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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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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