Jul 30, 2020   SOURCE: PR NewsWire

Mechanical and Electromechanical Locks Market Size to Reach Revenues of over $23 Billion by 2025 - Arizton

CHICAGO, July 30, 2020 /PRNewswire/ -- The mechanical and electromechanical locks market is expected to grow at a CAGR of over 4% during the period 2019-2025.

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Key Highlights Offered in the Report: 

    1. The electromechanical locks segment has high potential in the global
       market and the segment is expected to add revenue of over $3 billion,
       1.7x more than mechanical locks, presenting an absolute growth of around
       51%, during the forecast period.
    2. A key revenue driving force will be the adoption of electromechanical
       locks and digital access control solution among households with
       mechanical locks. This enabler is expected to account for over 15% of the
       revenue increment in global market.
    3. Over 500,000 locks and access control points will be required by
       coworking and other flexible workspaces by 2022.
    4. A key restraint hindering the adoption of higher priced electromechanical
       locks in emerging countries is the low rate of adaptability, skepticism
       over cybersecurity, and willingness to update from padlocks and other
       mechanical locks to electronic locks.
    5. In terms of new sales, China is a key market for both mechanical and
       electromechanical locks, with a rising traction toward electronic locks.
       The demand for electronic locks is also boosted by the emergence of
       several vendors in the segment such as Dorlink.
    6. As a higher share of consumers are willing to purchase smart locks and
       adopt digital access control systems, it is necessary for vendors to
       develop easy to setup and operate mobile application as well as the
       locking systems, with residential dwelling segment as a focus area.
    7. The global locks market is expected to gradually increase by 2022 and
       reach pre-covid levels from 2023 through 2025.
    8. Replacement and retrofit segment accounted for over 65% of revenues of
       mechanical and electromechanical locks worldwide.

Key Offerings: 

    --  Market Size & Forecast by Revenue | 2019-2025
    --  Market Dynamics - Leading trends, growth drivers, restraints, and
        investment opportunities
    --  Market Segmentation - A detailed analysis by type, installation,
        end-users, and geography
    --  Competitive Landscape - 3 key vendors and 25 other vendors

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Mechanical and Electromechanical Locks Market - Segmentation

    --  In 2019, the replacement segment for existing locking and access control
        systems accounted for 65% of the mechanical and electromechanical locks
        market share. The demand for replacement doors is higher in renovation
        and retrofit activities, thereby driving the demand for replacement
        locks.
    --  The corporate segment is likely to grow at a steady rate from 2023
        through 2025, as the global mechanical and electromechanical locks
        market overcomes the COVID-19 pandemic and corporate offices are back
        with full capacity, thus boosting investments in new construction of
        office space as well as renovation and retrofitting in access control
        systems
    --  The growing demand for dynamic and multi-optional locking and unlocking
        mechanism is the primary factor, which is fostering the market growth
        for electromechanical locks. The growing traction of electromechanical
        systems, including awareness of smart and networked access control
        systems both in residential and commercial segments, is responsible for
        the segment growth. In 2019, developed countries offered a high adoption
        of electromechanical systems.

Mechanical and Electromechanical Locks Market by Type

    --  Mechanical
    --  Electromechanical

Mechanical and Electromechanical Locks Market by Installation

    --  Replacement
    --  New Construction

Mechanical and Electromechanical Locks Market by End-user 

    --  Hospitality
    --  Corporates
    --  Retail
    --  Residential
    --  Healthcare
    --  Education
    --  Others

Mechanical and Electromechanical Locks Market - Dynamics

The emergence of smart homes driving the adoption of smart locks in the global market. As smart home technologies improve along with greater security and privacy, these technologies will provide valuable resources for consumers who are conscious about environmental sustainability and reducing the cost of utility bills. Millennials are strongly willing to adopt smart home technologies, as the number of millennial homeowners is increasing rapidly. Millennials accounted for the largest population adopting smart home appliances at 43%, followed by GenX at 33% and baby boomers at 24%. About 38% of the millennials within the age group of 27-36 years already own smart technology products as of 2019. Among the remaining millennials, 58% are highly interested in smart home technologies.

Key Drivers and Trends fueling Market Growth:

    --  Growing Construction in the Commercial Sector
    --  Demand for Electronic Access Control from the Hospitality Sector
    --  Wireless Access Control and Locking
    --  High Potential in Emerging Markets

Mechanical and Electromechanical Locks Market - Geography

APAC and Europe are the leading markets in terms of installation of fenestration solutions in new buildings and demand for doors in renovation and retrofit projects. The demand for doors in new construction projects, especially from the corporate office and hospitality segments, is expected to constitute for almost 34% of the global mechanical and electromechanical locks market. As the major current stock of commercial buildings is energy inefficient, institutions and industries are increasingly adopting eco-friendly or green technologies to reduce the risk of environmental pollution and carbon footprint from buildings.

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Mechanical and Electromechanical Locks Market by Geography

    --  North America
        --  US
        --  Canada
    --  Europe
        --  UK
        --  Germany
        --  France
        --  Spain
        --  Italy
    --  APAC
        --  China
        --  Japan
        --  South Korea
        --  Australia
        --  India
    --  Latin America
        --  Brazil
        --  Mexico
    --  Middle East & Africa
        --  Saudi Arabia
        --  Turkey
        --  UAE

Prominent Vendors

    --  ASSA ABLOY
    --  Dormakaba
    --  Allegion

Other Prominent Vendors 

    --  GEZE
    --  WSI Industries Inc.
    --  Gretsch-Unitas (G-U)
    --  Hager Group
    --  DOM Security
    --  ISEO
    --  Lawrence Hardware
    --  Dynasty Hardware
    --  Hampton Products International
    --  Tell Manufacturing
    --  Cal-Royal
    --  Godrej Group
    --  Oubao
    --  ABUS
    --  Guangdong Archie Hardware
    --  Deltana Enterprises
    --  Kason Hardware
    --  Rejuvenation
    --  PRIME-LINE Products
    --  Brisant-Secure
    --  Southco
    --  SAFETRON
    --  PERCo
    --  KEYU Intelligence Co (HUNE)
    --  KIWI
    --  Alban Giamoco

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence