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