Mechanical Locks Market Latest Advancements and Industry Outlook to 2024

The Global Mechanical Locks Market research is presumed to garner USD 8.52 billion during the forecast period (2018-2023). Owing to the deployment of mechanical locks at commercial, residential, and industrial spaces, the global mechanical locks market is expanding at a rapid pace. The global market is predicted to demonstrate 4.80% CAGR owing to the rising demand for weatherproof padlocks in marine applications, asserts Market Research Future (MRFR). Mechanical locks are generally used for security purposes. Several electronic locking devices require mechanical lock in case of power failure or system error. With growing security concerns across the globe, the need for high-security locking systems in commercial as well as residential spaces is increasing.

Top Key Players Analysis:

  • Spectrum Brands Inc. (US)
  • Allegion PLC (Ireland)
  • Assa Abloy (Sweden)
  • August Bremicker Söhne KG (ABUS) (Germany)
  • Draper Tools Ltd (UK)
  • DOM Security (France)
  • Codelocks Inc. (US)
  • Serrature Meroni SpA (Italy)
  • EVVA Sicherheitstechnologie GmbH (Austria)
  • Nuova Oxidal SRL (Italy)

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Segmentation:

The global mechanical locks market has been segmented on the basis of product type, grade, raw materials, and by region.

By mode of product type, the mechanical locks market has been segmented into padlocks, mortise locks, cylindrical locks, deadbolt, and others.

By mode of grade, the global mechanical locks market has been segmented into grade 1, grade 2, and grade 3.

By mode of raw materials, the global mechanical locks market has been segmented into stainless steel, copper, iron, aluminum, and others.

Regional Analysis:

The European region is presumed to be driven by the growth of the real estate sector. Moreover, product innovation is considered to be one of the major factors triggering the demand for mechanical locks during the assessment period.

The Asia-Pacific region is anticipated to be a lucrative region for the manufacturers of mechanical locks and is predicted to experience a substantial CAGR of 5.41% over the forecast period. China is considered one of the leading markets in this region, accounting for the largest market share. The growth is attributed to the rapid industrialization and urbanization in this region as these factors have fueled the demand for residences.

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Some Important Table Contents:

List of Figures

FIGURE 1 GLOBAL MECHANICAL LOCKS MARKET SHARE (%), BY PRODUCT TYPE (2017 & 2023) 12

FIGURE 2 GLOBAL MECHANICAL LOCKS MARKET SHARE (%), BY GRADE (2017 & 2023) 13

FIGURE 3 GLOBAL MECHANICAL LOCKS MARKET SHARE (%), BY REGION (2017 & 2023) 14

FIGURE 4 GLOBAL MECHANICAL LOCKS MARKET: MARKET STRUCTURE 17