Electronic Lock Market to Accumulate a Valuation of USD 4.7 Billion by 2030, Advancing at a 13.6% CAGR | MarketDigits

The Global Electronic Lock Market was valued USD 1.9 Billion in 2022 and projected to reach USD 4.7 Billion by 2030, growing at a CAGR of 13.6% during the forecast period of 2023-2030

Richmond, Feb. 09, 2024 (GLOBE NEWSWIRE) — According to a research report Electronic Lock Market, By Product Type (Electromagnetic Locks, Electronic Strikes, Electronic Deadbolts & Latches), Interconnectivity (Wired, Wireless), Authentication Method (Numerical Codes & Passwords, Security Tokens, Biometrics), End User (Residential Sector, Commercial Sector, Automotive Sector), and Region – Global Forecast to 2030.

Global Electronic Lock Market Report Scope:

Report Details
Market size value in 2022 USD 1.9 Billion
Market size value in 2030 USD 4.7 Billion
CAGR (2023-2030) 13.6%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Product Type, Interconnectivity, Authentication Method, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Honeywell International, Inc.
 
  • Assa Abloy
Sample of Companies Covered
  • Spectrum Brands Holdings, Inc.
 
  • Cisco Systems, Inc.
 
  • Salto Systems S. L.

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TOC Covers in Depth & Breath on Electronic Lock Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The electronic lock market continues to witness significant growth propelled by advancements in technology and the increasing adoption of smart security solutions across residential, commercial, and industrial sectors. With the rising concerns regarding safety and convenience, electronic locks offer features such as keyless entry, remote access control, and integration with smart home systems, driving their popularity. Additionally, factors such as enhanced security measures, ease of installation, and scalability contribute to the market expansion. As consumer preferences shift towards more sophisticated and interconnected security solutions, the electronic lock market is poised for sustained growth, with key players focusing on innovation and product development to meet evolving demands and stay competitive in the global market landscape.

Major vendors in the global Electronic Lock Market:

  • Honeywell International, Inc.
  • Assa Abloy
  • Spectrum Brands Holdings, Inc.
  • Cisco Systems, Inc.
  • Salto Systems S. L.
  • United Technologies Corporation
  • Panasonic Corporation
  • Kiekert Aktiengesellschaft
  • Vanderbilt Industries
  • iLOQ Limited

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Rising security concerns

Rising security concerns serve as a primary driver for the electronic lock market, compelling individuals, businesses, and organizations to seek advanced security solutions. Traditional lock systems are increasingly perceived as vulnerable to various threats such as lock picking, unauthorized duplication of keys, and forced entry. Electronic locks offer a technologically advanced alternative, incorporating features like biometric recognition, keypad access, and remote monitoring capabilities that provide heightened levels of security and control. The ability to track access, receive real-time notifications, and integrate with other security systems enhances overall safety measures, making electronic locks an attractive choice for safeguarding valuable assets, properties, and sensitive information. As security threats continue to evolve and diversify, the demand for electronic locks is expected to rise further, driving innovation and market growth in the quest for more robust and adaptable security solutions.

Market Dynamics

Drivers:

  • Increasing population density in urban areas
  • Rising disposable incomes in developing countries
  • Increased awareness of the advantages of electronic locks

Opportunities:

  • Developing Cybersecurity Integration
  • Developing Artificial Intelligence (AI) integration

Growing demand for access control solutions

The growing demand for access control solutions emerges as a prominent trend driving the electronic lock market, fueled by the increasing emphasis on security, convenience, and efficiency across various sectors. Access control systems, enabled by electronic locks, offer businesses and individuals granular control over who can access specific areas or resources within their premises. This trend is particularly pronounced in sectors such as healthcare, education, finance, and hospitality, where regulatory compliance, privacy concerns, and the need to protect sensitive information are paramount. Electronic locks equipped with features such as RFID technology, biometric authentication, and cloud-based management provide flexible and customizable access control solutions that can adapt to evolving security requirements. Furthermore, the integration of access control systems with other smart technologies, such as surveillance cameras and alarm systems, enhances overall security posture while streamlining operational workflows. As organizations continue to prioritize security and seek scalable access management solutions, the demand for electronic locks with advanced access control capabilities is expected to persist, driving innovation and market expansion in the foreseeable future.

The market for Electronic Lock Market is dominated by North America.

North America’s dominance in the electronic lock market can be attributed to several factors. Firstly, the region boasts a mature and technologically advanced infrastructure, fostering the adoption of smart home and security solutions. Secondly, stringent regulations and standards regarding security and safety in North America incentivize the use of electronic locks, driving market growth. Additionally, a strong presence of key market players and a robust ecosystem for research and development further contribute to the region’s leadership. Moreover, the increasing awareness among consumers regarding the benefits of electronic locks, including convenience, customization options, and enhanced security features, fuels market demand. As a result, North America continues to hold a prominent position in the global electronic lock market, with sustained innovation and strategic partnerships reinforcing its dominance.

The rapid urbanization in China is expected to drive extensive construction endeavours and substantial growth within the real estate domain. This surge in new commercial and residential structures is anticipated to fuel a heightened interest in smart home technologies among residents. Among these technologies, electronic locks emerge as a favoured choice for ensuring safety and security. Forecasts suggest that ongoing technological advancements in electronic locks will yield more intuitive, economical, and dependable systems. Innovations such as biometric recognition are poised to enhance accessibility and appeal, thereby garnering increased adoption among Chinese consumers.

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Electronic Deadbolts & Latches Segment is anticipated to hold the Largest Market Share during the Forecast Period

Based on by Product Type segment categorized into Electromagnetic Locks, Electronic Strikes, Electronic Deadbolts & Latches. Electronic deadbolts & latches typically hold a major share. This dominance can be attributed to several factors. Electronic deadbolts and latches offer a combination of enhanced security features and convenience, making them popular choices among consumers and businesses alike. These types of locks provide keyless entry options, remote access control, and integration with smart home systems, catering to the evolving needs and preferences of users. Moreover, electronic deadbolts and latches are versatile and can be easily installed in various residential, commercial, and industrial settings, further expanding their market share. As a result, they often emerge as the leading segment within the electronic lock market.

Segmentations Analysis of Electronic Lock Market: –

  • By Product Type
    • Electromagnetic Locks
    • Electronic Deadbolts & Latches
    • Electronic Strikes
  • By Interconnectivity
    • Wired
    • Wireless
  • By Authentication Method        
    • Biometrics
    • Numerical Codes & Passwords
    • Security Tokens
  • By End User
    • Automotive Sector
    • Commercial Sector
    • Residential Sector
  • By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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