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Electronic Home Locks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global electronic home locks products market was valued at USD 54.3 billion in 2022 and is projected to expand at a CAGR of 14.3% from 2023 to 2030. The increasing demand for convenience and security is driving the growth of the market. Consumers are increasingly investing in home security systems, such as door locks, to protect their homes from intruders. Furthermore, the integration of advanced technologies such as biometric and fingerprint recognition with electronic locks is expected to contribute to the growth of the market.
The rising trend of smart homes is driving the demand for these products. Consumers are installing electronic locks to secure their homes and gain access control. Furthermore, the increasing focus on home automation is leading to the integration of electronic locks with smart home systems. For instance, in April 2021, Schlage launched the Schlage Encode Smart WiFi Deadbolt, a door lock that can be controlled from anywhere with the Schlage Home app. This device can be integrated with Amazon Alexa, Google Assistant, and other home automation systems.
Furthermore, the growing trend of connected homes and the rising demand for luxury homes is driving the demand for these products. For instance, in December 2021, Yale launched the Yale Assure Lock Touchscreen Smart Lock with a contemporary design that allows homeowners to unlock their doors without a physical key. This lock is equipped with a capacitive touchscreen, eliminating the need for physical keys.
The presence of a large number of players in the electronic home locks products market is expected to drive the demand further. Players are focusing on expanding their product portfolio by introducing new and innovative products to gain a competitive edge in the market. For instance, in June 2021, August Home launched the August Wi-Fi Smart Lock Pro, which is compatible with Apple HomeKit, Amazon Alexa, and Google Assistant.
The increasing adoption of electronic home locks products in the hospitality sector is expected to propel the market. The hospitality industry has been witnessing a steady growth in recent years due to the growing number of tourists and travelers. The increasing preference for smart access controls for hotel rooms is further driving the demand for these products. For instance, in March 2021, VingCard Elsafe launched the Signature RFID door lock, which uses radio frequency identification (RFID) technology to provide secure and convenient access control to hotels and other hospitality units.
Product Insights
The keyless locks segment is anticipated to expand at the fastest CAGR of 10.1% over the forecast period. Rising adoption of electronic locks owing to their convenience and security features, along with technological advancements in the electronic locks industry, are some of the key factors driving the growth of the segment. According to an article published by The Guardian, in October 2019, more than a third of British households have adopted electronic door locks, and that figure is expected to grow in the coming years.
The biometric locks segment is expected to witness significant growth over the forecast period. The rising adoption of biometric locks owing to their cost-effectiveness, convenience, and high security features is driving the segment growth. According to an article published by Technavio, in October 2019, biometric locks are expected to witness the highest growth in the global market over the forecast period. Furthermore, technological innovations and rising awareness regarding the security benefits of biometric locks are some of the factors driving the segment growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of 41.2% in 2022. Supermarkets and hypermarkets provide a wide range of products from different brands, which makes it easier for consumers to compare different products before making a purchase. Moreover, the presence of knowledgeable staff in these stores helps customers to make an informed decision while purchasing electronic home locks. Additionally, the availability of discounts and offers in these stores further boosts market growth.
The online segment is anticipated to grow at the highest CAGR of 13.5% over the forecast period. The increasing penetration of the internet, along with the rising popularity of e-commerce sites, has enabled customers to purchase electronic home locks from the comfort of their homes. Moreover, the availability of discounted prices on online stores, along with free delivery services, has further increased its popularity among customers. In addition, the emergence of social media platforms has enabled companies to reach a larger target audience and promote their products through various online marketing campaigns.
Type Insights
The standalone segment accounted for the largest market share of 63.6% in the year 2022. The wide availability of standalone locks in the market and the low cost of installation is driving the demand for this segment. Also, the increasing popularity of biometric systems has led to the introduction of standalone locks with biometric systems. For instance, in April 2022, Samsung launched a standalone lock with biometric systems. Such innovations are likely to drive the demand for standalone electronic home locks in the forecast period.
The networked segment is expected to register the highest CAGR of 16.2% over the forecast period. The increasing demand for intelligent locks with features such as remote access, home automation, and voice control is driving the demand for this segment. Also, the growing trend of smart homes is driving the demand for networked electronic home locks. For instance, in April 2022, Yale, a brand of ASSA ABLOY, launched a networked electronic home lock with voice control. Such innovations are likely to propel the market in the forecast period.
Regional Insights
Europe is expected to witness the highest growth during the forecast period. This can be attributed to the increasing demand for home automation systems, smart home security solutions, and the growing penetration of connected home devices. Additionally, the growing number of smart city initiatives and the increasing installation of smart locks in corporate offices and commercial buildings is projected to boost market growth. For instance, in February 2021, Latch, a U.S.-based smart access system provider, partnered with a real estate developer in the Netherlands to bring its digital access system to a new residential project in Amsterdam.
The Asia Pacific region is expected to witness the second-highest growth during the forecast period. This can be attributed to the increasing population and the growing demand for home security solutions in the region. Additionally, the rising disposable income of people in the region is also expected to play a major role in driving the market growth. For instance, in May 2021, Samsung Electronics partnered with the National Housing Bank in India to launch a new electronic home locks system.
Financial Projections
In this section of the e-home locks products business plan, we will provide detailed financial projections. This includes a breakdown of all income and expense categories of the business. These projections are usually drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for an electronic home locks products business come from sales of locks and related accessories, subscription fees for services, installation fees, and other services such as maintenance and repair.
Projecting Expenses
In this section, all the regular expenses related to keeping the electronic home locks products business running will be described. The list of operating expenses includes wages, materials, tools and equipment, rent, advertising, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the electronic home locks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Schlage launched the Sense Smart Deadbolt, a Wi-Fi connected deadbolt which can be controlled remotely via an app.
– In August 2022, Yale launched the Assure Lock SL with Wi-Fi, which allows the user to control their locks from anywhere using the Yale app.
– In October 2022, August Home launched the HomeKit-enabled Smart Lock Pro, a smart lock that integrates with Apple HomeKit.
Some of the prominent players in the electronic home locks market include:
– Schlage
– Yale
– August Home
– Kwikset
– Honeywell International Inc.
– ASSA ABLOY
– Samsung Electronics Co., Ltd.
– Spectrum Brands Holdings, Inc.
– United Technologies Corporation
– Bosch Security Systems, Inc.
Global Electronic Home Locks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global electronic home locks products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Biometric Locks
– Smartphone-based Locks
– Keypad Locks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail Store
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Factors are Fueling the Growth of the Electronic Home Locks Market?
[A]: The growth of the electronic home locks market is being driven by increased security concerns, rising population and urbanization, increasing disposable incomes and the need for convenience, and the proliferation of smart homes and connected devices. Increasing demand in the residential and commercial markets, advancements in technology, and the rising preference for smart locks are also contributing to market growth.
[Q]: Who are the Key Players in the Electronic Home Locks Market?
[A]: Some of the major companies operating in the global electronic home locks market are ASSA ABLOY AB, Allegion plc, Yale Security Inc., Godrej and Boyce Manufacturing Co. Ltd., Spectrum Brands Holdings, Inc., KESO GmbH & Co. KG, Dorma+Kaba Holding AG, Honeywell International Inc., and Onity.
[Q]: What is the Market Outlook for the Electronic Home Locks Market?
[A]: The electronic home locks market is expected to grow at a CAGR of 8.7% during the forecast period of 2020-2025. Increasing demand for smart locks and rising security concerns are expected to drive the market growth.
[Q]: What are the Major Segments in the Electronic Home Locks Market?
[A]: The electronic home locks market is segmented by product type, end-user, and geography. By product type, the market is segmented into smart locks, biometric locks, and mechanical locks. By end-user, the market is segmented into residential and commercial. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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