Global Electronic Home Locks Market 2018-2022

Global Electronic Home Locks Market 2018-2022

About Electronic Home Locks

An electronic lock is a locking device that operates through electric current or motion mechanism and performs locking and unlocking operations on a door accordingly. In this report, electronic locks used for residential purposes are considered and analyzed.

Technavio’s analysts forecast the global electronic home locks market to grow at a CAGR of 16.41% during the period 2018-2022.

Covered in this report

The report covers the present scenario and the growth prospects of the global electronic home locks market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:

• Americas
• APAC
• EMEA

Technavio's report, Global Electronic Home Locks Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

• Allegion
• ASSA ABLOY
• Honeywell International
• SAMSUNG
• Spectrum Brands

Market driver

• Increasing integration of advanced technologies
• For a full, detailed list, view our report

Market challenge

• Intense competition from alternative products
• For a full, detailed list, view our report

Market trend

• Growing urbanization enabling the category growth opportunity
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2022 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

Press Release

Technavio Announces the Publication of its Research Report – Global Electronic Home Locks Market 2018-2022

Technavio recognizes the following companies as the key players in the global electronic home locks market: Allegion, ASSA ABLOY, Honeywell International, SAMSUNG, and Spectrum Brands.

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing urbanization enabling the category growth opportunity. The growing urbanization has played a vital role in the rising adoption of electronic locks among households. The improvement in global digitalization is also driving the demand for electronic home locks. In urban areas, electronic locks and their benefits are gradually gaining popularity among the population.”

According to the report, one driver in the market is increasing integration of advanced technologies. Electronic home locks are operated either on battery or electricity, and these are more expensive than regular home locks. The high price of electronic home locks is attributed to the introduction of technologically advanced security and locking system. Smart connectivity is one of the latest technologies incorporated in electronic locks.

Further, the report states that one challenge in the market is intense competition from alternative products. The manufacturers of electronic home locks experience intense competition from alternative products such as regular home locks. Individuals are still confident about the ordinary home locks that are operated through keys. In addition, these regular home locks are less priced as compared to the electronic home locks.

Companies Mentioned

Allegion, ASSA ABLOY, Honeywell International, SAMSUNG, and Spectrum Brands.