Surging Number of Cam Locks Applications to Create Potential Growth Opportunities for Cam Locks Market during 2021–2028
According to our latest market study on “Cam Locks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Handle Type,” the cam locks market is projected to reach US$ 3,390.8 million by 2028 from US$ 2,319.1 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.
A cam lock is a specific sort of locking mechanism which is 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, but 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 oftentimes preferred over padlocks because they are concealed. Cam locks allow consumers to assemble cabinets and furniture easily and quickly. Increasing 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.
Cam Locks Market – by Region, 2020 and 2028 (%)
Cam Locks Market Size to projected USD 3,390.8 Mn by 2028
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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)
Cam Locks Market Size to projected USD 3,390.8 Mn by 2028
Download Free SampleCam 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 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 construction work of the East River Mixed-Use Development project started across 61 ha in Houston, Texas, US, in the Q3 of 2021. The project is expected to be completed by the Q4 of 2040. Additionally, proposal for the reconstruction of Hamamatsucho Shibaura in Tokyo, Japan, entails the development of a 550,000 m2 mixed-use complex across the land areas of 4 ha, with two 232.55 m tall structures. Construction began in the Q3 of 2021 and is projected to be completed by the Q4 of 2030. 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 demands. Thus, growth prospects in the construction industry are anticipated to increase the cam locks market size in coming years.
The cam locks market is segmented on the basis of type, application, handle type, and geography. Based on type, the market is bifurcated into regular and electronic. Based on application, the cam locks market is segmented into metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors, and others. In 2020, the metal furniture segment accounted for the largest market share as it creates high demand for metal filing and lockable metal cabinets with fire-resistant and water-resistant qualities. Based on handle type, the cam locks market is segmented into T-handle, swing handle, L-handle, and bail handle. In 2020, the T-handle segment accounted for the largest market share owing to wide scope application in industries such as automotive, construction equipment, farm equipment, electric cable enclosures, food equipment, industrial machinery, and data cabinet. Based on geography, the cam locks market is segmented into North America, Europe, Asia Pacific , Middle East & Africa, and South America. Asia Pacific held the largest revenue share in 2020, followed by Europe and North America. Europe is projected to register the highest CAGR in the cam locks market from 2021 to 2028. The cam locks market forecast helps analyze the upcoming market trends in various regions across the globe.
Impact of COVID-19 Pandemic on Cam Locks Market
The COVID-19 pandemic has created enormous disruption across many industries, such as manufacturing, construction, and electronics & semiconductors. The disruption in raw material supply, temporary closure of manufacturing units, limited funding, and weak demand from the customers adversely impacted the electronics and semiconductor manufacturing. As per the Electronic Components Industry Association (ECIA), the COVID-19 pandemic has focused on delayed product releases and disrupted supply chain and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to the less demand for the products as a result of lockdown measures and limited resources. Additionally, the manufacturers of various products, including cam lock components, have been experiencing substantial delay in lead times, which has weakened the supply chain. This resulted in lesser production and shipment delay of the final products, which restrained the cam locks market growth. The cam locks market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences the market growth in coming years.
The key cam locks market players include Dirak, Inc.; Emka, Inc.; Industrilas AB; Camlock Systems Ltd.; JK Lock Co., Ltd.; Eberhard Manufacturing; SINOX COMPANY LTD.; and Lowe & Fletcher Ltd. The cam locks market report provides detailed market insights, which helps the key players strategize the growth in coming years.
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