What is Global Mortise Lock Market?
The Global Mortise Lock Market is a comprehensive study of the worldwide market trends and growth prospects, focusing on the Mortise Lock industry. A mortise lock is a type of lock that requires a pocket—the mortise—to be cut into the door or piece of furniture into which the lock is to be fitted. This market is a vast and intricate network of manufacturers, distributors, and consumers who deal in these specialized locks. The market's value was estimated to be US$ 1662.9 million in 2022, and it is projected to reach US$ 2512.4 million by 2029. This significant growth is due to the increasing demand for high-security lock systems in both residential and commercial sectors. However, the market's growth is not evenly distributed across all regions and countries, with some areas showing more robust growth than others. The market is also influenced by various factors such as technological advancements, economic conditions, and the changing preferences of consumers.
2 Lever, 3 Lever, 5 Lever in the Global Mortise Lock Market:
The Global Mortise Lock Market is segmented based on the type of lever used in the lock, namely 2 Lever, 3 Lever, and 5 Lever. The 2 Lever Mortise Locks are typically used in low-security applications as they offer a basic level of security. The 3 Lever Mortise Locks offer a medium level of security and are commonly used in residential properties. The 5 Lever Mortise Locks are the most secure and are often used in commercial properties where a high level of security is required. Each type of lever has its own set of advantages and disadvantages, and the choice between them depends on the specific needs and requirements of the user. The market for each type of lever is influenced by factors such as the level of security required, the cost of the lock, and the ease of installation.
Commercial, Residential in the Global Mortise Lock Market:
The Global Mortise Lock Market finds its usage in various areas, with the primary ones being Commercial and Residential. In the commercial sector, Mortise Locks are used in offices, retail stores, hotels, and other business establishments. They are preferred for their high level of security, durability, and versatility. In the residential sector, Mortise Locks are used in homes and apartments. They are chosen for their aesthetic appeal, ease of use, and the sense of security they provide. The market for Mortise Locks in both these sectors is driven by factors such as the increasing need for security, the rising incidence of burglaries and thefts, and the growing awareness among consumers about the importance of home security.
Global Mortise Lock Market Outlook:
The outlook for the Global Mortise Lock Market is quite promising. In 2022, the market was valued at US$ 1662.9 million, and it is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.0% to reach US$ 2512.4 million by 2029. This growth is primarily driven by the increasing demand for high-security lock systems in both the commercial and residential sectors. In 2018, the market was dominated by the Assa Abloy group, which held the largest market share of about 21%. The second-largest market share of about 11% was held by Allegion. These companies have a strong presence in the market due to their wide range of products, strong brand recognition, and extensive distribution networks. However, the market is also characterized by intense competition, with several other players vying for a share of the pie.
| Report Metric | Details |
| Report Name | Mortise Lock Market |
| Accounted market size in 2022 | US$ 1662.9 in million |
| Forecasted market size in 2029 | US$ 2512.4 million |
| CAGR | 6.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | ASSA ABLOY Group, Allegion, Dormakaba, Gretsch-Unitas, Hafele Group, Franz Schneider Brakel (FSB), CES, Taymor, Zhejiang Hongli Locks, SELECO, SALTO, Lince, PDQ, Lockwood Industries, Unison Hardware, KAWAJUN, Stanley Black & Decker |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
