE: MARKET SIZE & FORECAST
- 21.6.2 TURKEY: MARKET SIZE & FORECAST
- 21.6.3 SAUDI ARABIA: MARKET SIZE & FORECAST
- 21.6.4 SOUTH AFRICA: MARKET SIZE & FORECAST
- 21.6.5 KENYA: MARKET SIZE & FORECAST

22 COMPETITIVE LANDSCAPE

22.1 COMPETITION OVERVIEW
- 22.1.1 NEW DOORS NEED NEW LOCKS

23 KEY COMPANY PROFILES

23.1 ALLEGION
- 23.1.1 BUSINESS OVERVIEW
- 23.1.2 PRODUCT OFFERINGS
- 23.1.3 KEY STRENGTHS
- 23.1.4 KEY STRATEGIES
- 23.1.5 KEY OPPORTUNITY
23.2 ASSA ABLOY
- 23.2.1 BUSINESS OVERVIEW
- 23.2.2 PRODUCT OFFERINGS
- 23.2.3 KEY STRENGTHS
- 23.2.4 KEY STRATEGIES
- 23.2.5 KEY OPPORTUNITIES
23.3 DORMAKABA GROUP
- 23.3.1 BUSINESS OVERVIEW
- 23.3.2 PRODUCT OFFERINGS
- 23.3.3 KEY STRENGTHS
- 23.3.4 KEY STRATEGIES
- 23.3.5 KEY OPPORTUNITY
23.4 GEZE
- 23.4.1 BUSINESS OVERVIEW
- 23.4.2 PRODUCT OFFERINGS
- 23.4.3 KEY STRENGTHS
- 23.4.4 KEY STRATEGIES
- 23.4.5 KEY OPPORTUNITY
23.5 GRETSCH-UNITAS (G-U)
- 23.5.1 BUSINESS OVERVIEW
- 23.5.2 PRODUCT OFFERINGS
- 23.5.3 KEY STRENGTHS
- 23.5.4 KEY STRATEGIES
- 23.5.5 KEY OPPORTUNITY
23.6 HONEYWELL
- 23.6.1 BUSINESS OVERVIEW
- 23.6.2 PRODUCT OFFERINGS
- 23.6.3 KEY STRATEGIES
- 23.6.4 KEY STRENGTHS
- 23.6.5 KEY OPPORTUNITIES
23.7 HORMANN
- 23.7.1 BUSINESS OVERVIEW
- 23.7.2 PRODUCT OFFERINGS
- 23.7.3 KEY STRATEGIES
- 23.7.4 KEY STRENGTHS
- 23.7.5 KEY OPPORTUNITIES
23.8 MASTER LOCK
- 23.8.1 BUSINESS OVERVIEW
- 23.8.2 PRODUCT OFFERINGS
- 23.8.3 KEY STRATEGIES
- 23.8.4 KEY STRENGTHS
- 23.8.5 KEY OPPORTUNITIES
23.9 NOVOFERM
- 23.9.1 BUSINESS OVERVIEW
- 23.9.2 PRODUCT OFFERINGS
- 23.9.3 KEY STRATEGIES
- 23.9.4 KEY STRENGTHS
- 23.9.5 KEY OPPORTUNITIES
23.10 TECKENTRUP
- 23.10.1 BUSINESS OVERVIEW
- 23.10.2 PRODUCT OFFERINGS
- 23.10.3 KEY STRATEGIES
- 23.10.4 KEY STRENGTHS
- 23.10.5 KEY OPPORTUNITIES

24 OTHER PROMINENT VENDORS

24.1 ABUS
- 24.1.1 BUSINESS OVERVIEW
- 24.1.2 PRODUCT OFFERINGS
24.2 ALBAN GIACOMO
- 24.2.1 BUSINESS OVERVIEW
- 24.2.2 PRODUCT OFFERINGS
24.3 BRISANT-SECURE
- 24.3.1 BUSINESS OVERVIEW
- 24.3.2 PRODUCT OFFERINGS
24.4 BALDWIN HARDWARE
- 24.4.1 BUSINESS OVERVIEW
- 24.4.2 PRODUCT OFFERINGS
24.5 CAL-ROYAL
- 24.5.1 BUSINESS OVERVIEW
- 24.5.2 PRODUCT OFFERINGS
24.6 CODELOCKS
- 24.6.1 BUSINESS OVERVIEW
- 24.6.2 PRODUCT OFFERINGS
24.7 DELTANA ENTERPRISES
- 24.7.1 BUSINESS OVERVIEW
- 24.7.2 PRODUCT OFFERINGS
24.8 DOM SECURITY
- 24.8.1 BUSINESS OVERVIEW
- 24.8.2 PRODUCT OFFERINGS
24.9 DYNASTY HARDWARE
- 24.9.1 BUSINESS OVERVIEW
- 24.9.2 PRODUCT OFFERINGS
24.10 GODREJ
- 24.10.1 BUSINESS OVERVIEW
- 24.10.2 PRODUCT OFFERINGS
24.11 GUANGDONG ARCHIE HARDWARE
- 24.11.1 BUSINESS OVERVIEW
- 24.11.2 PRODUCT OFFERINGS
24.12 HAGER GROUP
- 24.12.1 BUSINESS OVERVIEW
- 24.12.2 PRODUCT OFFERINGS
24.13 HAMPTON PRODUCTS INTERNATIONAL
- 24.13.1 BUSINESS OVERVIEW
- 24.13.2 PRODUCT OFFERINGS
24.14 ISEO
- 24.14.1 BUSINESS OVERVIEW
- 24.14.2 PRODUCT OFFERINGS
24.15 KASON HARDWARE
- 24.15.1 BUSINESS OVERVIEW
- 24.15.2 PRODUCT OFFERINGS
24.16 KEYU INTELLIGENCE CO (HUNE)
- 24.16.1 BUSINESS OVERVIEW
- 24.16.2 PRODUCT OFFERINGS
24.17 KIWI
- 24.17.1 BUSINESS OVERVIEW
- 24.17.2 PRODUCT OFFERINGS
24.18 LAWRENCE HARDWARE
- 24.18.1 BUSINESS OVERVIEW
- 24.18.2 PRODUCT OFFERINGS
24.19 OUBAO
- 24.19.1 BUSINESS OVERVIEW
- 24.19.2 PRODUCT OFFERINGS
24.20 ONITY
- 24.20.1 BUSINESS OVERVIEW
- 24.20.2 PRODUCT OFFERINGS
24.21 PERCO
- 24.21.1 BUSINESS OVERVIEW
- 24.21.2 PRODUCT OFFERINGS
24.22 PRIME-LINE PRODUCTS
- 24.22.1 BUSINESS OVERVIEW
- 24.22.2 PRODUCT OFFERINGS
24.23 REJUVENATION
- 24.23.1 BUSINESS OVERVIEW
- 24.23.2 PRODUCT OFFERINGS
24.24 SAFETRON
- 24.24.1 BUSINESS OVERVIEW
- 24.24.2 PRODUCT OFFERINGS
24.25 SOUTHCO
- 24.25.1 BUSINESS OVERVIEW
- 24.25.2 PRODUCT OFFERINGS
24.26 SOMFY
- 24.26.1 BUSINESS OVERVIEW
- 24.26.2 PRODUCT OFFERINGS
24.27 TELL MANUFACTURING
- 24.27.1 BUSINESS OVERVIEW
- 24.27.2 PRODUCT OFFERINGS

25 REPORT SUMMARY

25.1 KEY TAKEAWAYS
25.2 STRATEGIC RECOMMENDATIONS

26 QUANTITATIVE SUMMARY

26.1 MARKET BY GEOGRAPHY
26.2 PRODUCT TYPE
- 26.2.1 MARKET SIZE & FORECAST
26.3 INSTALLATION
- 26.3.1 MARKET SIZE & FORECAST
26.4 END-USER
- 26.4.1 MARKET SIZE & FORECAST

27 APPENDIX

27.1 ABBREVIATIONS