AUSTIN, Texas — A newly released report by IHS forecasts the world market for mechanical and peripheral locking devices to be valued at $5.2 billion in 2013 , including electromagnetic locks, electric strikes, mechanical locks, exit devices and accessories. Mechanical locks accounted for the largest portion of global revenues, 43.2% in 2013.
The following are the top three trends in the global mechanical lock market as projected by the research firm.
Interconnected locks — This category, also referred to as multipoint locks, are projected to be the strongest growing mechanical lock type globally with a compound annual growth rate (CAGR) of 4.9% from 2013 to 2017. Interconnected locks combine a primary locking device and a deadbolt that are controlled by a single internal mechanism when the inside knob or lever is turned to open the door.
These locks are mostly used in multifamily applications and are growing in popularity due to their convenience and robust security. IHS anticipates that the increasing adoption of interconnected locks will have a negative impact on the sales of traditional deadbolts, which are most common in North American and Western European markets.
Rising material cost — In 2014 the average sales price (ASP) for mechanical locks is expected to see an increase of 1% and 0.5% in the Americas and EMEA regions, respectively. Although low-cost Asian suppliers have been increasing their presence in these regions over the last few years, IHS expects the rise of material costs to offset the decline in ASP from price competition, with the price trending upward.
Mechanical locks can have many different finishes and designs depending on applications and regional preference; however, IHS assumes that zinc, copper and steel are the three most commonly used components in mechanical lock production. The rising cost of these three materials suggests a strong cost increase in 2014 which is assumed to ultimately trickle down to the consumer.
The Asian market is the only region projected to see a decline in the ASP for mechanical locks year-over-year due to stable material cost prices and strong price competition.
Grade level 2 locks — IHS projects that grade level 2 mechanical locks (based on ANSI grade level standards) will experience the strongest growth globally with a CAGR of 4.3% from 2013 to 2017. This is due to an optimistic outlook for commercial construction in the United States and Europe, as well as the increasing use of grade level 2 locks in emerging regions. Grade level 2 locks are best defined as a standard lock commonly used in commercial settings. These locks are forecast to represent a third of all mechanic locks sold globally by 2017.