Cam Locks Market to grow up to US$ 3.8 billion by 2031 | ASSA ABLOY, Camsco Electric, Eberhard Manufacturing

New York, Global Cam Locks Market was valued at US$ 2.3 billion in 2021 and it is anticipated to grow up to US$ 3.8 billion by 2031, at a CAGR of 5.1% during the forecast period.

A cam lock is a specific locking mechanism used in security systems to safeguard any type of facility. Cam locks, which are primarily meant for internal rather than external use, are not high-security locks in terms of physical robustness. Still, they are more than suitable for most customer needs. After installing the lock, the enclosure is unlocked by inserting and turning a key into the former part. Cam locks are often preferred over padlocks because they are concealed. Cam locks allow consumers to assemble cabinets and furniture easily and quickly. Increasing the use of cam locks in the construction industry along with wide scope applications in various industries would drive the cam locks market growth during the forecast period.

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Market Drivers and Trends

The increasing usage of cam locks in growing residential and commercial spaces is one of the primary drivers of the cam locks market growth. Especially in commercial construction, due to the rise in urbanization, several commercial spaces are growing worldwide. Adoption of cam locks from end users such as office spaces, hotels, restaurants, public administrative buildings, shopping malls, and recreational facilities is rising. A cam lock is one of the most basic and often used locks in manufacturing cabinets and other furniture. It is vital in seating arrangements and document storage in commercial areas. In the residential construction sector, with the rise in compact households, multi-functional furniture has become popular, allowing for large storage. There has been an increase in extra home spaces for offices, which has resulted in a demand for office furniture. The booming construction industry is propelling the global cam locks market.

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Global Cam Locks Market Segmental Overview

The report analyses the global cam locks market based on type, application, and region.

Global Cam Locks Market by Type

Based on type, it is bifurcated into regular and electronic. The regular segment is expected to be the largest segment in the cam locks market in 2021 owing to the availability of advanced manufacturing processes and the most rigorous quality management techniques. Due to this factor mentioned above, the regular segment is expected to hold a major market share in 2021.

Global Cam Locks Market by Application

Based on application, it is segmented into metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors, and others. The metal furniture segment is expected to be the largest segment in the cam locks market in 2021 as it creates high demand for metal filing and lockable metal cabinets with fire-resistant and water-resistant qualities. Thus, the metal furniture segment will likely hold a major market share in 2021.

Geographical Analysis of Global Cam Locks Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. 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 Asia Pacific.

Major Players in the Global Cam Locks Market

The key players studied in the global cam locks market are ABS Corporation (India), ASSA ABLOY (Sweden), Camsco Electric (Taiwan), Eberhard Manufacturing (US), EMKA Beschlagteile GmbH & Co. KG (Germany), JK Lock Co.,Ltd. (Taiwan), Lowe & Fletcher Ltd (UK), Shah Industries (India), SINOX COMPANY LTD. (Taiwan), and Southco, Inc. (US).

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