The report covers forecast and analysis for the intelligent electronic lock market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the intelligent electronic lock market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the intelligent electronic lock market on a global level.
As per the report, the global demand for intelligent electronic lock market was valued at approximately USD 563.6 million in 2018 and is expected to generate revenue of around USD 1,631.8 million by end of 2025, growing at a CAGR of around 16.4% between 2019 and 2025.
The elevated adoption of connected home solutions is anticipated to raise the growth of the intelligent electronic lock market in the forecast period. Moreover, the intelligent electronic lock market is expected to grow significantly owing to the increasing need of the consumers to connect with all the electronic devices in their house and commercial areas. Furthermore, the penetration of smartphones is also expected to drive the intelligent electronic lock market. However, the high initial price for intelligent electronic lock can restrict the growth of the market in the predicted time span. The diversification in the product range can act as an opportunity for the growth of intelligent electronic lock market in the forecast time period.
The global intelligent electronic lock market is segmented on the basis of type, application, and region. Based on type segment, the intelligent electronic lock market is divided into lever handles, deadbolt, and padlocks. The market for deadbolt segment is presumed to grow exponentially in the forecast time span due to the easiness of operation.
Hospitality, residential, critical infrastructure, and enterprise constitute the application segment of the intelligent electronic lock market. Increased new constructions and renovation of the hotels globally has anticipated the growth of hospitality in the application segment of the intelligent electronic lock market.
North America intelligent electronic lock market is contributing significantly during the forecast period as the region shows adoption of intelligent electronic lock in the U.S. Also, favorable government regulation demands major product alteration and innovation to avoid the risk of fire, thus propelling intelligent electronic lock market growth in North America.
In Asia Pacific, countries such as China and Japan have an increased implementation of intelligent electronic locks for ease and security which is expected to drive the target market. Moreover, the adoption of technology in the newly constructed and renovated buildings in the Asia Pacific region will elevate the intelligent electronic lock market growth.
Major players for the intelligent electronic lock market are Goji, SentriLock, Yale, Cansec System, UniKey Technologies Inc., Weiser, August Home, Aventsecurity, Haven, Kwikset, Schlage, Okidokeys, SDS Smart Locks, and Mul-T-Lock among others.
Global Intelligent Electronic Lock Market: By Type Segment
- Lever handle
Global Intelligent Electronic Lock Market: By Application Segment
- Critical infrastructure
Global Intelligent Electronic Lock Market: By Region Segment
- North America
- Asia Pacific
- Latin America
- Middle East and Africa