Market Highlights
The global cylindrical locks market is projected to be valued at USD 3,324.64million by 2026, recording a CAGR of 4.91% during the forecast period.The growth of the cylindrical locks market is anticipated to be driven by several factors during the forecast period from 2020 to 2026. One of the key factors is the rising real estate industry worldwide. Additionally, the rising need for two-way cylindrical locks in emergency exits and the growing organized retail sector around the world are augmenting the growth of the global cylindrical locks market. However, the presence of private-label brands, growing application of smart locks, availability of advanced key duplication technologies, availability of advanced key duplication technologies, and occurrence of mechanical faults are expected to restrict the growth of the global cylindrical locks market during the forecast period. Furthermore, the increasing popularity of safer locking systems through innovations and upgrades is anticipated to create a lucrative opportunity for cylindrical lock manufacturers across the world.
The COVID-19 pandemic has fundamentally changed the buying behavior of consumers.They are concerned about the impact of COVID-19, both from a health and economic perspective. It has been noticed that consumers are shifting their budget toward essential goods such as masks, sanitizers, and household goods. Their priorities are now centered towards most basic needs, creating considerable demand for hygiene and staple products, while non-essential categories slump. Furthermore, with the slow-moving economy, people are adapting to the new normal. Digital commerce has witnessed a spike as new consumers are moving toward online channels, which is anticipated to continue in the long term.
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Segmental Analysis
The global cylindrical locks market has been segmented based ontype, end use, distribution channel, and region.
By type, the market has been divided into Euro cylinder lock, oval cylinder lock, deadbolt, KIK cylinders, inte rchangeable core cylinders, and others. The oval cylinder lock is further broken down into UK oval cylinder, Scandinavian oval cylinder, and others.The deadbolt segment accounted for the largest market share in 2019, whereas the oval cylinder locks segment is expected to record the highest CAGR of 5.35% during the forecast period. Deadbolt locksare an additional lock that provides additional protection against break-ins.The three types of deadbolt cylindrical locks available in the market are single cylinder, double cylinder, and keyless cylinder deadbolts.
Based on end use, the global cylindrical locks market has been classified as residential and commercial. The residential segment accounted for the largest market share in 2019. Increasing incidences of residential burglaries have led to the increasing need for high-quality locks installed in homes. Residential cylindrical locks used in entrance doors and other residential applications are fitted as per individual needs for safety and security. Security for commercial buildings starts at its main entry points and requires utmost security as commercial doors are more prone to high volume traffic compared to most residential doors. Furthermore, the safety of employees and company assets are prime concerns for any business owner with threats from all directions. Cylindrical Locks for commercial purposes can have three grades: 1, 2, or 3. Various norms and associations are regulating the production of these locks.
Based on distribution channel, the global cylindrical locks market has been classified as store-based and non-store-based. The non-store-based segment is projected to exhibit the higher CAGR during the forecast period. Companies are launching new products with improved quality and unique features and designs, which cannot always be made available to consumers in different regions. Due to this, the online platforms are gaining immense traction worldwide.
Regional Analysis
Geographically, the global cylindrical locks market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. As per MRFR analysis, Asia-Pacific constituted a dominant share of the cylindrical locks market in 2019. Rapid industrialization and the rising population are positively impacting the growth of the cylindrical locks market in Asia-Pacific. Also, the market in Europe offers lucrative opportunities for manufacturers of cylindrical locks owing to high spending on R&D by market players in the region. The key manufacturers emphasize promotional activities to create strong awareness among consumers regarding new products, which is accelerating the growth of the North American market.The Middle East & Africacylindrical locks market isprojected to register a decent CAGR of 4.90% during the forecast period. Economic development in several countries is driving residential and commercial construction leading to the growth of the cylindrical locks market.
Key Findings of the Study:
• The global cylindrical locks market is projected to register a growth rate of 4.91%from 2020 to 2026.
• The deadbolt segment is estimated to retain its prominent share till 2026, whereas, the oval cylinder locks segment is projected to record the highest CAGR of 5.35% during the forecast period.
• The residential segment accounted for the largest market share in 2019 and is expected to grow at the fastest rate of 5.01% during the forecast period.
• The store-based segment is estimated to retain its dominant share till 2026, whereas the non-store-based segment is estimated to register a higher growth rate during the forecast period.
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