The global electronic home locks market size is anticipated
to reach USD 952.4 million by 2025 registering a CAGR of 16.1%, according to a
new report by Grand View Research, Inc. High demand for home automation and
advanced security technologies, such as electronics home locks, is expected to
be the key factors driving the market. Rising construction activities in
developed countries including U.S., Germany, U.K., and France are also expected
to assist in growth of this market.
Moreover, integration of innovative technologies,
such as Near-Field Communication (NFC), Bluetooth, and voice and face
recognition, is expected to boost the product demand. Key companies in the
market are focusing on the development of advanced products to gain a
competitive edge. For instance, ASSA ABLOY AB introduced a range of electronic
locking solutions that features technologies, such as NFC.North America was the
dominant regional market in 2018 and is estimated to retain its leading
position throughout the forecast period.
The growth is attributed to the rapid
expansion of the construction industry, especially in residential sector, in
the region. However, Asia Pacific is projected to witness the fastest growth
over the forecast period due to high demand for advanced security solutions.
The product demand is driven by the increasing residential construction
activities, trend of home automation, and disposable income levels in the
region. In addition, rising number of branded retail outlets, especially in
India and China, is anticipated to contribute to the market in growth.
For full research report on Electronic
Home Locks Market visit here: https://www.grandviewresearch.com/industry-analysis/electronic-home-locks-market
Further key
findings from the study suggest:
- Electronics lever locks product segment held
the largest market share in 2018 and is estimated to witness the fastest
growth over the forecast period due to rising trend of home automation for
better security
- Moreover, lever locks are easy to install and
are equipped with advanced features, such as data storage and adding and
deleting users remotely
- Offline distribution channel was the leading
segment in 2018. However, the online segment is anticipated to expand at
the fastest CAGR of 18.0% from 2019 to 2025
- Increasing usage of smartphones and exposure
to digital media, especially in developing countries like India and China,
are expected to augment the products sales through online channels
- Prominent companies in the electronic home
locks market are ASSA ABLOY AB; Allegion plc.; Samsung Group; Spectrum
Brands, Inc.; Honeywell International Inc.; Nuki Home Solutions; August
Home, Inc.; The Godrej Group; Avent Security; and Security Door Controls
(SDC)
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/electronic-home-locks-market/request/rs1
Grand
View Research has segmented the global electronic home locks market on the
basis of product type, distribution channel, and region:
Electronic
Home Locks Product Type Outlook (Revenue, USD Million, 2015 - 2025)
- Strikes
- Deadbolts and
Latches
- Lever Locks
Electronic
Home Locks Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
- Offline
- Online
Electronic
Home Locks Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K
- Asia Pacific
- China
- India
- Central & South
America
- Brazil
- Middle East &
Africa
- UAE
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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