Electronic Lock Market to Surge at 13.4% CAGR, Aiming for US$ 8.09 Billion by 2034: Fact.MR Study
Growing Adoption of Home Automation Technologies Stimulating Installation of Electronic Locks
Rockville , Dec. 21, 2023 (GLOBE NEWSWIRE) — A newly published market research report by Fact.MR, a market research and competitive intelligence provider, reveals that global Electronic Lock Market is estimated at a value of US$ 2.3 billion in 2024. Sales of electronic locks across the world are projected to increase at a prolific CAGR of 13.4% from 2024 to 2034.
Growing need for security is projected to lead to the deployment of advanced electronic locks. In addition, the increasing inclination of the general population to electronic locks instead of traditional locks is predicted to contribute to revenue streams. Ongoing technological advancements, including IoT integration and Bluetooth connectivity, are predicted to lead to the development of more advanced electronic lock systems.
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Key Segments of Electronic Lock Industry Research Report
| By Product Type | By Interconnectivity | By Authentication Method | By End User |
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Electronic locks provide accessibility and convenience features, including remote access control and keyless entry, catering to the requirements of more flexible and easier security access. The increasing trend of smart buildings and homes is anticipated to spur demand for electronic locks, which are integrated into smart home systems for better monitoring and control. Electronic locks provide cost savings for the longer run by minimizing the requirements for physical keys and enhancing security for commercial and residential users.
Key Takeaways from Market Study
- The global electronic lock market is pegged at US$ 2.3 billion in 2024.
- Demand for electronic locks is predicted to reach a market valuation of US$ 8.09 billion by the end of 2034.
- Sales of electronic locks are predicted to rise at a significantly high-value CAGR of 13.4% from 2024 to 2034.
- East Asia is predicted to account for 33.7% share of the global market by 2034.
- The market in the United States is forecasted to expand at 13.8% CAGR and reach US$ 1.49 billion by 2034.
- Worldwide demand for wired electronic locks is projected to advance at a CAGR of 12% and reach a value of US$ 5.13 billion by 2034-end.
“Increasing need to safeguard banks, corporate buildings, supermarkets, hotels, financial institutions, commercial buildings, and individual houses with advanced security solutions is predicted to stimulate the widespread deployment of electronic locks,” says a Fact.MR analyst.
High Demand for Smart Homes in North America
There has been a noteworthy increase in the demand for smart homes and applications in North America. Increased adoption of smartphones and other smart devices is attributed to growing concerns about residential security. Electronic locks, cameras, security alarms, and sensors with advanced features are included in smart home applications. Climate control and fire alarms are some other key features of these security systems.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 8.09 Billion |
| Growth Rate (2024-2034) | 13.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
The extensive use of wired electronic locks is attributed to their reduced vulnerability to hacking.
By 2034, electronic deadbolts and latches are anticipated to command a substantial 41.6% share of the global market revenue. These technologically advanced locks boast sophisticated security features such as tamper alerts, encryption, and keyless entry, surpassing the security levels provided by traditional mechanical locks. Additionally, many models offer diverse authentication methods, including biometric recognition, smartphone connectivity, and PIN codes.
Certain electronic deadbolts and latches are equipped with smart functionalities that facilitate remote control and access. This allows users to lock or unlock doors from any location using smartphones, providing an enhanced level of security and convenience. The remote access feature of electronic deadbolts and latches proves especially advantageous for homeowners who desire the ability to grant access to service providers or visitors from a distance.
Key Market Players
Key manufacturers of electronic locks are Honeywell International, Inc., Assa Abloy, Spectrum Brands Holdings, Inc., Cisco Systems, Inc., Salto Systems S. L., United Technologies Corporation, Panasonic Corporation, Kiekert Aktiengesellschaft, Vanderbilt Industries, and iLOQ Limited.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electronic lock market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (electromagnetic locks, electronic strikes, electronic deadbolts & latches), interconnectivity (wired, wireless), authentication method (numerical codes & passwords, security tokens, biometrics), and end user (residential sector, commercial sector, automotive sector), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Electronic Security Systems Market: The high adoption rate of electronic security systems in various commercial fields is expected to drive the growth of the global electronic security systems market.
Security Product Integration Services Market: The growing adoption of enhanced security solutions across various industry verticals is driving the security product services market growth.
Cloud Access Security Brokers Market: Application of cloud access security brokers for getting improved visibility and effective control over user activities as well as sensitive data are some of the other factors driving the growth of the cloud access security brokers market.
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