The global electronic home locks market is estimated to reach USD 952.4 million by 2025, and is projected to grow at a CAGR of 16.1% from 2019 to 2025. The increase in the demand for advance security systems and rising trend of connected homes are the key factors propelling the market growth. Growing renovation activities along with the number of constructions projects is expected to increase the demand for the product in the coming few years.
The advancement in technology such as facial & voice recognition, near field communication (NFC), and Bluetooth are anticipated to boost the market growth. Manufacturers in the market are focusing on developing wireless system with the integration of the above mentioned technologies to meet consumer needs. For example, ASSA ABLOY has launched locks offering with embedded advent technology like NFC.
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Furthermore, the growing digital media network along with rapid urbanization is expected to propel the demand for electronic locks in the next few years. This growth is mainly contributed by the rapid development in the corporate and residential construction activities.
The North America region led the market in 2018. Asia Pacific region is estimated to grow at the fastest rate over the forecast period. The growing number of outlets and availability of all global brands in countries like China and India is projected to spur the electronic home lock market growth. Additionally, growing construction sector is expected to proliferate the demand for security systems over the forecast period.
Further key findings from the report suggest:
• In 2018, lever locks attributed to the highest market share in the overall market and projected to grow at a significant rate from 2019 to 2025.
• Electronic locks are designed with innovative features like data record and can be accessed remotely.
• Based on the distribution channel, online channel is projected to grow at CAGR of over 18.0% over the forecasted period.
• In Asia Pacific, the increasing penetration of digitization in India, and China is surging the growth of the product through online channels.
Impact of COVID-19 Insights
The COVID-19 pandemic has negatively impacted the global electronic home lock market. Coronavirus crisis has resulted in lockdown situation across the globe. Thus, due to supply chain disruption the manufacturers have been adversely affected. However, coronavirus pandemic is projected to play crucial role in the growth of market. Amid pandemic, consumer are following social distancing norms, and avoiding contacts. Smart or electronic locks ensure safety owing to inclusion of smart home technology. The manufacturers are emphasizing on developing innovative and contactless products. For instance, Godrej Group has introduced new products namely Universal Brass Key, and Foot-operated door opener to support contactless and safety concerns. Thus, the market is anticipated to grow steadily over the forecast period.
Global Electronic Home Locks Market: Key Players
Honeywell International Inc., Spectrum Brands, Inc., ASSA ABLOY AB, Samsung Group, Nuki Home Solutions, and Avent Security.
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