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Cam Locks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and Handle Type

Cam Locks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and Handle Type

  • May 2022
  • 159 pages
  • ID: 6289892
  • Format: PDF
  • The Insight Partners

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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.

The overall cam locks market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the cam locks market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the cam locks market.

Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the cam locks market.

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