Mechanical and Electromechanical Locks Market Size and Share Analysis by Product Type (Mechanical, Electromechanical), Installation (Replacement, New Construction), End User (Hospitality, Corporate, Retail, Healthcare, Residential, Education) - Global Industry Growth Forecast to 2030

Market Overview

The global mechanical and electromechanical locks market size stood at $17,952.0 million in 2021, which is projected to reach $30,816.2 million by 2030, advancing at a CAGR of 6.2% during 2021–2030. This is mainly ascribed to the rising inclination of homeowners toward smart home technologies coupled with promulgating construction activities, and the availability of various advanced mechanical and electrochemical locks due to the adoption of technologies such as AI, ML, and IoT.

The smart home is one of the fast-growing markets, due to the rising demand for energy-efficient technologies that enable people to remotely control their home appliances and other household systems. Thus, the mounting need for smart homes is expected to provide growth opportunities to electromechanical lock vendors, as people are equipping their smart homes with numerous smart devices such as smart locks.

Mechanical Category Dominates the Market

The mechanical category accounted for around 60% of the market share in 2021, attributed to the rising installation of manual doors. Due to terminal locking mechanisms, mechanical locks are also used in automatic and glass doors. They are set up to keep doors shut when the building is locked, and thus, they are used at night in stores and business locations. Therefore, these innovations are fueling the global need for mechanical locks. Additionally, mechanical locks provide a feeling of personal security as well as quick and affordable lock replacement in the event of a break-in or lost keys. Also, mechanical locks enable homes and businesses to adjust security parameters.

Mechanical locks are also undergoing advancements in terms of stronger materials, jimmy and drill proofing, and defense against fault elements, similar to digital locks and locking systems. Further, mechanical locks will continue to be employed in addition to electromechanical locks as a backup alternative in case of a system failure or power loss. Marine applications are also seeing an increase in the use of mechanical locks, as they have weather protection. Hence, the demand for these locks is expected to register a CAGR of around 6.0% during the forecast period.

Replacement Category Holds a Larger Market Share

The replacement category accounted for around 65.0% of the mechanical and electromechanical locks market share in 2021. Replacement locks are more in demand because replacement doors are more common in renovation and retrofit projects and are used all over the world. The need for replacement locks is directly related to the replacement of doors, the growing popularity of do-it-yourself projects, and the surging urgency to improve the security of the property. Moreover, another driving force behind the replacement demand for locks is the rise in energy efficiency, which puts a spotlight on the general fenestration of buildings.

However, the new construction category is expected to register a higher CAGR, of around 7.2%, in the forecast period. This can be ascribed to the rising number of construction projects all over the globe. In addition, the innovation in the integrated locking system and door manufacturing also boosts the market growth in this category.

During the pandemic time, the growth of the new construction category slowed down by around 4.2%, due to a halt in construction activities. However, the recommencement of construction activities post-pandemic is expanding the commercial as well as residential sectors all over the world, which, in turn, will drive the market.

Hospitality Category Generated the Largest Revenue

The hospitality category accounted for around 25% of the revenue share in 2021 in the market. This is ascribed to the spurring growth of the global hospitality industry coupled with the expansion of the travel and tourism industry. Automatic doors, smart doors, and smart locks have become very popular over time and are now commonplace items in the hospitality sector. The majority of hotels, small and large retail establishments, airports, train stations, and other commercial buildings have installed cutting-edge lock systems. Thus, this factor is intensifying the market growth in this category.

However, the residential category is expected to register the highest CAGR, of around 7.4%, during the forecast period. This can be attributed to the spur in need for multi-family housing facilities as well as apartments. In addition, the renovation and retrofit activities are propelling the demand for smart locks, owing to the increasing awareness of these products and their surging adoption among households, worldwide. Moreover, the rise in new construction activities is driving the demand for mechanical locks, due to the high adoption of such locks in apartment complexes.

Increasing Demand for Wireless Access Control and Locking

Electronic or digital access control systems and products, which were earlier dedicatedly used in commercial spaces, have found an unprecedented adoption in large hotel chains. The implementation of electronic locks in flats and single homes is still relatively nascent, and a very large share of dwellings still rely on mechanical locks. However, the rising acceptance of IoT and the availability of digital locks from globally renowned vendors are paving the way for smart digital locks with wireless locking and access controls in all sectors.

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Rapid Urbanization and Infrastructure Development Driving the APAC Market

In 2021, the APAC mechanical and electromechanical locks market generated the largest revenue, of around $6,547.9 million, and it is also expected to register the highest CAGR, of around 6.8%, during the forecast period. This is attributed to the rapid infrastructure development, increasing urban population, surging awareness, and promulgating disposable income in the region. Moreover, India, China, Australia, South Korea, and Japan are the major markets in APAC.

Europe held the second-largest revenue share, of around 30%, in 2021 in the market. This is driven by the rise in fenestration installations in new industrial buildings and the high demand for locks from renovations of doors and retrofit activities. Moreover, the promulgating investments in public buildings, education institutions, and hospitals are expected to drive market growth in the region. Also, the healthcare sector is continuously growing in the region. The rise in the number of hospitals is expected to drive the demand for mechanical and electromechanical locks in Europe.

Recent Strategic Developments of Key Players

In recent years, players in the market have been involved in product launches and acquisitions, to attain a significant position. For instance:

• In September 2021, ASSA ABLOY AB announced the acquisition of the hardware and home improvement division of Spectrum Brands Holdings Inc. The division provides security hardware products in the North American region with a wide portfolio of locksets, faucets, and other hardware for the residential sector.

Key Players in the Mechanical and Electromechanical Locks Market Are:

• Assa Abloy AB
• dormakaba Holding AG
• Allegion
• GEZE
• WSI Industries Inc.
• Gretsch-Unitas (G-U)
• Hager Group
• DOM Security
• ISEO
• Lawrence Hardware

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product Type

• Mechanical
• Electromechanical

Based on Installation 

• Replacement
• New Construction

Based on End User

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

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa