NEW YORK, May 20, 2022 (GLOBE NEWSWIRE) — The Insight Partners released the report “Cam Lock Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Type (Conventional and Electronic), Application (Metal Furniture) “. , wooden furniture, mailboxes, auto parts, lockers, doors and windows, etc.) and handle types (T-handle, turn-handle, L-handle, and handle with handle), the growth of the global cam lock market is driven by growing cam lock Increasing use in residential and commercial premises, especially commercial buildings, due to the growing urbanization, some commercial areas around the world are growing, end users (such as office space, hotels, restaurants, government buildings, shopping malls and entertainment establishments) Asia-Pacific dominated the market with a 35.6% share in 2020 and is expected to maintain its dominant position in 2028. Europe is the second largest player in the global market in 2020, followed by North America .
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Cam Lock Market: Competitive Landscape and Key Events Assa Abloy Group, Southco Corporation, Dirac Corporation, Emkar Corporation, Industrial Corporation, Camlock Systems Ltd, JK Locks Ltd, Eberhard Manufacturing, Sino Cox Ltd, and Lowe & Fletcher Ltd. and Lowe & Fletcher Ltd. are among the key players profiled in the cam locks market report. и Lowe & Fletcher Ltd. and Lowe & Fletcher Ltd. are among the key players featured in the Cam Lock Market Report.和Lowe & Fletcher Ltd. Lowe & Fletcher Ltd.是凸轮锁市场报告中描述的主要参与者之一。 и Lowe & Fletcher Ltd. and Lowe & Fletcher Ltd. is one of the key players featured in the Cam Lock Market report. Apart from these players, this market research also studies and analyzes several other key market players to gain a comprehensive view of the market and its ecosystem. The Cam Lock Market Report provides detailed market insights to assist key players in developing growth strategies for the coming years.
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In November 2021, Abloy formed a national reseller partnership with Anixter Inc. to expand lock hardware solutions in the US market. Under the agreement, both companies will raise awareness of the key ABLOY PROTEC2 and PROTEC2 CLIQ systems.
The Asia-Pacific region is the main contributor to the cam lock market, followed by Europe and North America. Rapidly growing construction activity in countries such as China and India is driving economic growth throughout the region. Despite economic challenges, the construction industry in the Asia-Pacific region will show significant growth in 2021. Demand for housing construction remains high in large countries. In addition, the scale of investment in infrastructure construction is relatively large, and the expansion of regional construction enterprises is accelerating. The huge growth potential of single-family and multi-family housing construction is driving demand for cam locks in the Asia-Pacific region. By 2022, building activity will rise to pre-pandemic levels, according to the Building and Construction Administration (BCA). The BCA estimates that about $23.13 billion in construction contracts are likely to be awarded in 2022.
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The main factors behind the growth of the cam lock market are the increased use of cam locks in the construction industry and the increase in the construction of commercial complexes. The growing use of cam locks in residential and commercial applications is one of the key factors behind the development of the cam lock market. Commercial space is growing all over the world due to growing urbanization. The adoption of cam locks is growing for end users such as office space, hotels, restaurants, government buildings, shopping malls and entertainment venues. A number of strategic initiatives by key players such as new product development, expansion, mergers and acquisitions are also driving the cam lock market.
The growth of commercial complex construction is driving the cam lock market: over the years, with the development of advanced infrastructure such as hospitals, shopping malls and other commercial buildings by private and public organizations. For example, the Metrotown real estate renovation project in the United States States includes 3.60 hectares Development of seven commercial mixed-use properties. The project began in the third quarter of 2021 and is expected to be completed in the fourth quarter of 2023. Complex VI on the Elizabeth Quay in Perth, Australia requires the construction of two mixed-use skyscrapers, a 58-story mixed-use tower and a 21-story commercial tower on a 7,000 sq. completed in the fourth quarter of 2025. Cam lock Playing a vital role in the entire commercial complex Thanks to such projects, the production of cam locks tailored to specific regional needs has increased dramatically, thereby supporting the cam lock market. expand the size of the cam lock market in the coming years.Analysis of the cam lock market helps to understand future trends, new technologies, and macro and micro factors that will influence the growth of the market in the coming years.
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In the Asia-Pacific region, rapidly growing construction activity in countries such as China and India is driving economic growth in the region. Singapore’s construction industry has been in recession due to soaring material and labor costs, as well as severe labor shortages amid the COVID-19 crisis. However, the country’s industry is expected to grow in the coming years. The construction industry in the Asia-Pacific region will show significant growth in 2021. The automotive industry has also experienced rapid growth thanks to several favorable government initiatives to develop regional automotive production in the Asia-Pacific region. China has the highest proportion of global automakers, producing 310,000 commercial vehicles and 1.77 million passenger vehicles, according to 2020 International Automobile Manufacturers Organization data. In addition, the Government of India expects the automotive industry to attract $8-10 billion in local and foreign investment by 2023. Hence, this growth prospect in the automotive industry is driving demand for cam locks, which is driving the growth of the cam lock market.
North America makes extensive use of advanced technology and security solutions in the automotive industry. Countries such as the United States and Canada have a large number of security solution providers with a high level of adoption of advanced technologies such as smart and modular locking systems in cars. The automotive industry in North America is undergoing a dramatic shift in business models due to the accelerating pace of electrification and advances in communications technology. According to the latest consumer price index, U.S. new passenger car prices rose 11.8% in December 2021 compared to December 2020, while used car prices rose 37.3%. In addition, according to the National Association of Automobile Dealers, by 2022 the number of new passenger cars in the United States will grow by 3.4% to 15.4 million units. Therefore, the increase in new car sales is expected to drive demand for cam locks in new vehicles, which will drive the cam lock market during the forecast period.
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Cam lock market: application overview According to the application, the cam lock market is divided into metal furniture, wooden furniture, mailboxes, auto parts, lockers, doors and windows, and others. In 2021, the metal furniture segment accounted for the largest share of the cam lock market. The growing demand for metal furniture has led to an increase in the demand for metal documents and lockable metal cabinets with fire and waterproof properties, which has fueled the growth of the cam lock market.
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Post time: Oct-29-2022