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A mortise lock is an essential product of the lockup accessories which is widely used for having an effective security system. Growing awareness related to the availability of the security products for protection purposes has given rise to the demand for the mortise locks. These locks are useful for commercial places where heavy security duty is required for high-frequency check-in and check-out of people. Escutcheon plates, hard collar, faceplate, and day/night switch are some of the additional features of the mortise locks which help them to provide higher door safety.
An electrified mortise lock is a new generation lock that uses solenoid material for the automated lock-in & lock-up door unit. Manufacturers are constantly focusing on developing different sized and shaped mortise locks to meet increasing consumer demand. Moreover, advancement in the latest technologies such as eco-panic & locking technology, wireless connectivity, and ball bearing technology, is likely to shape the overall security industry.
Growing security requirements related to the file keeping and data storage among households and commercial places give rise to the usage of the mortise locks. For instance, according to the Safe Home Organisation, as of May 2020 10 million people from America intended to purchase a home security system. Increasing incidences of theft or the uncertain loss of private and commercial property fuel the demand for the anti-theft solutions and thereby, drive the demand for these products. The growing security services & supplies industry has given rise to increasing demand for the various kinds of safety accessories. Additionally, the rising trend of renovation and remodelling activities across households and commercial places has given rise to the newer styles of door locking systems and thereby support market growth.
Moreover, increasing infrastructural facilities including hotels & restaurants, educational institutes, research centers, and banking & financial services have created an exponential demand for the security systems and related accessories which in turn is likely to support the market growth. Product developments such as rust-free and waterproof door locks are further anticipated to increase the consumption of the mortise locks made up of stainless steel material.
However, the wide availability of low-cost alternative locking products limits the demand for smart mortise locks and is expected to restrain the market growth.
Key Market Driver -
Increasing security requirements in household and commercial places is expected to drive the market growth.
Key Market Restraint -
Wide availability of alternative products is anticipated to restrain market growth.
The key companies operating in the global mortise locks market are Dormakaba Group, Lockwood Industries, PDQ Industries Inc., Sargent Manufacturing Company, Master Lock Company LLC., ASSA ABLOY Group Company, Emtek Products Inc., Kwikset, Security Snobs, etc.
The global mortise locks market is segmented by product type, applications, distribution channel, and geography.
By product type, the market is segmented into skeleton key mortise lock and side plate mortise lock. Skeleton key mortise lock segment is expected to hold a major share of the market owing to its robust security feature.
By applications, the market is segmented into residential, offices, educational institutions, hotels & hospitals, and other segments including research labs, and banking & financial institutions. The residential segment is expected to dominate the market because of the exponential demand for the mortise locks among households. Additionally, increasing incidences of the home thefts across the globe have made it a necessity to have home safety-related products and thereby boosting the household segment growth. According to the National Crime Record Bureau Ministry of Home Affairs Government of India, as of 2018, about 625,441 number of incidences of theft were reported against the property in India.
Based on the distribution channel, the market is segmented into retail stores, hypermarkets & supermarkets, online, and others. Retail stores segment is projected to hold the largest share of the market owing to the easy accessibility and convenience to the consumers for purchasing the mortise locks from these stores.
By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region is projected to dominate the market owing to the large demand for advanced door safety features which is likely to propel the demand for the smart mortise locks in countries such as the United States and Canada. According to the research ‘International Smart Home’, conducted by International Houseware Association, as of 2018, nearly 63% of US population demand for smart locks and alarms, and 60% of people require to have smart household accessories that help them to monitor the home via their smartphones. Additionally, large manufacturing companies associated with the mortise door locks such as Nostalgic Warehouse, Emtek Products Inc., Accurate, and other as well as a prominent supplier base in the region helps to further drive the market growth.
Asia Pacific region is expected to grow at a faster rate owing to the increasing housing infrastructural facilities in countries such as Singapore, China, and India, which is likely to drive the demand of mortise locks for home security purposes. According to the Royal Institution of Chartered Surveyors (RICS), as of May 2019, Singapore has been producing approximately 25,000 units of public housing per annum. Moreover, increasing income of the population in the region coupled with higher standards of livings influences people to buy smart home appliances products, and thereby, drive the demand for the smart mortise locks. Additionally, the rising chain of hotels and hospitality facilities in the region has increased in the consumption of the smart mortise locks to ensure safety. According to the Hospitality Net Organisation, as of 2018, about 1,223 numbers of chain hotels are present in Indonesia which consists of about 175,659 numbers of rooms, and the chain penetration rate is expected to grow further at the rate of 6.5%.
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