Global Mechanical Locks Market Projected To Grow At A CAGR Of Over 5.1% During 2020–2026 - ZMR

Global Mechanical Locks market, which is likely to accrue revenue of nearly 9.16(USD Billion) by 2026, will register a CAGR of nearly 5.1% during the period from 2020 to 2026.

According to analysts at Zion Market Research, the global mechanical locks market is anticipated to witness a growth at a CAGR of about 5.1% during the forecast period 2020–2026. The market is likely to reach approximately USD 9.16 billion by 2026. The surging security concerns amongst consumers are propelling the demand for high-security locking systems in residential and commercial spaces. In addition, the mechanical locks are also needed at the electrical locking, in case of a system fault, which, in return, surges the demand moreover. Besides, the augmenting demand for waterproof padlocks in marine applications has impelled the development of the global market during 2020–2026. The weatherproof padlocks provide safeguard grit since they are equipped with a protected keyway and plastic cover. Also, these locks are keyless, portable, and resistant to severe weather conditions and saltwater, and they have the prospect for wider application in the marine industry.

Some of the key players in the market are DOM Security, Spectrum Brands Holdings, Inc., Draper Tools Ltd., Allegion PLC, Codelocks Inc., EVVA Sicherheitstechnologie GmbH, August Bremicker Söhne KG, Nuova Oxidal SRL, Serrature Meroni SpA, Assa Abloy AB, The Eastern Company, dormakaba International Holding GmbH, ECO Schulte GMBH & Co. KG, and Godrej & Boyce Manufacturing Company Limited.

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Demand For Mechanical Locks From Various Industries To Boost The Global Mechanical Locks Market

The major driving aspects of the market are surge in the usage of mechanical locks for the physical security applications and its cost-effectiveness. The mechanical locks market is impelling as rising usage of mechanical locks across households (especially in a rural area) and small-scale industries are another aspect boosting the market. The need for mechanical locks is augmenting in numerous electrical locking devices, which is boosting the global mechanical locks market.

The global mechanical locks market is bifurcated on the basis of application, material, type, and regional analysis. Based on the application, the market is divided into doors, bicycles, furniture, suitcase, and others. Based on the material, the market is divided into copper, stainless steel, iron, aluminum, and others. Based on the type, the market is divided into mortise locks, padlocks, deadbolt, cylindrical locks, and others.

The Asia Pacific Region Estimated To Register Major Share In The Global Mechanical Locks Market

Based on the geographical analysis, the global mechanical locks market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The Asia Pacific region is projected to hold the major share of the market during the forecasted period. The construction activities are increasing and the existence of manufacturers of mechanical locks is huge across this region. In emerging countries, such as in India and China, the robust construction activities are augmenting the demand for mechanical locks. China is projected to witness the largest share of the market across this region owing to the constant product innovation and superior raw materials availability in this country.

The global mechanical locks market is segmented as follows:

By application:

Bicycles
Doors
Furniture
Suitcase
Other

By material:

Aluminum
Stainless Steel
Copper
Iron
Others

By type:

Deadbolt
Padlocks
Mortise Locks
Cylindrical Locks
Others

By region:

North America
The U.S.
Canada

Europe
France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific

Latin America
Brazil
Mexico
Rest of Latin America

Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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