Post-Pandemic Rebound Sales

Mechanical and Electromechanical Locks Market Set to Reach $26 Billion by 2028, Offering $7 Billion Expansion Prospects - Arizton

CHICAGO, May 31, 2023 /PRNewswire/ -- According to Arizton's latest research report, the mechanical and electromechanical locks market will grow at a CAGR of 5.43% during 2022-2028.

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Browse In-Depth TOC on the Mechanical and Electromechanical Locks Market   

331– Pages 
96 - Tables           
116 - Charts    

The rapid growth of smart homes is creating a significant impact on the mechanical and electromechanical locks market. Smart homes, equipped with internet-connected devices for remote monitoring and control of appliances, have become increasingly popular due to their convenience, security, and energy-efficient features.

As more homeowners embrace smart home technology, the demand for advanced locking systems, such as mechanical and electromechanical locks, is rising. Smart locks, a key component of smart home ecosystems, offer homeowners a wide range of benefits, including remote access control, enhanced security features, and seamless integration with other smart devices.

The convenience factor of smart locks cannot be overlooked. With the integration of smart locks into smart home systems, users can remotely lock and unlock their doors using mobile applications or voice commands. This eliminates the need for physical keys and allows homeowners to grant temporary access codes to visitors, service providers, or housemates without physical interaction.

Moreover, integrating smart locks with energy management systems in smart homes contributes to the growing demand for energy-efficient living. Homeowners can remotely monitor and control the lock status, ensuring doors are securely locked when the house is unoccupied. This enhances security and helps conserve energy by minimizing unnecessary heating or cooling of the home.

The increasing adoption of smart home technologies and the demand for a convenient and energy-efficient living are driving vendors in the mechanical and electromechanical locks market to innovate and develop technologically advanced lock solutions. Product innovation, partnerships with technology providers, and strategic collaborations are some of the strategies vendors employ to meet smart homeowners' evolving needs.

As the smart home trend continues to gain momentum, the mechanical and electromechanical locks market is set to experience substantial growth. Vendors who effectively tap into this market and offer innovative, secure, and seamlessly integrated locking solutions will find themselves at the forefront of the smart home revolution, catering to the evolving demands of modern homeowners worldwide.

Mechanical And Electromechanical Locks Market Report Scope

Report Attributes	Details
Market Size (2028)	USD 26.22 Billion
Market Size (2022)	USD 19.10 Billion
CAGR (2022-2028)	5.43 %
Base Year	2022
Forecast Year	2023-2028
Market Segmentation	Product Type, Installation, End-User, and Geography
Geographic Analysis	North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered	China, Japan, South Korea, India, Australia, Singapore, Germany, the UK, France, Italy, Spain, Poland, Russia, the US, Canada, Mexico, Brazil, Argentina, Peru, Chile, UAE, Turkey, Saudi Arabia, South Africa, and Kenya

 

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Key Insights

• The size of the household has rapidly shrunk. In Europe, the average size of households declined from 3.1 persons in 1968 to 2.3 in 2019. The rapid rise in the number of two-person or single-person households in developed countries has also fueled the demand for new housing.
• An increase in new hotels and rooms presents opportunities for mechanical and electromechanical locks. The growing need for digital access control capabilities in hotels drives the demand for electromechanical locks.
• The electromechanical locks segment has high potential globally and is expected to add revenue of $3.3 billion.
• Amid the COVID-19 outbreak, some construction activities are still expected to rebound positively in the market, such as R&D investment and renovation activities. The global locks market was expected to gradually increase in 2022 and reach pre-covid levels from 2023 through 2027.
• Hospitals are important for vendors as they run on high capacity and need replacement doors with the potential to access control systems, thereby driving the demand for mechanical and electromechanical locks.
• As more consumers are willing to purchase smart locks and adopt digital access control systems, vendors must develop easy-to-set-up and operate mobile applications and locking systems, with the residential dwelling segment being the focus area.

APAC Emerges as Leading Force in Global Mechanical and Electromechanical Locks Market, Fueled by Construction Boom and Millennial Demand

In a recent market analysis, the Asia-Pacific (APAC) region emerged as the largest and fastest-growing mechanical and electromechanical locks market, capturing over 39% of the market share in 2022. APAC, home to some of the most dynamic and emerging economies such as China, Japan, and India, has witnessed significant investor attention in residential and commercial building construction activities. The region's robust infrastructure demands and a substantial millennial population, particularly in China and India, make it an attractive area of interest for vendors in the building construction business.

India and China boast an impressive millennial population, exceeding 409 million individuals, nearly five times more than the United States. This demographic factor, combined with increasing investments in new construction, renovation, and retrofit activities, positions the APAC market as a lucrative opportunity for generating new revenue in the mechanical and electromechanical locks sector. Furthermore, Europe's mechanical and electromechanical locks market is experiencing notable growth, driven by installing locks in new buildings and a high demand for renovations and retrofit activities, particularly for digital access control systems. The demand for locks in retrofit and renovation projects accounts for a significant portion of the unit demand in Europe. The region's construction market, encompassing commercial, non-residential, and civil sectors, is witnessing broad-based growth, fueling the demand for mechanical and electromechanical locks in new construction and renovation activities.

The thriving construction activities in APAC and Europe present ample opportunities for businesses operating in the mechanical and electromechanical locks market. With a focus on meeting the growing security needs of buildings and infrastructures, vendors in the industry can expect to leverage the increasing demand for locks in these regions, further driving the market growth. Hence, APAC leads the global mechanical and electromechanical locks market, propelled by robust construction activities and a significant millennial population. The region's high infrastructure demands and growing investment in construction activities position it as a key growth area for the mechanical and electromechanical locks market. Similarly, Europe's market is driven by construction growth and the demand for locks in renovation and retrofit projects. As these regions continue to witness expansion in the construction sector, the mechanical and electromechanical locks market is poised for further development and business opportunities.

Market Segmentation Analaysis

Product Type: The global mechanical and electromechanical locks market is divided into two segments: mechanical and electromechanical locks. Mechanical locks, which require manual operation with a physical key, dominated the market in 2022 due to their widespread adoption and compatibility with different door types. These locks are commonly used in residential settings and offer affordability and ease of use. They are also utilized in automatic and glass doors as terminal locking systems to ensure security when premises are closed. The demand for mechanical locks is driven by the installation of manual doors and the need for enhanced security.

Installation Type: The replacement installation type emerged as the dominant force in the global mechanical and electromechanical locks market in 2022. This is primarily driven by the demand for replacement doors in renovation and retrofit activities, which is prevalent worldwide. APAC and Europe lead in the market for replacement locks, as many existing commercial buildings in these regions are not energy efficient. North America follows Europe regarding market size, with building owners seeking advanced access control systems. The demand for replacement locks is directly linked to door replacements, the growing trend of DIY activities, and the increasing need for enhanced premises security. A key driving trend is emphasizing energy efficiency, highlighting the importance of fenestration in buildings. Additionally, emerging economies such as China, India, Brazil, and others are expected to experience significant growth in new construction projects across sectors like hospitality, healthcare, and real estate, further driving the mechanical and electromechanical locks market in the new construction segment.

End-User: The hospitality segment will hold over 26% of the global mechanical and electromechanical locks market 2022. While the end-user segment shows a mix of mechanical and electromechanical locks, certain sectors, such as hospitality and corporate, prefer electromechanical and electronic locks. In contrast, the residential and retail segments are expected to adopt a combination of mechanical and electromechanical locks in the coming years.

The corporate segment is anticipated to experience steady growth in the mechanical and electromechanical locks market from 2023 to 2028. As the world recovers from the impact of the COVID-19 pandemic and corporate offices return to full capacity, significant investments are being made in constructing office spaces and renovating and retrofitting access control systems. The corporate sector is particularly inclined toward electronic locks and networked access control systems, following a similar trend to the hospitality segment. Additionally, there is a growing potential for installing digital lock kits to upgrade existing mechanical locks within the corporate segment.

Overall, the hospitality sector is set to dominate the market, while the corporate segment shows promising growth potential, driven by construction activities and the adoption of advanced access control systems.

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Key Company Profiles

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

Market Segmentation

Product Type

• Mechanical Locks
• Electromechanical Locks

Installation

• Replacement
• New Construction

End-User

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

Geography

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

Table of Content

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 THE 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 THE 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

23.2 ASSA ABLOY

23.3 DORMAKABA GROUP

23.4 GEZE

23.5 GRETSCH-UNITAS (G-U)

23.6 HONEYWELL

23.7 HORMANN

23.8 MASTER LOCK

23.9 NOVOFERM

23.10 TECKENTRUP

24 OTHER PROMINENT VENDORS

24.1 ABUS

24.2 ALBAN GIACOMO

24.3 BRISANT-SECURE

24.4 BALDWIN HARDWARE

24.5 CAL-ROYAL

24.6 CODELOCKS

24.7 DELTANA ENTERPRISES

24.8 DOM SECURITY

24.9 DYNASTY HARDWARE

24.10 GODREJ

24.11 GUANGDONG ARCHIE HARDWARE

24.12 HAGER GROUP

24.13 HAMPTON PRODUCTS INTERNATIONAL

24.14 ISEO

24.15 KASON HARDWARE

24.16 KEYU INTELLIGENCE CO (HUNE)

24.17 KIWI

24.18 LAWRENCE HARDWARE

24.19 OUBAO

24.20 ONITY

24.21 PERCO

24.22 PRIME-LINE PRODUCTS

24.23 REJUVENATION

24.24 SAFETRON

24.25 SOUTHCO

24.26 SOMFY

24.27 TELL MANUFACTURING

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

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