Cylindrical Locks Market to Demonstrate a Strong Growth Over 2026 – MRFR
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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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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