Electronic Home Locks Market Analysis Report By Product Type, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global electronic home locks market size accounted for USD 334.3 million, in 2018 and is projected to grow at the CAGR of 16.1% over the forecasted period. The advent of innovative technologies such as face recognition, and Bluetooth are key factors that are increasing the demand for electronic locks. The growing trend of connected homes, which require smart systems for security solutions is positively attributed to the growth of the market. Smart security solutions are popular in countries such as Germany, U.K., Canada, and the U.S.

The increasing penetration of smartphones and tablet phones is boosting the demand for the product. The benefits offered by locks such as security alerts, remote monitoring with the help of wireless connectivity are also supporting the market growth. These locks have features like a waterproof keypad, recording, access, data storage which are controlled remotely.

Thus, the integration of these wireless technologies is further expanding the demand for the product. Furthermore, the growing digital transformation along with rapid urbanization is expected to propel the demand for electronic locks over the next few years. However, the high cost of the product may restraint market growth. Additionally, the growing need for enhanced security systems owing to rising security threats is anticipated to boost the demand for the product over the next few years. 

The North American region led the market in 2018. The region is projected to retain its dominance over the next few years. This growth is mainly contributed by the development of the corporate and residential sectors. Asia Pacific region is estimated to grow at the fastest rate over the forecasted period. 

Product Insights

The electronic home lock market is bifurcated into strikes, deadbolts & latches, and lever locks. In 2018, lever locks held the highest share in the overall market. Growing renovation activities along with the number of ongoing constructions projects are expected to increase the demand for this segment. These electronic locks are offered with cutting-edge features such as easy installation of the connected system. Further, the increasing demand for the home automation system is also fostering market growth. In 2018, deadbolts locks were the highest selling product in the market. The product has high demand from the residential sector due to the easy locking mechanism. 

Distribution Channel Insights

The distribution channels are bifurcated into offline and online. In 2018, the offline channel dominated the market with a share of over 85% in the overall market. This segment is leading because of the high penetration of unorganized retail, especially in countries such as China, India, Vietnam, and Thailand. For example, in 2018, Croma invested over 250 crore Indian rupees for the expansion of its business. The company is aimed at increasing its number of outlets to 200+ by 2020.

The online channel is projected to grow at the CAGR of over 18.0%, over the forecasted period. Increasing penetration of digitization and increase in the number of smartphone users are some of the main reasons for the rise in the online segment. Top players such as eBay, Amazon, and Flipkart are offering doorstep delivery and easy return options which, in turn, are anticipated to bolster the segment growth.

Regional Insights

In 2018, North America held the largest market share in the overall market. The region is expected to continue its leading position over the next few years. The growing demand for enhanced security systems, along with the increasing per capita income of consumers is driving the growth of electronic locks.

Asia Pacific region is anticipated to grow at the highest CAGR of over 20.4% during the forecast period. The growing number of retail outlets and availability of wide varieties of global brands in countries like China and India is projected to spur market growth. Additionally, growing infrastructural development and the rising need for enhanced security solutions are expected to increase the demand for security systems.

Impact of COVID-19 Insights

The COVID-19 pandemic has negatively impacted the global electronic home lock market. The coronavirus crisis has resulted in lockdown situations across the globe. Thus, due to supply chain disruption, the manufacturers have been adversely affected. However, the coronavirus pandemic is projected to play a crucial role in the growth of the market. Amid pandemic, consumers are following social distancing norms and avoiding contacts. Smart or electronic locks ensure safety owing to the inclusion of smart home technology. The manufacturers are emphasizing developing innovative and contactless products. For instance, Godrej Group has introduced new products namely Universal Brass Key, and Foot-operated door opener to support contactless and safety concerns. Thus, the market is anticipated to grow steadily over the forecast period.

Electronic Home Locks Market Share Insights

Leading players include Honeywell International Inc.; Spectrum Brands, Inc.; ASSA ABLOY AB; Samsung Group; Nuki Home Solutions; Avent Security; Allegion plc.; August Home, Inc.; Security Door Controls; and The Godrej Group.  Top players in the market are focusing on product innovations and mergers & acquisitions to expand their business, and product portfolio. For example, ASSA ABLOY has launched locks offering with embedded advent technology like NFC. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global electronic home locks market report on the basis of product type, distribution channel, and region:

• Product Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Strikes
    • Deadbolts & Latches
    • Lever Locks

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)
        • UAE