Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Mechanical Locks Market is poised to touch USD 8.52 Bn by 2023 at an Impressive 4.80% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Market Overview
As stated by Market Research Future (MRFR)’s report, the global Mechanical Locks Market is estimated to acquire a substantial valuation of USD 8.52 billion over the assessment period (2018-2023). Various factors are likely to influence the remarkable growth at a 4.80% CAGR.
Significant factors anticipated to impact the global mechanical locks market through the forecast period are the constant rise in security concerns worldwide, which has consequently increased the need for high-security locking systems in commercial as well as residential areas. Consumer preference of deadbolt locks has witnessed a steady rise owing to its hardened steel bolts and advanced mechanism which offers a comparatively higher level of protection.
On the other hand, the growing application, and rising consumer preference of smart locks owing to their networked access control is expected to affect the growth of the global mechanical locks market during the review period.
Get Free Sample @ https://www.marketresearchfuture.com/sample_request/1886
Key Players and Industry Buzz
Allegion PLC (Ireland), August Bremicker Söhne KG (ABUS) (Germany), Assa Abloy (Sweden), Codelocks Inc. (U.S.), DOM Security (France), Draper Tools Ltd (U.K.), EVVA Sicherheitstechnologie GmbH (Austria), Nuova Oxidal SRL (Italy), Serrature Meroni SpA (Italy), and Spectrum Brands Inc. (U.S.).
June 2019 – Oaks Labs introduced their new product, Oaks Smart Locks, which is an advanced deadbolt lock equipped with Bluetooth technology, offline WiF bridge, auto-lock sensors, among other superior features.
April 2019 – Kwikset launched its new product: Kwikset Convert, which is a smart mechanical lock and will simply enhance a consumer’s traditional mechanical lock with certain technological features such as automation.
Segmental Analysis
The global Mechanical Locks Market is segmented based on the product type, grade, and raw material.
By the product type, the mechanical locks market is segmented into cylindrical locks, deadbolt, mortise locks, padlocks, and others. Among these, the mortise locks segment is accounted for the largest market valuation of USD 2132.39 million at a CAGR of 5.03% over the review period. Additionally, the deadbolt segment is expected to witness the highest CAGR of 5.41%.
Based on the grade, the market for mechanical locks is segmented into grade 1, grade 2, and grade 3. Among these, the grade lock and offers the highest security rates. Additionally, grade 1 locks have an extensive range of applications in schools, hospitals, and public buildings, among others.
Based on raw material, the market has been segmented into aluminium, copper, iron, stainless steel, and others. Among these, the copper segment is expected to witness maximum growth over the assessment period.
Regional Analysis
North America, followed by Europe Estimated to Lead the Global Mechanical Locks Market
Based on the region, the global mechanical locks market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
North America accounts for a substantial share of the global market for mechanical locks and is assessed to grow at a moderate growth rate. This is attributable to the constant product innovation taking place in this region. Additionally, the region is likely to flourish over the assessment period due to the rapid advancements undertaken for the inclusion of the raw materials in the manufacture of mechanical locks.
Europe is another notable region in the global mechanical locks market and has been assessed to grow at a moderate CAGR. Growth in the real estate sector in countries such as Germany, UK, France, among others, is expected to drive the mechanical locks market in the region consequently. Product innovation is regarded to be one of the major driving factors of the market across the globe.
Browse the market data and Information spread across 107 pages with 82 data tables and 22 figures of the report “Mechanical Locks Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/mechanical-locks-market-1886
The Asia Pacific (APAC) region is predicted to expand as a lucrative region for the global mechanical lock market and is estimated to exhibit a 5.41% CAGR. The growth in the Asia Pacific region is influenced by factors such as the economic growth in emerging countries of APAC such as Japan, China, and India, among others, which has created a vast scope of opportunities for global market players, thus attracting foreign investment. The cost-efficient labour and availability of raw material are also poised as a driving factor for the market over the review period.
The Middle East and Africa and Latin American regions are expected to acquire the smallest market share through the forecast period. This is attributed to the gradual growth expected in Latin America and the Middle East, which are likely to contribute to most of the market share.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.