Smart Electronic Door Locks Market Set to Reach $4.2 Billion by 2030, says MarkWide Research
According to a new report published by MarkWide Research, titled, “Electronic Door Locks Market: Trends, Growth, Share, Size, Opportunities, and Forecast, 2023-2030”, the global electronic door locks market is poised to reach a substantial valuation of $4.2 billion by the year 2030. The market is anticipated to exhibit a robust compound annual growth rate (CAGR) of 8.5% during the forecast period from 2023 to 2030.
In an era where technological advancements are reshaping various industries, the demand for smarter and more secure locking systems has witnessed a significant upsurge. Electronic door locks, known for their convenience, enhanced security features, and integration with smart home ecosystems, are gaining immense popularity among residential and commercial consumers alike.
The rising concern for safety and security, coupled with the increasing adoption of smart home automation, is driving the electronic door locks market forward. These locks offer a plethora of advantages over traditional mechanical locks, including remote access control, keyless entry, and the ability to monitor and manage access from anywhere using mobile devices.
The report highlights that the residential segment holds a substantial share in the electronic door locks market. The increasing trend of smart homes and the integration of electronic door locks into these systems are contributing to the growth of this segment. Homeowners are keen on upgrading their security systems with technologically advanced solutions that offer convenience and peace of mind.
Furthermore, the commercial sector is also a key driver for the electronic door locks market. The hospitality industry, in particular, is embracing electronic door locks to enhance guest experience, streamline operations, and bolster security measures. The ability to provide temporary access codes to guests and staff, as well as the integration with property management systems, is propelling the adoption of these locks in hotels and resorts.
Geographically, North America is expected to dominate the electronic door locks market during the forecast period. The region’s robust technological infrastructure, coupled with a high consumer awareness regarding smart home solutions, is fueling market growth. Additionally, the Asia-Pacific region is projected to witness substantial growth owing to rapid urbanization, increasing disposable income, and the growing adoption of smart technologies across various sectors.
The competitive landscape of the electronic door locks market is marked by notable players such as Assa Abloy, Allegion PLC, dormakaba Holdings AG, Samsung Electronics Co., Ltd., and Honeywell International Inc. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market presence and expand their product portfolios.
In conclusion, the electronic door locks market is poised for remarkable growth in the coming years, driven by the increasing need for advanced security solutions and the growing popularity of smart home automation. The ability of electronic door locks to offer convenience, flexibility, and heightened security is reshaping the way we perceive traditional lock systems. With a projected CAGR of 8.5% and a forecasted valuation of $4.2 billion by 2030, the market presents promising opportunities for both established players and new entrants to tap into this evolving landscape.