Cam Locks market worth $3.39B, globally, by 2028 at 5.6% CAGR – Exclusive report by The Insight Partners
The cam locks market size was valued at $2.31 Billion in 2021 and is expected to reach $3.39 Billion by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
New York – The Insight Partners published latest research study on “Cam Locks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Regular and Electronic), Application (Metal Furniture, Wooden Furniture, Mail Boxes, Automotive Accessories, Lockers, Windows and Doors, and Others), and Handle Type (T-Handle, Swing Handle, L-Handle, and Bail Handle)”, the global cam locks market growth is driven by the increasing usage of cam locks in growing residential and commercial spaces, especially in the commercial construction, due to rise in urbanization, several commercial spaces are growing across the world, adoption of cam locks from end-users such as office spaces, hotels, restaurants, public administrative buildings, shopping malls and recreational facilities is rising. Asia Pacific dominated the market in 2020 with a share of 35.6% and is expected to continue its dominance by 2028; Europe is the second-largest contributor to the global market in 2020, followed by North America.
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|Market Size Value in||US$ 2.31 Billion in 2021|
|Market Size Value by||US$ 3.39 Billion by 2028|
|Growth rate||CAGR of 5.6% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||159|
|No. of Charts & Figures||85|
|Historical data available||Yes|
|Segments covered||Type, Application, and Handle Type|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Cam Locks Market: Competitive Landscape and Key Developments
Assa Abloy Group; Southco, Inc.; Dirak, Inc.; Emka, Inc.; Industrilas AB; Camlock Systems Ltd.; JK Lock Co., Ltd.; Eberhard Manufacturing; SINOX COMPANY LTD.; and Lowe & Fletcher Ltd. are among the key players profiled in the cam locks market report. In addition to these players, several other key market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The cam locks market report provides detailed market insights, which helps the key players strategize the growth in coming years.
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In November 2021, Abloy formed National distributor partnership with Anixter Inc. for expanding locking hardware solutions in the US markets. As per the agreement, both the companies will create awareness toward key systems ABLOY PROTEC2 and PROTEC2 CLIQ.
Asia Pacific is the major contributor to the cam locks market, followed by Europe and North America. The rapidly growing construction activities across countries, such as China and India, are propelling the economic growth across the region. 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 is propelling the demand for cam locks in Asia Pacific. As per the projections made by Building and Construction Authority (BCA), in the year 2022 an upward trend is expected in the construction activities to attain the pre-pandemic levels. As per the BCA estimations the building and construction contracts around US$ 23.13 billion is likely to be awarded in the year 2022.
Major factors driving the growth of the cam locks market are increasing usage of cam locks in the construction industry and the rising construction of commercial complexes. The increasing usage of cam locks in residential and commercial spaces is one of the primary drivers for cam locks market. Due to rise in urbanization, commercial spaces are growing across the world. Adoption of cam locks from end-users, such as office spaces, hotels, restaurants, public administrative buildings, shopping malls, and recreational facilities, is rising. A few strategic initiatives by key players, such as developing new products, expansion, and merger and acquisition, are also propelling the cam locks market.
Rising Construction of Commercial Complexes Propels Cam Locks Market:
The real estate industries in developed and developing countries have experienced rapid growth over the years with the rise in investments by both private and public entities to develop advanced infrastructures, such as hospitals, shopping complexes, and other commercial buildings. For instance, the Metrotown property redevelopment project in the US involves the development of seven commercial multi-purpose facilities across 3.60 ha. The project began in Q3 of 2021 and is expected to be completed by Q4 of 2023. Additionally, development of Elizabeth Quay Lot V and Lot VI Mixed-Use Complex in Perth, Australia entails the building of two mixed-use skyscrapers, a 58-story mixed-use tower and a 21-story commercial tower, on the site of a 7,000 m2 area. Construction began in Q3 of 2021 and is projected to be completed by Q4 of 2025. Cam locks play a crucial role across commercial complexes. With such projects, there is a sharp rise in the manufacturing of cam locks tailored to specific regional demand, which is bolstering the cam locks market. Such upcoming trends in construction as well as automotive industry augments the cam locks market size in coming years. The cam locks market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that would influence the market growth in coming years.
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In Asia Pacific, the rapidly growing construction activities across countries such as China and India are propelling the economic growth across the region. The construction industry of Singapore experienced a downfall owing to surge in material and labor costs and severe manpower crunch during the COVID-19 crisis. However, the industry of the country is expected to grow in coming years. the Asia Pacific construction industry recorded significant growth in 2021. The automotive industry also experienced rapid growth owing to several favorable government initiatives to promote regional automotive manufacturing across Asia Pacific. According to the International Organization of Motor Vehicle Manufacturers in 2020, China accounted for the highest vehicle manufacturers globally, producing 310,000 commercial and 1.77 million passenger cars. Furthermore, The Government of India expects automobile sector to attract US$ 8-10 billion in local and foreign investments by 2023. Thus, such growth prospects in automotive industry are fueling the demand for cam locks which helps drive the cam locks market growth.
North America experienced a high adoption of advanced technologies and security solutions in the automotive industry. Countries, such as the US and Canada, have a high presence of the security solution providers with a high rate of the adoption of advanced technologies, such as smart and modular locking systems, in automotive vehicles. The automotive industry in North America is witnessing huge changes in business models due to the rise in the pace of electrification and advancements in connectivity technology. As per the recent Consumer Price Index, the US new light vehicle prices increased by 11.8%, and used vehicle prices increased by 37.3% in December 2021, compared with December 2020. In addition, as per The National Automobile Dealers Association, the sales of new light vehicles in the US will increase by 3.4% in 2022 reaching to 15.4 million units. Thus, growth in the sale of new vehicles is expected to propel the demand for cam locks in new vehicles, which would drive the cam locks market during the forecast period.
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Cam Locks Market: by Application Overview
Based on application, the cam locks market is segmented into metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors, and others. The metal furniture segment accounted for the largest cam locks market share in 2021. The rise in demand for metal furniture demands for metal filing and lockable metal cabinets with fire-resistant and water-resistant qualities for business’s needs, thereby contributing to the cam locks market growth.
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