Cam Locks Market Size to projected USD 3,390.8 Mn by 2028

The cam locks market was valued at US$ 2,319.1 million in 2021 and is expected to reach US$ 3,390.8 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

There are different types of industrial locks that secure cabinets, enclosures, and lockers. Cam lock is a locking mechanism used in security systems to safeguard any type of facility. Cam locks are primarily meant for internal use rather than external use. They are not high-security locks in terms of physical robustness, but they are more than suitable for most customer needs, which is consistently driving the cam locks market. Since past a few years, mechanical types of cam locks (also referred as regular cam locks) have been predominantly used in OEM settings because they are affordable, and lightweight. However, with technological developments, electronic cam locks or digital cam locks have paved their way into almost every industrial application. All these factors are driving the growth of the cam locks market

According to Electronic Components Industry Association (ECIA), the emergence of COVID-19 has highlighted delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various manufacturing products including cam lock components have been experiencing substantial delay in lead times, which has weakened the supply chain. Like component manufacturers, the locking system manufacturers observed delay in procuring components integrated on the locks. This resulted in lesser production and delay in shipment of the final products. This have had a negative impact on cam locks market.

Several locking system manufacturers across the world are dependent on Chinese manufactured lock component owing to cost effectiveness of the products as the manufacturing costs in China are low. During the first quarter of 2020, numerous Chinese manufacturers had temporarily shut their manufacturing facilities, which declined the supply and demand for electronics and semiconductor products worldwide. This also had a harsh impact on the cam locks market.

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Cam Locks Market: Strategic Insights

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Cam locks Market Insights
Increasing Use of Cam Locks in Construction Industry

The increasing usage of cam locks in growing residential and commercial spaces is one of the primary drivers for the cam locks market growth. 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. Cam lock is one of the most basic and often used locks in the manufacturing of cabinets and other furniture. It plays a vital part in seating arrangements and document storage in commercial areas. In the residential construction sector, 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 real estate industry is propelling the furniture market across the world.

There are three basic types of furniture cam locks:

• A flat key cam lock is opened by lining up the discs with a standard key in the style of a house key to allow rotation. It is the cheapest furniture cam lock, with a medium level of security.
• A cam lock with a disc tubular disc is unlocked by a key that has a tubular-round shape and pushes into the cam lock rather than a flat aperture. This furniture cam lock is cost-effective and provides more security than the flat key cam lock.
• A slam lock is a furniture cam lock that locks automatically when closed or slammed shut. The lock is suitable for secured enclosures and furniture carrying documents that require high protection, such as medical documents and confidential workplace and housing files.

The growing construction industry thus acts as an impetus to the cam locks market size.

Type-Based Market Insights

Based on type, the cam locks market is segmented into regular and electronic. The electronic segment is anticipated to register a higher CAGR during the forecast period owing to the availability of advanced manufacturing processes and the most rigorous quality management techniques.

Application-Based Market Insights

Based on application, the cam locks market is segmented into metal furniture, wooden furniture, mailboxes, automotive accessories, lockers, windows and doors, and others. Manufacturers are offering a comprehensive array of furniture locks that are applicable on glass, wood, and steel furniture with a combination of different keys. Demands for cam locks for lockers, metal panels, electrical units, and steel and wooden furniture along with a master key system are growing. Automotive accessories are largely in demand. Also, the automobile industry is expanding, and many vehicle owners are using cam locks to secure trailers, fuel caps, and caravan doors. Additionally, schools, colleges, and gyms are extensively incorporating cam locks to protect containers like lockers. Residential and commercial spaces need to keep their correspondence or documents safe; therefore, they are installing a cam lock onto the mailboxes for security. This has also increased the demands for waterproof locks to increase its longevity, in case of securing outdoor applications. All these factors drive the cam locks market size.

Cam Locks Market Regional Insights

The regional trends and factors influencing the Cam Locks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cam Locks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Cam Locks Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Cam Locks Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Cam Locks Market are:

1. Assa Abloy Group
2. Southco, Inc.
3. Dirak, Inc.
4. Emka, Inc.
5. Industrilas

Disclaimer: The companies listed above are not ranked in any particular order.

The players operating in the cam locks market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key cam locks market players are listed below:

• In 2022, Abloy formed National distributor partnership with Anixter Inc. for expanding their 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.

• In 2021, Southco recently started their expanded manufacturing facility at Ranjangaon, Pune. The site has been expanded by 20,000 square feet. This expansion would lead to enhanced manufacturing space and better job opportunities for the Indian market.

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.  

Assa Abloy Group; Southco, Inc.; Dirak, Inc.; Emka, Inc.; Industrilas; Camlock Systems Ltd.; and JK Lock Co., Ltd. are among the key cam locks market players considered for the research study. In addition, several other significant market players have been studied and analyzed in this research report to get a holistic view of the global cam locks market and its ecosystem.