Global Electronic Home Locks Market (2021-2026) by Product, Communication Protocol, Authentication Method, Distribution Channel, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

The Global Electronic Home Locks Market is estimated to be USD 512.95 Mn in 2021 and is expected to reach USD 920.25 Mn by 2026, growing at a CAGR of 12.4%.



Market Dynamics

Growing urbanization and adoption of smart technology are majorly driving factors of the electronic home locks market. In addition, alarming crime rates and rising awareness of smart home locks are escalating the market growth. The electronic home locks have advanced features such as a waterproof keypad, data storage, alert unauthorized entry, remotely accessing the locks, voice control, and record of access history has increased the demand for electronic locks. The adoption of IoT, AI, and MI in smart technologies is anticipated to create new electronic home locks market opportunities. The increasing penetration of smartphones for unlocking and touchless locks is further escalating the market growth. However, the threat of cyber hacking and the perception of unreliability are hindering the market.

The growing smart building constructions and ongoing R & D for new product development by market players are anticipated to pave new opportunities for the market during the forecast period.

Market Segmentation

The Global Electronic Home Locks Market is segmented further based on Product, Communication Protocol, Authentication Method, Distribution Channel, and Geography.

By Product, the market is classified into padlocks, lever locks, deadbolts and latches, and others. Amongst all, the deadbolts and latches segment is estimated to hold the highest market share during the forecast period.

By Communication Protocol, the market is classified as bluetooth, WiFi, and others. Amongst all, the WiFi segment is estimated to hold the highest market share during the forecast period.

By Authentication Method, the market is classified as numerical codes and passwords, security tokens, smart cards, biometrics, and others. Amongst all, the numerical codes and passwords segment is estimated to hold the highest market share during the forecast period.

By Distribution Channel, the market is classified as online and offline. Amongst all, the offline segment is estimated to hold the highest market share during the forecast period

By Geography, North America is projected to lead the market.

Recent Developments

1. Xiaomi launches Aqara D100 Smart Door Lock with HomeKit & MIJIA app support. - 28th November 2020.
2. Godrej Locks, launched Spacetek, a new age 100% 'Made in India' digital lock. Spacetek is the latest hi-tech features like 360-degree fingerprint recognition, spy code, privacy mode, low battery indicator, external power bank charging, volume control, and break-in alarm. - 30th March 2020.

Company Profiles

Some of the companies covered in this report Nuki Home Solutions, August, Inc., Godrej Group, Avent Security, Security Door Controls, Cisco Systems, Inc., etc.

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Electronic Home Locks Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains a competitive analysis using the Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market