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Electronics Locks Market Demand and Growth Analysis with Forecast 2024
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Electronic locks find application in luxury apartments, office projects, and government projects. The electronic locks market can be segmented by end-use into hospitality and professional segments. The hospitality segment includes hotels, resorts, while the professional segment includes healthcare, government, education, commercial and financial verticals. Players in the market are ensuring electronic lock’s compatibility with technologies such as Wi-Fi or ZigBee, Z-Wave or Bluetooth or NFC, online wireless, semi-online wireless, and data on card to gain competitive advantage. The electronic locks market can be segmented by type into mechatronic, electromechanical and digital categories. Digital door locks are further segmented by type into biometrics and keypad locks. On the basis of geography, the global electronic locks market can be segmented as North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Increasing adoption of electronic locks in mature markets such as Western Europe and the U.S. spurs the growth of electronic locks market. In the coming years, Asia Pacific is expected to be the fastest growing electronic locks market mainly driven by expanding sales in China.
Sales channels are growing for electronic locks. Currently, real estate developers are the key channel however, some manufacturers have started to use e-commerce websites. Electronic locks for doors are configured to an access control central command or a stand-alone system. Currently, traditional locks can also be converted to stand-alone access control systems. Electronic locks enable affordable upgrades and bring long service life, offsetting initial investment. Electronic locks track the traffic to and from the site, recording when the doors have been opened and by whom. Such features are driving the growth in demand for electronic locks.
The key driver of electronic locks market growth is its high demand in the construction industry; it creates a demand for new locks which are installed directly into new buildings and also creates an additional demand for retrofit business due to large amount of companies that move to new premises. Thus, electronic security equipment such as electronic lock is further expected to find potential opportunities in the construction industry. The alarming crime rates and unethical practices globally are further fuelling the growth of electronic locks market. High profit for electronic locks is attracting more suppliers in the industry supply chain, leading to more severe pricing competition. Declining prices and enhanced convenience is being featured in new electronic lock models. Furthermore, growing popularity of access control systems is anticipated to drive the electronic locks market over the coming years.
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The key players in the global electronic locks market include Kwikset (Spectrum Brands, Inc.), ASSA ABLOY Group, Kaba Holding AG, CDV Group Company, DynaLock Corporation, LockState, Schlage (Allegion Company), Onity (United Technologies Corp.), Salto Systems, SimonsVoss Technologies GmbH (Allegion Company), Videx Security Ltd and Seoul Commtech Co., Ltd.
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