(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The report has been added to ResearchAndMarkets.com's offering.
The Cam Locks market is expected to reach US$ 3,390.8 million by 2028 from US$ 2,319.1 million in 2021; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
The market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. North America is one of the world's largest markets. Construction is the backbone of economy and is responsible for building and maintaining cities, towns, and communities' constructed infrastructure. Over the last decade, infrastructure and construction have seen remarkable growth, with around 50 skyscrapers being completed in major cities, such as Toronto, Vancouver, and Calgary. This will lead to the growth of the cam locks market in the region.
The European cam locks market is a highly diverse market with a group of more than 40 countries in it. A few economically strong countries, such as Germany, Italy, the UK, and Spain, have witnessed the growth of the cam locks market. Over the past decade, the region experienced a rapid rise in construction activities in the residential and commercial sectors. In 2021, there has been a strong comeback in terms of new residential construction activities, which was disrupted in 2020. This will directly drive the growth of the cam locks market in Europe during the forecast period.
The rapidly growing construction activities across countries, such as China and India, are propelling the economic growth across Asia Pacific. Despite the economic challenges, the Asia Pacific construction industry recorded significant growth in 2021. Demand for residential construction remained strong in big economies. Also, infrastructure construction experienced significant investments, and regional construction companies expanded at faster pace. The huge development potential for single-family housing and multifamily housing units construction propels the growth of the cam locks market in APAC.
Countries in North America, especially the US, witnessed an unprecedented rise in the number of COVID-19 confirmed cases. As a result, several small & medium enterprise owners have limited their industry personnel, whereas many others have laid off nonessential employees shortly owing to restricted business operation. During late Q1 and entire Q2, 2019, the majority of the manufacturing plants operated with minimum staff or halted their manufacturing momentarily, and the supply chain of components and parts were disrupted. These are a few of the critical issues faced by the North American countries, which hindered the cam locks market growth.
The semiconductor and hospitality industries are among the work-hit industries in North America. Thus, the supply chain and demand plummeted for cam Locks owing to delay in shipment from the lock manufacturers and decline in demand from the hospitality sector. This resulted in a drop in revenue generation in the cam locks market. Additionally, construction and renovation of hotels dropped significantly in the US, Canada, and Mexico in 2020, which showcased poor demand for advanced locking systems, such as cam locks.
The global cam locks market is segmented on the basis of type, application, and handle type. Based on type, the market is segmented into regular and electronic. In terms of application, the cam locks market is segmented into metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors, and others. Based on handle type, the market is segmented into T-handle, swing handle, L-handle, and bail handle.
Cam locks are hardware used for locking furniture, such as drawers and cabinets. Depending on how the lock is installed, the cam will fit into the lock strike in one position and will be free of the strike when moved to a different place. Cam locks are among the most simple, affordable, and easy-to-install locking devices. The locks are often linked with filing cabinets and desks, but they can also be found in various other places. Electrical panels, trophy cases, and other display units use these locks. They can be used to prevent tampering on mechanical access panels and are even found in some older types of windows. Cam locks are also used to secure some school lockers.
Cam locks are available in various forms and meet the needs of different applications. The large and durable locks are highly secure and can be used on larger pieces of furniture or in high-security applications. Mini cam locks are utilized in limited room situations, such as small panels. Indoor applications use standard steel or brass finishes.
However, outdoor applications use weather-resistant materials, such as galvanized or stainless steel. Flat keys, rounded keys, and even combination mechanisms are used to open these locks. Flat keys are normally turned in the lock to rotate the cam, whereas tubular keys may need to be pressed or hung. Combination systems allow users to open the lock without using a key, which may be practical for school lockers or filing cabinets applications.
In addition, cam locks are used for automotive accessories, asset management systems, bicycle locks, enclosures, windows, and doors. The locks are utilized in various automobile applications, such as campers and RVs, fuel filling caps, trailer hitch locks, and roof racks. Water-resistant locks with modern secure locking mechanisms are necessary for mailbox applications, as they are for all outdoor applications. Cam locks are a long-term solution that prevents private mail theft. Due to their strength, cam locks are a popular solution for various industrial enclosures meant to safeguard mechanical or electrical equipment. Therefore, the wide range of uses of cam locks would open lucrative opportunities for the cam locks market in the coming years.
The key players operating in the global cam locks market include Assa Abloy Group; Southco, Inc.; Dirak, Inc.; Emka, Inc.; Industrials; Camlock Systems Ltd.; and JK Lock Co., Ltd.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Cam Locks Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Cam Locks Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Use of Cam Locks in Construction Industry
5.1.2 Rising Construction of Commercial Complexes
5.2 Market Restraints
5.2.1 Increasing Deployment of Smart Locks
5.3 Market Opportunities
5.3.1 Surging Number of Applications of Cam Locks
5.4 Future Trends
5.4.1 Wheel-Based Cam Lock Fittings
6. Cam Locks Market - Global Market Analysis
6.1 Cam Locks Market Overview
6.2 Cam Locks Market Forecast and Analysis
6.3 Market Positioning - Global Key Players
7. Cam Locks Market Analysis - By Type
7.1 Overview
7.2 Cam Locks Market, By Type (2020 and 2028)
7.3 Regular
7.3.1 Overview
7.3.2 Regular: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Electronic
7.4.1 Overview
7.4.2 Electronic: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8. Cam Locks Market Analysis - By Application
8.1 Overview
8.2 Cam Locks Market, By Application (2020 and 2028)
8.3 Metal Furniture
8.3.1 Overview
8.3.2 Metal Furniture: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Wooden Furniture
8.4.1 Overview
8.4.2 Wooden Furniture: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Mail Boxes
8.5.1 Overview
8.5.2 Mail Boxes: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Automotive Accessories
8.6.1 Overview
8.6.2 Automotive Accessories: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.7 Lockers
8.7.1 Overview
8.7.2 Lockers: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.8 Windows and Doors
8.8.1 Overview
8.8.2 Windows and Doors: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
9. Cam Locks Market Analysis - By Handle Type
9.1 Overview
9.2 Cam Locks Market, By Handle Type (2020 and 2028)
9.3 T-Handle
9.3.1 Overview
9.3.2 T-Handle: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Swing Handle
9.4.1 Overview
9.4.2 Swing Handle: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
9.5 L-Handle
9.5.1 Overview
9.5.2 L-Handle: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
9.6 Bail Handle
9.6.1 Overview
9.6.2 Bail Handle: Cam Locks Market - Revenue and Forecast to 2028 (US$ Million)
10. Cam Locks Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Global Cam Locks Market
11.1 Overview
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Middle East & Africa
11.6 South America
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Assa Abloy Group
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Southco, Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Dirak, Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Emka, Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Industrilas AB
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Camlock Systems Ltd.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 JK Lock Co., Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Eberhard Manufacturing (Illinois Lock Company)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 SINOX COMPANY LTD.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Lowe & Fletcher Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
For more information about this report visit
Attachment
Global Cam Locks Market Global Cam Locks Market Tags