Electronics Locks Market - Forecast(2024 - 2030)

Report Code: ESR 0472 Report Format: PDF + Excel

Electronics Locks Market Overview

The Electronics Locks Market size is analyzed to grow at a CAGR of 12.3% during the forecast 2023-2028 to reach $3.7 billion by 2028. The Electronic lock, powered by electric or battery-operated is the best alternative to the conventional mechanical lock, integrated with additional automation features, including remote locking, RFID tag, and various other Biometrics Authentication solutions. The Electronics Locks Industry is majorly driven by the significant demand for security in various sectors, such as residences, industries and commercial locations. The need for robust and reliable access control for generating security, leads to the increasing demand for the wide range of cost-effective smart locks and Electromagnetic Locks. In addition, rapid innovations in electronics and semiconductor technologies, the rise of Internet of Things (IoT), along with the promising penetration of smartphones and GSM modem across the world are some of the major driving factors for the extensive growth of the Electronics Locks Market. Therefore, the mass adoption of the high security smart locks systems worldwide, and the increasing consumer awareness regarding the associated merits and convenience, as well as incorporation of the various innovative techniques such as Electronic Strike, Bluetooth-based (BLE) and Wi-Fi-enabled locking/unlocking, and Security Token using smartphones and other digital devices are expected to result in considerable growth of the Electronics Locks Market.

Electronics Locks Market Report Coverage

The report: “Electronics Locks Industry Outlook – Forecast (2023-2028)”, by IndustryARC covers an in-depth analysis of the following segments of the Electronics Locks Industry.

By Product: Electromagnetic Locks, Electronic Strikes, Electronic Deadbolts and Latches
By Interconnectivity: Wired and Wireless
By Authentication Method: Numerical Codes and Passwords, Security Tokens, Biometrics (Fingerprint Scanning, Retinal or Iris Scanning and Voice Recognition)
By Industry Vertical: Residential, Commercial and Automotive Sector
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others)and RoW (Middle east and Africa)

Key Takeaways

  • North America is estimated to be the major region with a share of 40% in 2021 for the Electronics Locks Market. The growth of the market in this region is primarily due to the promising demand for smart and connected homes advancements, availability of a plethora of high-end wireless control products.
  • The Commercial sector held the major share of 54% in 2021 in the Electronics Locks Market, due to the emergence of the Internet of Things (IoT) that enables the integration into the network and alarm systems for monitoring and audition across office, school and other commercial premises.
  • The rising installation of customized and high-end technology to ensure luxurious living and other associated features such as the safety and security, is contributing to the growth of the Electronics Locks Market.

Electronics Locks Market share, By Region, 2021

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Electronics Locks Market Segment Analysis – By Interconnectivity

By Interconnectivity, the Electronics Locks market share is segmented into Wired and Wireless connectivity. Wireless connectivity is analysed to hold the highest share and grow at the highest CAGR of 15% during the forecast period 2023-2028, owing to the growing demand of the seamless and intelligent way to upgrade the existing door with smart lock solutions. The promising introduction of the standardised interface capability for controllability and security level among end users further accelerated the growth of the Electronics Locks Market. In June 2021, ASSA ABLOY announced the launch of the HESES100 Wireless Electric Strike, integrated with the industry-leading features of the HES 1500 and 1600 Series electric strikes with Aperio® wireless technology. The HES offers electric strikes for any kind of lockset application and also, available in a battery-powered option. Thus, the growing introduction of the affordable retrofit solution, and the potential demand of the simple way to update the access control systems with any user credentials are contributing to the growth of the Electronics Locks Market. 

Electronics Locks Market Segment Analysis – By Industry Vertical

By Industry Vertical, the Electronics Locks market share is segmented into Residential, Commercial and Automotive Sector. The Commercial sector held the major share of 54% in 2021 in the Electronics Locks Market, due to the emergence of the Internet of Things (IoT) that enables the integration into the network and alarm systems for monitoring and audition across office, school and other commercial premises. The advent of the Smart locks are considered as the next frontier, which provides user experience, enhanced performance of lock solution and the overall security. In October 2021, Allegion, Gallagher launched the First FIPS 201-2 Electronic Lock for government. The integrated solution provided by the FIPS 201-2 Electronic Lock is recorded as the successful extensive government?security, which mitigate vulnerability and interoperability across infrastructure. Therefore, the advent of the various policies by the National Institute of Standards and Technology (NIST) and governing bodies for securing and unified solution are accelerating the growth of the Electronics Locks Market. 

Electronics Locks Market Segment Analysis – By Geography

North America is estimated to be the major region with a share of 40% in 2021 for the Electronics Locks Market. The growth of the market in this region is primarily due to the promising demand for smart and connected homes advancements, availability of a plethora of high-end wireless control products, and a constant hypermodernity culture across the U.S.A. and Canada. In June 2021, the company redefining the smart home, Level Home Inc. launched Level Lock, which is also known as the smallest smart lock. The latest addition to the Level Home family, this Level Lock provides a complete smart lock solution, combining with the powerful Bolt platform with amazing lock design at an affordable package. Presently, more consumers are aware of the home security and automation features and also, seeking to adopt IoT & AI enabled solutions to manage a better and quality life. In January 2020, the leading provider of smart and secure front door solutions, August launched New Wi-Fi Smart Lock™ with the advanced functionality and security packages that enable customers to monitor and manage their home security from their phone, from anywhere in the world. Therefore, the advent of the leading home automation vendors and the growing demand for customized smart home solutions to address security, comfort and convenience are influencing the Electronics Locks Market size in these regions immensely.

Electronics Locks Market Drivers

Growing demand for Home Automation is promoting the growth of the Electronics Locks Market

The rising installation of customized and high-end technology to ensure luxurious living and other associated features such as the safety and security, is contributing to the growth of the Electronics Locks Market. The Home Automation Industry is an exclusive domain for the uber-rich community in recent years, which directly leads to the growth of the smart lock systems and other connected devices through a remotely controllable network. In January 2020, Swedish conglomerate Assa Abloy subsidiaries August and Yale announced the launch of the new smart lock products at the 2020 Consumer Electronics Show. According to the company’s estimation there have been 14 billion smart home devices sold so far, and thus, to take advantage of this, the next generation of the August Smart Lock is 45% smaller than the previous version and offers versatile features at $229. Hence, these factors such as unprecedented demand for the improved lifestyle, and high concerns about safety and security significantly driving the growth of the Electronics Locks Market share, firmly.  

Rising concern for security and other industrial access are accelerating the growth of the Electronics Locks Market

The phenomenon of security and seamless integration, which offers security from various unauthorized access across restricted areas, including school, banks, airports, industrial sectors and others are promoting the growth of the Electronics Locks Market. Moreover, for supreme identification capacity, several industry verticals are deploying radio-frequency identification solutions, and other smart phone biometric technology for aiming controlled office infrastructure. In September 2021, ASSA ABLOY signed a business agreement and acquired the Hardware and Home Improvement (HHI) division of Spectrum Brands at $4.3 billion. The acquisition helped the two companies to launch dLine door access system that is integrated with a touch sensor from FPC. The solution enables the door to be unlocked by fingerprint biometrics sensor, which is embedded into the door itself. Hence, the advent of such breakthrough commercial Access Control systems and the elevated demand of the Industrial Access Control systems have accelerated the growth of the Electronics Locks market. 

Electronics Locks Market Challenges

Relatively expensive to invest that arises a huge hindrance to the growth of the Electronics Locks market

The Electromagnetic Locks, Smart lock or any other Biometrics solution for security is considered as the most required investment to mitigate any crisis across the commercial or residential perimeters. However, there are definite limitations for investing in the Electronics Locks Systems, which are much advanced and need constant reliance on internet connection. The more advanced electronic lock and the added security system eventually comes with extravagant investments and thus, it is difficult for many end-users to invest or upgrade to better security solutions. Hence, the high price of such enhanced versions of Electronics Locks hinder the possible growth of the Electronics Locks market.

Electronics Locks Industry Outlook 

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Electronics Locks. The Electronics Locks Market top companies include

  1. Honeywell International, Inc.
  2. Spectrum Brands Holdings, Inc.
  3. Assa Abloy
  4. Cisco Systems, Inc.
  5. United Technologies Corporation
  6. Salto Systems S. L.
  7. Panasonic Corporation
  8. Vanderbilt Industries
  9. Kiekert Aktiengesellschaft
  10. iLOQ Limited
  11. Level Home Inc 

Acquisitions/Technology Launches/Partnerships

  • In October 2019, the company redefining the smart home, Level Home Inc., launched the Level Lock, the world’s first invisible smart lock. The latest solution by the Level Home is designed for the house as well as offices that transforms any standard deadbolt into a modern day smart lock in just minutes.
  • In November 2021, the Smart-lock startup, Level Home acquired Dwelo, the device management platform and raises $100M to advance a vertical integration of the business and develop in-home smart tech, such as electronic locks and other integrated hardware-software product. 

Relevant Report Titles:

Smart Home Automation Market

Report Code: ITR 67656

Wireless Sensor Network for Building & Home Automation Market

Report Code: AIR 0128

For more Electronics Market reports, please click here

1. Electronics Locks Market Overview
    1.1 Definitions and Scope
2. Electronics Locks Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Industry
    2.3 Key trends segmented by Geography
3. Electronics Locks Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
4. Electronics Locks Market - Market Forces
    4.1 Market Drivers
    4.2 Market Constraints
    4.3 Porters five force model
    4.3.1 Bargaining power of suppliers
        4.3.2 Bargaining powers of customers
        4.3.3 Threat of new entrants
        4.3.4 Rivalry among existing players
        4.3.5 Threat of substitutes
5. Electronics Locks Market – By Strategic Analysis
    5.1 Value Chain Analysis
    5.2 Opportunities Analysis
    5.3 Product Life Cycle/Market Life Cycle Analysis
    5.4 Suppliers and Distributors (5 Key Suppliers and Their Relevant Distributors)
6. Electronics Locks Market – By Product (Market Size -$Million/Billion)
    6.1 Electromagnetic Locks
    6.2 Electronic Strikes
    6.3 Electronic Deadbolts
    6.4 Latches
7. Electronics Locks Market – By Interconnectivity (Market Size -$Million/Billion)
    7.1 Wired
    7.2 Wireless
8. Electronics Locks Market – By Authentication Method (Market Size -$Million/Billion)
    8.1 Numerical Codes and Passwords
    8.2 Security Tokens
    8.3 Biometrics
        8.3.1 Fingerprint Scanning
        8.3.2 Retinal or Iris Scanning
        8.3.3 Voice Recognition)
9. Electronics Locks Market – By Industry Vertical (Market Size -$Million/Billion)
    9.1 Residential
    9.2 Commercial
    9.3 Automotive Sector
10. Electronics Locks Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 U.S
        10.1.2 Canada
        10.1.3 Mexico
    10.2 South America
        10.2.1 Brazil
        10.2.2 Argentina
        10.2.3 Chile
        10.2.4 Colombia
        10.2.5 Others
    10.3 Europe
        10.3.1 Germany
        10.3.2 France
        10.3.3 UK
        10.3.4 Italy
        10.3.5 Spain
        10.3.6 Russia
        10.3.7 Netherlands
        10.3.8 Others
    10.4 APAC
        10.4.1 China
        10.4.2 Japan
        10.4.3 South Korea
        10.4.4 India
        10.4.5 Australia
        10.4.6 Indonesia
        10.4.7 Malaysia
        10.4.8 Others
    10.5 RoW
        10.5.1 Middle East
        10.5.2 Africa
11. Electronics Locks Market - Market Entropy
    11.1 New product launches
    11.2 M&A's, collaborations, JVs and partnerships
12. Electronics Locks Market - Company Analysis (Market Overview, Product Portfolio, Revenue, Developments)
    12.1 Company 1
    12.2 Company 2
    12.3 Company 3
    12.4 Company 4
    12.5 Company 5
    12.6 Company 6
    12.7 Company 7
    12.8 Company 8
    12.9 Company 9
    12.10 Company 10