Global Mortise Locks Market Report and Forecast 2024-2032

Global Mortise Locks Market Outlook

The global mortise locks market size attained a value of USD 8.52 billion in 2023. The market is further expected to grow at a CAGR of 5.50% between 2024 and 2032, to reach a value of USD 13.77 billion by 2032.

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Key Trends in the Market

Mortise locks are the types of locks which are located at the edge of a door and have a sliding bar attached to them. This sliding bar is moved when the key is put inside a keyhole. Mortise locks are made up of various mechanical parts which are enclosed in a strong-gauge case made of steel. 

• The global mortise locks market is being driven by the escalation of the commercial applications of these locks owing to the increasing safety concerns across hospitals, hotels, and educational institutions, among others.

• Increasing demand from residential sector, fuelled by rising number of occupants in the semi-urban areas, is propelling the market numbers. In addition, increasing concerns pertaining to the security of geriatrics is further augmenting the mortise locks market.

• The rapid transition from traditional cylindrical locks to mortise locks because of their hard-to-open nature and greater reliability, is expected to accelerate the market growth in the forecast period.

Market Analysis

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Based on product type, the market can be segmented into skeleton key mortise lock and side plate mortise lock. On the basis of distribution channel, the market can be classified into hypermarkets and supermarkets, retail stores, and online, among others. By application, the market has been segmented into offices, hotels and hospitals, residential, and educational institutions, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mortise locks market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Dormakaba International Holding AG

• Lockwood Industries Inc.

• Sargent Manufacturing Company (ASSA ABLOY Group)

• Franz Schneider Brakel GmbH + Co KG

• Security Snobs

• Others

Market Share by Distribution Channel

Based on distribution channel, the retail stores segment accounts for a significant share in the mortise locks market. The growth of this segment can be attributed to the greater convenience, easy accessibility, and better reliability offered by hardware shops to the customers. Through retail shops, customers can physically test the working of a door lock and clear doubts. In addition, retail shops can offer recommendations about new arrivals, decorations, and better options at reasonable costs, which can bolster customer satisfaction without any waiting. Meanwhile, the online segment is expected to witness a good growth in the forecast period due to the increasing consumer preference towards online shopping.  

Market Share by Application

Residential applications account for a healthy share of the mortise locks market owing to the increasing safety concerns among populations worldwide, particularly geriatrics. Growing efforts by building contractors to improve the security systems of houses and apartments are leading to a greater demand for mortise locks from the residential sector. In addition, the increasing disposable income, rapid urbanisation, and growing population are leading to an escalated development of apartments and houses which are further propelling the segment’s growth, leading to a healthy growth of the market for mortise locks. 

Hotel and hospitals segment are expected to witness a steady growth in the forecast period due to the rising demand for mortise locks from hospitals and 3-star, 5-star hotels to bolster the safety of the occupants.  

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Competitive Landscape

Dormakaba International Holding AG is a leading mechanical and electronic security systems provider which manufactures door lock systems, master keys, and walls, which cater to the security demands of various end-use sectors including residential and commercial. The company was founded in the year 2015 and is currently headquartered in Rümlang, Switzerland.

Lockwood Industries Inc. is a leading hardware architecture products manufacturer. The product portfolio of this company includes high speed progressive dies, moulds, fixtures, metal stamping, fabrication materials, and rollforming machines, among others. Lockwood Industries Inc. was founded in the year 1878 and is currently headquartered in Ontario, Canada.

Sargent Manufacturing Company (ASSA ABLOY Group) was established in early 1800s and is headquartered in Connecticut, United States. It is a prominent manufacturer of hardware and locking products, and a producer and innovator of door locking solutions. The company caters to the security demands from various end-use industries by providing efficient door locking systems.

Other market players include Franz Schneider Brakel GmbH + Co KG, and Security Snobs, among others.

Key Highlights of the Report