Electronic Lock Market

Electronic Lock Market By Product Type (Electromagnetic Locks, Electronic Strikes, Electronic Deadbolts & Latches), By Interconnectivity (Wired, Wireless), By Authentication Method (Numerical Codes & Passwords, Security Tokens, Biometrics), By End User (Residential Sector, Commercial Sector, Automotive Sector), and By Region – Global Market Report (2024 to 2034)

Analysis of Electronic Lock Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Electronic Lock Market Outlook (2024 to 2034)

The global electronic lock market is pegged at US$ 2.3 billion in 2024, as per a new industry analysis published by Fact.MR. Global demand for electronic locks is predicted to increase at a prolific CAGR of 13.4% and reach a market valuation of US$ 8.09 billion by the end of 2034.

Growing security concerns, along with a rising requirement for more advanced and technologically sophisticated locking systems are anticipated to fuel demand for electronic locks across regions. Ongoing technological advancements, including Bluetooth connectivity, IoT integration, and biometric recognition, are forecasted to lead to the development of more efficient and sophisticated electronic lock systems.

Electronic locks provide accessibility and convenience features, including remote access control, keyless entry, and integration with smartphones. They are predicted to cater to the increasing demand for more flexible and easier access to the system. The increasing trend of smart buildings and homes is predicted to spur the electronic lock market share, which can be integrated into large smart systems for effective monitoring and control.

  • Demand for electronic locks in the United States is projected to accelerate at a 13.8% CAGR and reach a market value of US$ 1.49 billion by the end of 2034.
  • East Asia is predicted to account for 33.7% of the global electronic lock market share by the end of 2034.
  • Sales of wired electronic locks are forecasted to rise at a 12% CAGR and reach US$ 5.13 billion by 2034-end.

There is a constant increase in the demand for digital locks as conventional locks become outdated. In addition, increasing urbanization and a rising number of construction projects across geographies are predicted to cushion demand for technologically advanced and modern security solutions, including electronic locks.

Electronic locks ensure long-term cost savings while enhancing security, minimizing the requirements for physical keys, and providing remote access control, making them a more attractive option for commercial and residential users.

Report Attributes Details
Electronic Lock Market Size (2024E) US$ 2.3 Billion
Forecasted Market Value (2034F) US$ 8.09 Billion
Global Market Growth Rate (2024 to 2034) 13.4% CAGR
North America Market Share (2034F) 26.4%
Japan Market Value (2034F) US$ 706.4 Million
Demand Growth in Canada (2024 to 2034) 13.9% CAGR
Wired Electronic Locks Segment Value (2034F) US$ 5.13 Billion
Electronic Deadbolts & Latches Segment Share (2034F) 39.8%
Key Companies Profiled
  • 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
  • iLOQ Limited

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Why are Global Sales of Electronic Locks Rising at a Prolific Pace?

“Increased Prevalence of Unauthorized Access, Burglary, and Theft Worldwide”

Rising incidents of unauthorized access, burglary, and theft are predicted to stimulate individuals and businesses to opt for more robust security measures. Advanced security features are offered by electronic locks to withstand unauthorized entry attempts effectively in comparison to conventional mechanical locks, thereby fulfiling the need for enhanced security.

In several sectors, including government, finance, and healthcare, it is crucial to protect sensitive data while ensuring privacy. Electronic locks, which are equipped with access logs, authentication protocols, and encryption, help safeguard confidential information. As a result, industries that handle sensitive data are showing a preference for electronic locks.

Traditional locks, which are generally operated by combinations or keys, are more susceptible to several vulnerabilities, including duplication of keys, brute force attacks, and lock picking. Electronic locks, particularly those employing advanced encryption or biometrics, provide a high level of resistance against these threats. Further, real-time alerts and remote monitoring features of electronic locks are also predicted to contribute to their popularity.

“Integration of Electronic Locks with Smart Buildings and Homes”

Smart buildings and homes thrive on interconnected systems and devices. Electronic locks with integration with these setups provide a convenient and seamless way to manage access control. Users can remotely deny or grant access, receive alerts, and monitor entry logs through their smartphones or connected devices.

Integration of digital locks with smart home ecosystems enables users to unlock doors with the use of several methods, including PIN codes, smartphone apps, keycards, and biometrics. This versatility in authentication methods improves accessibility while offering flexibility to users to opt for their preferred method of unlocking doors.

Growing adoption of smart home technology is predicted to stimulate consumers to seek comprehensive solutions that offer enhanced security, efficiency, and convenience. Smart locks, which are integrated into smart systems, match this demand and are more appealing to tech-savvy consumers looking for innovative and modern solutions for their buildings or homes.

What is Expected to Adversely Impact Global Electronic Lock Market Growth?

“Concerns about Technical Failures, Limited Battery Life, and Susceptibility to Hacking”

Some consumers perceive electronic locks as more prone to technical failures in comparison to conventional locks. Several concerns, including battery life, susceptibility to hacking, and system malfunction are predicted to hinder the adoption of these electronic locks.

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How are Start-ups Projected to Shape This Business Landscape?

“Development of Electronic Locks with Advanced Access Control Protocols”

The development of electronic locks by start-ups with advanced security features is predicted to help them get a competitive edge. New entrants can focus on encryption technologies, advanced access control protocols, biometric authentication, and anti-tamper mechanisms to differentiate their products and address security concerns in the market.

Country-wise Insights

As per the research report published by Fact.MR, East Asia is projected to contribute 33.7% share of global market revenue by 2034. Dominance of the region is attributed to the increased availability of electronic locks at different price points. The availability of these locks ensures their accessibility for more consumers in the region.

Why are Providers of Electronic Locks Eyeing the United States?

“High Emphasis on Residential Security in the Country”

Attribute United States
Market Value (2024E) US$ 411 Million
Growth Rate (2024 to 2034) 13.8% CAGR
Projected Value (2034F) US$ 1.49 Billion

The United States is forecasted to occupy 69.9% of the North American market by 2034. More Americans are becoming conscious about the security of their residential premises with rising cases of property crimes. Therefore, an increase in the demand for foolproof security systems, including mobile-operated smart lock systems, is growing. In addition, CCTV cameras and sensors are also installed in residential premises, which are predicted to contribute to the expansion of the electronic lock market in the United States.

How is China Predicted to Create Growth Opportunities for Electronic Lock Manufacturers?

“Real Estate Sector Expansion Boosting Adoption of Smart Home Technologies”

Attribute China
Market Value (2024E) US$ 449.4 Million
Growth Rate (2024 to 2034) 14.6% CAGR
Projected Value (2034F) US$ 1.76 Billion

China is predicted to hold a 64.5% share of East Asia market revenue by 2034. Rapid urbanization in China is estimated to lead to growing construction activities and a significant expansion of the real estate sector. The development of new commercial and residential buildings is forecasted to lead to an increased inclination toward smart home technologies. Electronic locks are one of the most popular systems for safety and security.

Technological advancements in electronic locks are predicted to lead to the production of more user-friendly, cost-effective, and reliable systems. Innovations such as biometric recognition are projected to contribute to the increased accessibility and attractiveness of electronic locks among consumers in China.

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Category-wise Insights

As per the study published by Fact.MR, a market research and competitive intelligence provider, wired electronic locks are projected to gain prominence among end users due to their greater stability and reliability. Further, less susceptibility of these locks to hacking is also pushing demand, thus contributing to the electronic lock market trends.

Which Type of Electronic Lock is Extensively Installed in Smart Buildings & Homes?

“Widespread Adoption of Wired Electronic Locks Due to Decreased Susceptibility to Hacking”

Attribute Wired Electronic Locks
Segment Value (2024E) US$ 1.45 Billion
Growth Rate (2024 to 2034) 12% CAGR
Projected Value (2034F) US$ 5.13 Billion

Wired electronic locks offer greater stability and reliability compared to their wireless counterparts. These locks are less susceptible to hacking or interference as they do not depend on wireless signals, which can be disrupted by several factors, including signal interference, electronic jamming, and distance.

Due to their direct connection to power sources, wired electronic locks eliminate the need for battery recharging or changes. This constant power supply is predicted to ensure uninterrupted functionality, thereby making them a more reliable option among end users for security purposes. In some regions or industries, specific compliance standards or regulations sometimes favor the installation of wired locks instead of wireless ones owing to concerns about reliability or data security.

Why are Electronic Deadbolts & Latches Becoming Popular?

“Electronic Deadbolts & Latches with Tamper Alerts Facilitating Remote Access Control”

Attribute Electronic Deadbolts & Latches
Segment Value (2024E) US$ 989.1 Million
Growth Rate (2024 to 2034) 13.9% CAGR
Projected Value (2034F) US$ 3.37 Billion

Electronic deadbolts & latches are predicted to hold 41.6% share of global market revenue by 2034. These locks provide advanced security features, including tamper alerts, encryption, and keyless entry, providing increased security in comparison to conventional mechanical locks. Several models also provide multiple authentication methods, including biometric recognition, smartphone connectivity, and PIN code.

There are some electronic deadbolts & latches, which are equipped with smart features to enable remote control and access. Users can unlock or lock doors from anywhere with the use of smartphones, offering added security and convenience. This feature of electronic deadbolts & latches is beneficial for homeowners, who wish to grant access to service providers or visitors remotely.

Competitive Landscape

The global market is fragmented due to the presence of many local players across regions. Key manufacturers are focusing on expanding their footprints across geographies. They are also investing in several R&D activities for new developments to ensure quality control of products, supply chain management systems, etc.

Key players in the electronic lock industry 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.

Segmentation of Electronic Lock Market Research

  • By Product Type :

    • Electromagnetic Locks
    • Electronic Strikes
    • Electronic Deadbolts & Latches
  • By Interconnectivity :

    • Wired
    • Wireless
  • By Authentication Method :

    • Numerical Codes & Passwords
    • Security Tokens
    • Biometrics
  • By End User :

    • Residential Sector
    • Commercial Sector
    • Automotive Sector
  • By Region :

    • North America
    • Europe
    • East Asia
    • Latin America
    • Middle East & Africa
    • South Asia & Oceania

- FAQs -

How big is the electronic lock market size in 2024?

The global electronic lock market is pegged at US$ 2.3 billion in 2024.

What is the sales projection for electronic locks for 2034?

Sales of electronic locks are forecasted to reach US$ 8.09 billion by the end of 2034.

At what rate is the demand for electronic locks predicted to accelerate?

Worldwide demand for electronic locks is projected to advance at a CAGR of 13.4% from 2024 to 2034.

What share of the global market is East Asia forecasted to account for?

East Asia is predicted to account for 33.7% share of global market revenue by 2034.

What is the demand growth projection for electronic locks in Canada?

Demand for electronic locks in Canada is forecasted to rise at a CAGR of 13.9% from 2024 to 2034.

At what rate is the market in Japan predicted to advance?

The market in Japan is projected to expand at 14.6% CAGR from 2024 to 2034.

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