Electronic Home Locks Market Size, Share & Trends Report

Electronic Home Locks Market Size, Share & Trends Analysis Report By Product Type (Strikes, Deadbolts & Latches, Lever Locks), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-370-6
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Industry Insights

The global electronic home locks market size was valued at USD 334.3 million in 2018 and is projected to expand at a CAGR of 16.1% from 2019 to 2025. Integration of advanced technologies, such as Bluetooth and face recognition, is one of the key factors boosting the product demand. Increasing demand for smart security systems owing to rising trend of connected homes, especially in developed countries like U.S., Canada, Germany, and U.K., is further expected to fuel the market growth.

Increasing number of smartphone users is also fueling the product demand. Moreover, these locks offer wireless connectivity, which can send security alerts to the user on connected devices, enabling them to monitor the systems remotely. The products are also equipped with advanced features, such as waterproof keypad, data storage, recording access history, and adding and deleting users remotely.

U.S. electronics home locks Market

Thus, integration of such innovative features is expected to boost the demand further. Rapid urbanization and digitalization across the globe are also projected to drive the product demand over the forecast years. On the other hand, high product prices may hinder market growth, particularly in emerging regions. However, rising need for enhanced security solutions and awareness about the availability and advantages of these locks are estimated to contribute to the market growth.

North America was the dominant regional electronic home locks 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.

Product Type Insights

Lever locks segment accounted for the largest market share in 2018. The segment is estimated to witness the fastest growth over the forecast period due to increasing construction and renovation activities in residential sectors across the globe. These locks are easy to install and are offer advanced features, such as data storage. Rising demand for home automation coupled with increased spending on advanced home security is also driving the segment. Deadbolts were the largest selling product type in 2018. These locks are widely used in residential sector owing to their easy operations and robust locking mechanism.

Distribution Channel Insights

Offline channel held the maximum market share of more than 85% in 2018. The segment will retain its position over the forecast years as unorganized retail is one of the primary distribution channels in developing countries like India, Thailand, Vietnam, Bangladesh, and China. In addition, major retail chains and door & system integrators are focusing on establishing new stores across the globe. For instance, in 2018, Croma, one of the leading electronic retail chains, invested INR 250 crore for business expansion. The company started 25 new stores in 2018 and the count is expected to increase to 200+ stores by the end of 2020.

Global electronics home locks Market

All these factors are projected to augment the product sales through offline channels, thereby supporting the segment growth. Online segment is anticipated to expand at the fastest CAGR of 18.0% from 2019 to 2025 owing to increasing number of internet and smartphone users across the globe. Online portals work 24*7, have a variety of products at discounted prices, and offer doorstep delivery services, which will also impel the segment growth in future. Increasing popularity of online retailers, such as Amazon and eBay, is further expected to assist in segment growth. In addition, most of the prominent companies in the market have their own online sites to increase the product visibility.

Regional Insights

North America emerged as the largest regional market in 2018. It will maintain the dominance over the years to come due to high disposable income levels and demand for enhanced security solutions in the region. Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 20.4% from 2019 to 2025. This growth is attributed to the increasing awareness about the availability and advantages of the product and rising consumer disposable income levels. Rising number of branded retail outlets, especially in India and China, is also anticipated to contribute to the growth. Moreover, rising construction activities coupled with growing adoption of advanced security systems including electronic locks will propel the market growth.

Electronic Home Locks Market Share Insights

Prominent companies in the 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). The market is identified by several strategic activities such as expansions, mergers and acquisitions, and product and technological innovations, attempted by key manufacturers. For instance, ASSA ABLOY introduced a range of electronic locking solutions that incorporates advanced technologies, such as NFC.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Germany, U.K, China, India, Brazil, and UAE

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments
Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global electronic home locks market report on the basis product type, distribution channel, and region:

  • Product Type Outlook (Revenue, USD Million, 2015 - 2025)

    • Strikes

    • Deadbolts and Latches

    • Lever Locks

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Offline

    • Online

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

Key questions answered by the report
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