Electronics Locks Market - Global Industry Analysis, Size, Trends, Growth, and Forecast 2019 - 2029

  • Single User License $3500

Electronics Locks Market - Global Industry Analysis, Size, Trends, Growth, and Forecast 2019 - 2029

Status : March, 2023 | Technology & Media

Report Digest

Global Electronic Locks Market: Overview

Locking systems have been in use since time immemorial to keep precious articles safe in Electronic locks are locking systems that utilize electric current to engage and disengage. Said electric supply is passed through on entry of an electronic passcode or proximity to a Bluetooth device. Some of these locks use magnetic energy to operate in beams and key systems.

An increasingly automated world demands efficient infrastructure. Electronic locks are better than conventional locks for their specificity and relative ease of operation. Also, crude methods of disengaging such locks do not work and ensure better security for items entrusted to them. As the world moves into the electronic age, demand for such efficient technology will continue to rise, notes TMRR.  The electronic locks market should benefit from this growth trend, especially over the period of 2019 to 2029. 

Global Electronic Locks Market: Competitive Landscape

A number of manufacturers are involved in the production of electronic locks. This makes the market scenario fragmented. Most known and revered players in the global electronic locks market include-

  • Kwikset (Spectrum Brands, Inc.)
  • ASSA ABLOY Group
  • Kaba Holding AG
  • CDV Group Company
  • DynaLock Corporation
  • LockState
  • Schlage (Allegion Company)
  • Onity (United Technologies Corp.) 
  • Salto Systems
  • SimonsVoss Technologies GmbH (Allegion Company)
  • Videx Security Ltd and Seoul Commtech Co., Ltd.

These players realize the potential global markets hold for their product. They are expected to increase productivity by acquiring smaller production facilities for subparts and increasing operational footprint by advertisements and bringing awareness to people. Industrial automation plans should also be invested in along with innovations to better integrate current technology of electronic locks with existing conventional industrial infrastructure.

Global Electronic Locks Market: Key Trends and Drivers

  • The industrial automation industry is an industrial sector on its own. To reduce the inefficiency of human labor and divert human efforts to planning, automation is being employed in industries. This has not only led to reduction in resource wastage but also in working hours. The global process automation market was valued at USD 76.83 billion in 2019 and is expected to reach USD 114.17 billion by 2025, at a CAGR of 7.23% over the forecast period 2020-2025. As per the global worker wages annual report, an estimated 2 trillion USD can be protected on by automating about 45% of current activities that are paid. These trends hold promise for the electronic locks market.
  • In 2018, production of electricity across the world was 3.9% more than in the previous year. This growth is seen owing to the high and growing reliance of the current population on electrical processes adopted in every day life. Fossil fuels and renewable energy sources are being increasingly expended to cater to this demand for electricity. Automation depends heavily on electricity and hence production of this energy source is bound to increase in the future. More electronic locks should be employed in lieu of this trend in the coming years.
  • A hindrance to the growth of this market could be the skepticism around trusting automation with security coupled with relatively higher costs. Moreover, magnetic lock systems have flaws which currently make them less than desirable. Increasing innovation and ease of use should make this technology more acceptable in the future.

Global Electronic Locks Market: Regional Analysis

North America and Europe are at the top of growth charts in the electronic locks market. This can be attributed to quick adoption of innovations in this region by people. Also, automation industry reaps heavy benefits here because of an abundant supply of clean electrical energy and a demand for efficiency among industrial sectors. 

The Asia Pacific region (APAC) is expected to register the rapid rate of growth in this market in the coming years. Growing electrical output and outsourcing of industrial production to these regions makes them ideal hubs for future growth of automation. As the importance of efficiency is realized above the need for traditional production methods, innovations like electronic locks should be increasingly brought into the foray. 

Market Segmentation:

Product Type Outlook

  • Strikes
  • Deadbolts and Latches
  • Lever Locks

Distribution Channel Outlook

  • Offline
  • Online

Regional Outlook

  • North America
    • The U.S.
  • Europe
    • Germany
    • U.K
  • Asia Pacific
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • UAE

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?