Global Mechanical and Electromechanical Locks Market Grows Steadily at a CAGR of 5.59%

Introduction

A lock is any mechanical or electronic device restricting access to a building or protected area. Physical keys, fingerprints, key cards, security tokens, or secret information such as a letter-number combination can all be used to secure or unlock the locking mechanism. The locks can be opened using both tangible keys and confidential information. Padlocks, cylinders, deadbolts, and mortise locks are just a few examples of the numerous available locks.

Market Dynamics

Increasing Demand for Digital Locks from Coworking Spaces Drives the Global Market

Working in coworking and flexible offices has become a new standard and an expected and preferable workplace for the current workforce. High- and rapid-growth coworking spaces are demonstrated by the fact that even large and established companies increasingly reserve offshore office space in coworking locations to retain and recruit talent. In addition, new office workers favor coworking over working from a coffee shop or at home.

As the coworking model has become hybrid, with open floor areas and enclosed office spaces available, the demand for innovative locks and related solutions has increased in such spaces. Around 18% of the total leasing activity in Central London in 2019 was for flexible working spaces. The demand for innovative digital access control solutions will increase proportionally as lessee companies transform these into coworking spaces. Thus, the demand for mechanical and electromechanical mechanisms has increased.

Rising Emergence of New Technologies (IoT, AI/ML) Creates Tremendous Opportunities

A significant amount of data transmission (such as username, user ID, and instructions) occurs in the backend, which regulates the operation of smart locks. Emerging technologies such as the Internet of Things, Machine Learning, Artificial Intelligence, and cloud computing are increasing convenience, which pushes consumers toward products with the most recent embedded technologies and enhanced performance features.

An increased understanding of how emerging technologies work and their increased adoption creates new market opportunities for intelligent products. People in the United States increasingly employ intelligent products, such as smart locks, to automate remote door monitoring and control from anywhere. The emergence of new products with enhanced technological capabilities throughout the forecast period will create opportunities for the mechanical and electromechanical locks market.

Regional Analysis

Asia-Pacific is the most significant global mechanical and electromechanical locks market shareholder and is anticipated to exhibit a CAGR of 6.57% during the forecast period. China and India, comprising the most emergent economies in the world, are anticipated to attract significant investor interest in commercial and residential building construction activities. The region is also home to about 60% of the world's population, growing at 1.3% annually. Asia-Pacific also has a sizable millennial population, particularly in China and India. For example, China and India have more than 409 million millennials, approximately five times as many as the United States. Due to the region's increased demand for infrastructure, the regional market is particularly interested in building construction business vendors. As the region experiences increasing investments and activities in new construction, renovation, and retrofitting, there is a significant opportunity for mechanical and electromechanical locks to generate new revenue.

Europe is estimated to exhibit a CAGR of 4.37% over the forecast period. High living standards characterize Europe; industries concentrated on the top of the value chain and stringent labor and environmental regulations. Several European nations hold the key to future regional and global economic development. The expansion of fenestration installations in new industrial buildings and the rising demand for door renovations and retrofitting activities drive the development of the European market. In addition, the demand for retrofit and renovation contributes to a substantial share of the market growth in Europe. The construction sector in Europe is anticipated to expand rapidly. Countries like France and the United Kingdom are anticipated to experience fluctuations in the manufacturing and construction industries, affecting the European locks and access control market.

Key Highlights

• The global mechanical and electromechanical locks market size was valued at USD 18.55 billion in 2022. It is estimated to reach USD 26 billion by 2031, growing at a CAGR of 5.59% during the forecast period (2023–2031).
• Based on product type, the global mechanical and electromechanical locks market is segmented into mechanical and electromechanical locks. The mechanical locks segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 4.93% over the forecast period.
• Based on installation, the global mechanical and electromechanical locks market is bifurcated into new construction and replacement. The replacement segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 5.08% over the forecast period.
• Based on end-users, the global mechanical and electromechanical locks market is bifurcated into hospitality, corporate, retail, healthcare, residential, education, and others. The hospitality segment dominates the global market and is projected to exhibit a CAGR of 6.41% over the forecast period.
• Asia-Pacific is the most significant global mechanical and electromechanical locks market shareholder and is anticipated to exhibit a CAGR of 6.57% during the forecast period.

Competitive Players

Competitive Players

The key players in the global mechanical and electromechanical locks market are Allegion, ASSA ABLOY, Codelocks, dormakaba Group, Geze, ABUS, Gretsch-Unitas, Honeywell, Hormann, Alban Giacomo, Cal-Royal, Brisant-Secure, Master Lock, NOVOFERM, TECKENTRUP, and others.

Recent Developments

Market News

• In February 2023, Tuchware, the foremost Manufacturer of Electronic Locks and RFID Locks, introduced a hotel locking variant of their XS smart lock series that includes Hotel Management Software Hotel-XS.
• In May 2023, Godrej Locks & Architectural Fittings and Systems (GLAFS) introduced its innovative range of Catus interconnected hospitality locks and Catus connected residential locks, which use cutting-edge technologies to improve security.

Segmentation

Global Mechanical and Electromechanical Locks Market: Segmentation

By Product Type

• Mechanical Locks
• Electromechanical Locks

By Installation

• Replacement
• New Construction

By End-User

• Hospitality
• Corporate
• Retail
• Healthcare
• Residential
• Education
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa