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The mechanical locks market covers the following areas:
Mechanical Locks Market - Driver
The increase in demand for emerging economies is one of the key factors driving the mechanical locks market growth. There has been a growth in urbanization and a rise in infrastructural investments, which are subsequently boosting the growth of the construction industry in developing nations such as India and Indonesia. Therefore, the demand for mechanical locks in developing countries by the end-user industries such as residential, non-residential, and infrastructure is expected to drive the market growth during the forecast period. Furthermore, mechanical locks are considered as essential components of security by keeping the doors closed until a release mechanism is activated. They fulfill the growing needs of safety and privacy and provide ease of use comparatively than digital locks.
Mechanical Locks Market - Challenge
The increase in the priority of smart locks is a key challenge for mechanical locks market share growth. Smart locks, also known as digital locks, provide more flexibility to access remotely through wireless tech networks such as Bluetooth, Wi-Fi, and Z-Wave through the smartphone of users. Smart locks are primarily used in the residential sectors as they are considered luxury installations and provide high security with their innovative locking systems, eliminating the mandate to carry keys. Furthermore, many smart locks have advanced security features such as HID smart cards and mobile credentials.
Mechanical Locks Market - Segmentation
The Mechanical Locks Market is segmented by End-user (Commercial and Residential) and Geography (APAC, South America, MEA, North America, and Europe).
Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Companies Mentioned
The mechanical locks market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Abus August Bremicker Sohne KG
- Allegion Plc
- ASSA ABLOY AB
- Codelocks Ltd.
- Draper Tools Ltd.
- Edilportale.com SpA
- EVVA Sicherheitstechnologie GmbH
- Serrature Meroni SpA
- SFPI Group
- Spectrum Brands Holdings Inc.
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Related Reports:
Digital Door Locks Market -The digital door locks market has the potential to grow by USD 6.67 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 22.05%. Download a free sample now!
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Mechanical Locks Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 7.67% |
Market growth 2022-2026 |
USD 2.52 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.45 |
Regional analysis |
APAC, South America, MEA, North America, and Europe |
Performing market contribution |
APAC at 64% |
Key consumer countries |
China, India, Brazil, Indonesia, and Pakistan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Abus August Bremicker Sohne KG, Allegion Plc, ASSA ABLOY AB, Codelocks Ltd., Draper Tools Ltd., Edilportale.com SpA, EVVA Sicherheitstechnologie GmbH, Serrature Meroni SpA, SFPI Group, and Spectrum Brands Holdings Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized |
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SOURCE Technavio
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