Global Mortise Lock Market Is Likely to Experience a Tremendous Growth by 2028

The global mortise lock market is estimated to grow at a CAGR of 4.8% during the forecast period (2022-2028). The application range of waterproof padlocks in the marine industry is considered as a big opportunity by players, coupled with the emerging trends of mechanical locks. As they include covered keyways and plastic coverings, weatherproof padlocks are seeing a surge in popularity. Apart from these, they have qualities such as being keyless, resistant to bad weather conditions, portable, and saltwater resistant, which expands their application scope in the marine industry till 2028. Owing to an increase in occurrence of electronic lock system power failure or even system malfunctions, mechanical locks have seen a substantial surge in demand in both developing and developed countries.

Furthermore, the inclination for mechanical locks has increased dramatically in rural and underdeveloped areas across numerous countries, which is yet another aspect that has benefitted the global market. Technical developments and increased marketing efforts by prominent mechanical locks manufacturers are some factors that boost the global mechanical locks market. However, different types of mechanical locks are available in the global market, such as mortise locks, padlocks, deadbolts, and cylindrical locks. Owing to enticing features such as sliding bolt lock mechanism, visually beautiful, dual locking system, and many more, mortise locks have gained major momentum in both established and emerging economies.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Types
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Spectrum Brands Holdings Inc., Allegion PLC, and Dormakaba International Holding GmbH, among others.

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Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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Global Mortise Lock Market Report by Segment

By Type
• 2 Lever
• 3 Lever
• 5 Lever
• Others

By Application
• Commercial
• Residential

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Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.