Cam Locks Market Definition And Segments
A cam lock is a type of locking mechanism commonly used to secure doors, drawers, cabinets, and panels. It consists of a cylindrical base that houses a cam, which is a rotating piece of metal that serves as the locking component. The primary purpose of a cam lock is to provide a simple, secure, and reliable way to lock and unlock a wide range of items, ensuring their contents are protected from unauthorized access.
The main type of cam locks are electronic cam locks, magnetic cam lock, padlockable cam locks and others. Electronic cam locks are locking devices that use electronic mechanisms, such as keypads or RFID technology, to secure cabinets or enclosures. These locks typically offer keyless entry and can be programmed with multiple user codes for added security. The mounting type are surface mount, through hole, others, which includes material such as stainless steel, brass, aluminum, and others. It is applied in metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors and others.
The cam locks market covered in this report is segmented –
1) By Type: Electronic Cam Locks, Magnetic Cam Lock, Padlockable Cam Locks, Other Types
2) By Mounting Type: Surface Mount, Through Hole, Other Mounting Types
3) By Material: Stainless Steel, Brass, Aluminum, Other Material
4) By Application: Metal Furniture, Wooden Furniture, Mail Boxes, Automotive Accessories, Lockers, Windows And Doors, Other Applications
The cam locks market size has grown strongly in recent years. It will grow from $2.34 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.6% The growth in the historic period can be attributed to evolution of security standards, increase in demand for customizable locking system, expansion of industrial and commercial sectors, globalization of trade facilitating market growth, and historical shifts in consumer preferences.
The cam locks market size is expected to see strong growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to expanding e-commerce industry, growing adoption of smart locks in residential and commercial sectors, propelling demand for high-security locking systems, surge in industrial automation, and expanding applications in industries. Major trends in the forecast period include rising adoption of electronic and smart locking systems, growing emphasis on product innovation and customization, surging popularity of cloud-based access control solutions, integration of IoT capabilities for remote monitoring, and advancements in keyless entry technology.
Construction Industry Driving Cam Lock Market
The growth in the construction industry is expected to propel the growth of the cam lock market going forward. Construction refers to the process of building, assembling, or creating infrastructure, buildings, or other structures. The construction industry is expanding due to urbanization, infrastructure projects, population growth, economic development, and technological advancements, leading to increased demand for buildings and infrastructure. The construction industry's expansion propels the cam lock market by increasing demand for security solutions in building projects. Cam locks are essential components across various construction settings, fostering innovation and growth in the market. For instance, according to a report shared by the United States Census Bureau, a US-based government agency, construction spending increased from $1,768.2 billion in March 2022 to $1,834.7 billion in March 2023, a 3.8% increase in construction spending. Further, in February 2022, according to a report published by the Office for National Statistics, a UK-based government agency, the annual construction sector in the UK rose by a record 12.7% in 2021 compared to the previous year. Therefore, the growth in the construction industry is driving the growth of the cam lock market.
Major companies operating in the cam locks market are Assa Abloy AB, Allegion, Rittal, Southco Inc., Richelieu Hardware, Häfele America Co., Master Lock, Emka Inc., The Eastern company, Keyline USA, Sugatsune Kogyo, CompX Security Products, Olympus Lock Inc., Dira Inc., Capitol Industries Inc., Lowe & Fletcher Ltd., Camlock Systems Ltd., Sinox company Ltd., Zephyr Lock, VanLock, Ningbo Wangtong Locks Co. Ltd., Industrilas, JK Lock Co. Ltd., American Lock Company
Adoption of Biometric Authentication in Cam Locks
Major companies operating in the cam lock market are adopting technologically advanced cam locks such as biometric authentication cam locks, to enhance security and meet the growing demand for sophisticated locking solutions. Biometric authentication in cam locks utilizes individual biological characteristics, like fingerprints or eye scans, for identity verification prior to access authorization. For instance, in December 2023, Godrej Security Solutions, an India-based manufacturer and marketer of security solutions, launched the NX Pro Plus, NX Advanced, and Verge Series home lockers, featuring digital and biometric access options. These lockers can store up to 30 fingerprints, offer a stylish modular design, and fit easily in residences. They combine advanced technology with classic design, providing dual-mode access, voice guidance, and a built-in alarm for enhanced security and convenience. This technology is designed to improve convenience and safeguard valuables.
ASSA ABLOY Expands Market Presence with Acquisition of Securitech Group Inc.
In November 2023, ASSA ABLOY, a Sweden-based leader in access solutions, acquired Securitech Group Inc. for an undisclosed amount. This acquisition strengthens ASSA ABLOY's position in mature markets by adding complementary products and solutions to its core business. Securitech Group Inc. is a US-based manufacturer of high-security mechanical and electronic door hardware products.
North America was the largest region in the cam locks market in 2023. The regions covered in the cam locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the cam locks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cam locks market consists of sales of entire cam lock assemblies, including the lock cylinder, cam, and associated keys or access methods commonly utilized to secure doors, cabinets, mailboxes, and diverse enclosures. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cam locks market research report is one of a series of new reports from The Business Research Company that provides cam locks market statistics, including cam locks industry global market size, regional shares, competitors with a cam locks market share, detailed cam locks market segments, market trends and opportunities, and any further data you may need to thrive in the cam locks industry. This cam locks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.