Electronic Door Locks Market Outlook - 2030
An electronic door lock is a locking device that operates with the help of an electric current. Electronic door locks replace the use of keys and add additional features to the door locking system such as remote locking and unlocking. For functioning the electronic door locks require authentication such as passwords, passphrases, numerical codes, security token, RFID and biometrics. In the recent years, protecting valuable assets and places have become one of the biggest challenge.
The electronic door lock assures rigorous access control that ensures the protection of assets against burglary. The electronic door locks find their utility in diverse applications such as in luxury apartments, office projects, government projects and many more. Godrej & Boyce Manufacturing Co. Ltd. and Assa Abloy Group are the major players in the electronic door locks market.
The global electronic door locks market is segmented on the basis of type, product type, interconnectivity, authentication method, end user and region. Based on type, the market is divided into deadbolt, lever handles, padlock and others. In terms of product type, the market is categorized into electromagnetic locks, electronic strikes, electronic deadbolts and latches. On the basis of interconnectivity, the market is divided into wireless and wired. On the basis of authentication method, the market is divided into numerical codes, passwords, security tokens and biometrics. In terms of end user, the market is categorized into residential sector, commercial sector, automotive sector and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global electronic door locks industry include Honeywell International Inc., Spectrum Brands Holdings Inc., Cisco Systems Inc., United Technologies Corporation, Salto Systems S. L., Panasonic Corporation, Vanderbilt Industries, Kiekert AG, iLOQ Limited, Hanman International Pte Ltd., Nestwell Technologies, Hitachi Ltd., Wintec Electronic Tech Co. Ltd., ADT Inc., Onity Inc., Assa Abloy Group, Vivint Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., and Others. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global electronic door locks market.
COVID-19 Scenario Analysis
The emergence of the COVID-19 pandemic has brought the entire humankind to a standstill. However, the electronic door locks market has gained significant traction during these unprecedented times of the COVID-19 pandemic outbreak. The electronic door locks market is expected to witness numerous opportunities during the ongoing COVID-19 pandemic. The locking and unlocking application of electronic door locks can be carried out using voice recognition, smartphones and smart gadgets with the advancement of technologies, thereby reducing the need to physically touching the devices.
These technologies are enabling manufacturers to fulfill customer demands for touchless and contactless platforms to operate their devices. Therefore, during this challenging time of the COVID-19 pandemic, the industry players are focusing on new product development and incorporation of advanced and touchless technologies that help drive the growth of the electronic door locks market share.
Top Impacting Factors
The rise in demand for smart homes across the globe and an influx of companies coming up with innovative home automation technologies are responsible for the growing demand for electronic door locks in the market. Electronic door locks are increasingly being deployed across government offices, corporate offices, warehouses, hotels, educational institutions, shopping malls, retails shops, and residential properties.
They are extensively used across organizations and industries for the purpose of capturing attendance. In the corporate offices and government offices to provide additional security, electronic door locks are being deployed for biometric verifications using fingerprints, retina scans and facial recognition. Therefore, all these attributes contribute positively to the growth of the electronic door locks market.
However, a lack of awareness about the electronic door locks and the high cost involved in the implementation of the electronic door locking system will act as a restraining factor that will negatively affect the growth of the electronic door locks market.
Extensive Use of Electronic Door Locking Systems
The offices and organizations are now implementing the electronic door locking system to monitor attendance and also as a security solution with rapid development in technology. Moreover, the integration of the IoT systems with the electronic door lock fosters the demand for the electronic door locking systems in the market. The market players are focusing on consistent innovation in providing the security solution and thus, these attributes are expected to drive the demand for electronic door locks in the market.
Surge in Demand for Enhanced Home Security Solutions
In recent years, there has been a surge in unethical practices and crime rates across the world. This has led to the wide scale adoption of an electronic door locking system that provides robust security features against burglary. The alarming system, in case of any suspicious activity, is one of the most essential features provided by the electronic door locking system that drives the demand for electronic door locks in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the electronic door locks market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electronic door locks market trends.
- The current market is quantitatively analyzed to highlight the electronic door locks market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electronic door locks market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Electronic Door Locks Market Research Report
- What are the leading market players active in the electronic door locks market size?
- What the current trends will influence the electronic door locks market in the next few years?
- What are the driving factors, restraints, and opportunities in the electronic door locks market?
- What are the projections for the future that would help in taking further strategic steps?
Electronic Door Locks Market Report Highlights
Key Market Players
Vivint, Inc., United Technologies Corporation, Assa Abloy Group, Honeywell International, Inc., Panasonic Corporation, Godrej & Boyce Manufacturing Co. Ltd., Salto Systems S.L., Spectrum Brands, Inc., ADT, Inc., Allegion PLC