Global Mortise Locks Market Size to Grow at a CAGR of 5.60% in the Forecast Period of 2023-2028
The ‘Global Mortise Locks Market Price, Share, Size, Growth, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mortise locks market, assessing the market on the basis of its segments like product type, distribution channel, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Mortise Locks Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 8.07 billion
• Forecast CAGR (2023-2028): 5.60%
• Forecast Market Size (2028): USD 11.07 billion
The expansion of commercial uses for mortise locks as a result of rising safety concerns in places like hospitals, hotels, and educational institutions is driving the market for mortise locks globally. The number of residents in semi-urban areas is growing, which is driving up demand from the residential sector for improved security and efficient locks.
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The global mortise locks market is also growing as a result of increasing concerns about the security of elderly people. Mortise locks are quickly replacing conventional cylindrical locks because of their improved reliability and difficulty to break, which is anticipated to fuel market expansion throughout the forecast period. Due to the increasing demand for mortise locks from hospitals and 3-star and 5-star hotels to improve the safety of the residents, the hotel and hospital segment is anticipated to experience consistent growth throughout the forecast period.
The requirement for a key from the outside and a latch from the inside to access mortise locks adds another layer of protection due to which it is suited for entry doors. Mortise locks offer properties reliable security because they may be locked from the inside at night and from the outside during the day, thus aiding the mortise locks market.
Mortise Locks Industry Definition and Major Segments
Mortise locks are a type of lock that have a sliding bar attached to them and are placed at the edge of a door. When the key is inserted into a keyhole, this sliding bar moves. Mortise locks are composed of multiple mechanical components that are housed in a steel box with a thick gauge.
Based on product type, the market is bifurcated into:
• Skeleton Key Mortise Lock
• Side Plate Mortise Lock
On the basis of distribution channel, the market is segmented into:
• Hypermarkets and Supermarkets
• Retail Stores
Based on application, the market is divided into:
• Hotels and Hospitals
• Educational Institutions
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Mortise Locks Market Trends
Sale of mortise locks through retail stores is a key trend in the mortise locks market as customers can personally check a door lock’s operation and dispel any questions through retail stores. These stores offer increased convenience, simplicity, and dependability. Additionally, retail establishments can provide suggestions regarding recent additions, decorations, and better options at affordable prices. However, with more consumers shopping online, the online distribution channels are expected to witness growth in the coming years.
Residential applications account for a significant share of the mortise locks market due to growing safety concerns among people everywhere, especially geriatrics. The residential sector is experiencing an increase in demand for mortise locks as a result of growing efforts by construction contractors to enhance the security systems of homes and apartments. Additionally, the market for mortise locks is expanding healthily as a result of the escalating construction of apartments and homes brought on by the rising disposable income, rapid urbanisation, and expanding population.
Key Market Players
The major players in the global mortise locks market report are Dormakaba International Holding AG, Lockwood Industries Inc., Sargent Manufacturing Company (ASSA ABLOY Group), Franz Schneider Brakel GmbH + Co KG, and Security Snobs, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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