Global Mechanical Locks Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Mechanical Locks Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global mechanical locks market report has been segmented as per raw material, product type, application, and region.

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Global Mechanical Locks Market: Overview

Mechanical locks are widely used and effective forms of access control. These locks are easily available in the market at affordable prices and associated with various types, sizes, shapes. In addition, several types of mechanical locks largely preferred across the globe including cylindrical, deadbolt, padlocks, mortise, interconnected, and others.

Global Mechanical Locks Market: Dynamics

Increasing demand for mechanical locks in developing and developed countries due to rising incidences of electrical locking devices power failure or system errors across the globe is a key factor projected to fuel growth of the global market. In addition, rising preference for mechanical locks especially in undeveloped and rural areas across the globe is another factor expected to propel growth of the global market during the forecast period.

The growing popularity of two-way locks, tabular, and interconnected locks across the globe and increasing adoption of several types of mechanical locks such as mortise, padlocks, deadbolt, cylindrical, and others among the several industries, homes, and others across the globe. These are major factors expected to drive growth of the global market during the forecast period. In addition, raising awareness about waterproof padlocks among individuals due to several features of this lock such as portable, resistant to extreme weather conditions, keyless, salt water resistant and others resulting in rising demand for waterproof padlocks across the globe.

Furthermore, increasing advancement in a variety of mechanical locks and a rising number of marketing strategies by major mechanical locks manufacturers are other factors projected to fuel growth of the global mechanical locks market in the next 10 years.

However, availability of mechanical locks substitutes including smart locks, biometric access platforms, and high tech security systems are a key factor anticipated to restraint growth of the global market.

Global Mechanical Locks Market: Segment Analysis

Among the raw material, the copper segment is projected to register significant growth in the global mechanical locks market, owing to rising adoption of Copper mechanical lock across the globe due to its outstanding various mechanical properties such as strength, ductility, hardness, cost-effective, and others.

Increasing adoption of mortise locks in developed and developing countries due to its various features such as dual locking system, aesthetically pleasing, sliding bolt lock mechanism, and others. This is the primary factor driving the revenue growth of the mortise segment among the product type segment.

Global Mechanical Locks Market: Region Analysis

The mechanical locks market in North America accounted for the highest revenue share in the global market and is projected to dominate the target market during the forecast period. High adoption of two-way, interconnected, cylindrical mechanical locks for household and other industries and rising advancements in mechanical locks production in countries such as Canada and US in this region. The market in Europe and the Asia Pacific are projected to witness lucrative growth in terms of revenue, owing to the growing construction industry and high presence of mechanical locks manufacturers in countries such as Italy, Germany, France, UK, India, Japan, and China in these regions. The market in Middle East & Africa and Latin America are estimated to register average growth in the global market, due to increasing inclination towards the padlocks, deadbolt, and tubular mechanical locks in countries in these regions.

Global Mechanical Locks Market Segmentation:

Segmentation by Raw Material:

Copper
Iron
Stainless Steel
Aluminum
Bronze

Segmentation by Product Type:

Mortise
Deadbolt
Padlocks
Cylindrical
Others (Tubular and Interconnected)

Segmentation by Application:

Furniture
Doors
Bicycles
Suitcase