The global electronic home locks market size is anticipated to reach USD 952.4
million by 2025 registering a CAGR of 16.1%, according to a new report by Grand
View Research, Inc. High demand for home automation and advanced security
technologies, such as electronics home locks, is expected to be the key factors
driving the market. Rising construction activities in developed countries
including U.S., Germany, U.K., and France are also expected to assist in growth
of this market.
Moreover, integration of innovative
technologies, such as Near-Field Communication (NFC), Bluetooth, and voice and
face recognition, is expected to boost the product demand. Key companies in the
market are focusing on the development of advanced products to gain a
competitive edge. For instance, ASSA ABLOY AB introduced a range of electronic
locking solutions that features technologies, such as NFC.North America was the
dominant regional market in 2018 and is estimated to retain its leading
position throughout the forecast period.
The growth is attributed to the rapid
expansion of the construction industry, especially in residential sector, in
the region. However, Asia Pacific is projected to witness the fastest growth
over the forecast period due to high demand for advanced security solutions.
The product demand is driven by the increasing residential construction
activities, trend of home automation, and disposable income levels in the
region. In addition, rising number of branded retail outlets, especially in
India and China, is anticipated to contribute to the market in growth.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/electronic-home-locks-market
https://www.grandviewresearch.com/industry-analysis/electronic-home-locks-market
Further key findings from the study suggest:
· Electronics lever locks product segment
held the largest market share in 2018 and is estimated to witness the fastest
growth over the forecast period due to rising trend of home automation for
better security
· Moreover, lever locks are easy to install
and are equipped with advanced features, such as data storage and adding and
deleting users remotely
· Offline distribution channel was the
leading segment in 2018. However, the online segment is anticipated to expand
at the fastest CAGR of 18.0% from 2019 to 2025
· Increasing usage of smartphones and
exposure to digital media, especially in developing countries like India and
China, are expected to augment the products sales through online channels
· Prominent companies in the electronic home
locks market are ASSA ABLOY AB; Allegion plc.; Samsung Group; Spectrum Brands,
Inc.; Honeywell International Inc.; Nuki Home Solutions; August Home, Inc.; The
Godrej Group; Avent Security; and Security Door Controls (SDC)
Grand View Research has segmented the
global electronic home locks market on the basis of product type, distribution
channel, and region:
Electronic Home Locks Product Type Outlook
(Revenue, USD Million, 2015 - 2025)
·
Strikes
·
Deadbolts and Latches
·
Lever Locks
Electronic Home Locks Distribution Channel
Outlook (Revenue, USD Million, 2015 - 2025)
·
Offline
·
Online
Electronic Home Locks Regional Outlook
(Revenue, USD Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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