Electronic Cylinder Lock Credentials Market

Market Study on Electronic Cylinder Lock Credentials: Commercial Sector to Witness High Revenue Growth During the Period

Electronic Cylinder Lock Credentials Market by Product type (Electronic Key (Contact based), RFID Key (Cards) and Key Fob & Badge)

Report ID: PMRREP11389

Number of Pages: 200

Format: PPT*, PDF, EXCEL

Industry: Semiconductor Electronics

Published Date: March-2023

Report Price

$4900*

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Electronic Cylinder Lock Credentials Market Outlook (2023 to 2033)

The Market for Electronic Cylinder Lock Credentials was valued at US$ 565.4 Million in 2022, and it is anticipated to have grown to US$ 1,906.5 Million by the end of 2033. The market for electronic cylinder lock credentials is estimated to evaluate to US$ 623.1 Million in 2023 and is estimate to grow at a CAGR of 11.8% from 2023 to 2033.

Electronic cylinder lock credentials are a type of access control system that uses electronic credentials to control access to a building or room. They replace traditional mechanical lock cylinders with an Electronic cylinder lock credentials provide enhanced security compared to traditional mechanical locks. The electronic cylinder lock credentials consist of 40% share of the global smart lock market.

They are difficult to duplicate and can be programmed to limit access to specific times or areas. This makes them a useful security tool for commercial, industrial, and residential settings where security is a top priority.

In addition to providing enhanced physical security, electronic cylinder lock credentials offer several other advantages. For example, they provide greater convenience as authorized personnel can gain access using their smartphones or access cards rather than carrying around a set of keys. They can also be managed remotely, allowing for easier access control management.

The electronic cylinder lock credentials market in North America held 27.5%, which is the uppermost market share in the worldwide landscape in 2022 and is projected to retain its position within the forecast period. The demand for electronic cylinder lock credentials in the Europe region it held around 20.1% of the market in 2022.

Electronic Cylinder Lock Credentials Market Size (2023)

US$ 623.1 Million

Projected Market Value (2033)

US$ 1,906.5 Million

Global Market Growth Rate (2023 to 2033)

11.8%

Electronic Key (Contact Based) Market Share (2022)

45.2%

India Market Growth Rate (2023 to 2033)

18.6%

Residential Sector Market CAGR (2022)

15.3%

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What Drivers will act for the Growth of Electronic Cylinder Lock Credentials Market?

“The Increasing Demand for Enhanced Security Will Boost the Electronic Cylinder Lock Credentials Market”

The rise of smart homes and the Internet of Things (IoT), there is a growing need for secure access control systems that can prevent unauthorized entry into homes, offices, and other buildings. Electronic cylinder locks are one such solution that provides enhanced security features compared to traditional mechanical locks.

Electronic cylinder locks use electronic credentials, such as RFID cards, Bluetooth-enabled smartphones, or biometric data, to control access. These credentials are difficult to duplicate, making them a more secure option than traditional keys. Additionally, electronic cylinder locks can be programmed to limit access to specific times or areas, further enhancing security.

The increasing demand for enhanced security is a key driver of the electronic cylinder lock credentials market, and this trend is likely to continue as more people become aware of the benefits of electronic access control systems.

  • In March 2022, Salto Systems is introducing a new platform pointed at the residential market. Salto Homelok's all in one solution, which combines smart access control technology, hardware, cloud software, digital keys, a smart living ecosystem, and global service support, is set to revolutionise residential living.
  • In August 2022, dormakaba had finished the acquisition of Alldoorco in year 2022. The acquisition is an additional step in the company's strategy to strengthen its main business in the significant Dutch market.
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Why is Demand for Electronic Cylinder Lock Credentials increasing across United States of America?

“Increasing Adoption of Smart Homes in United States of America Will Boost the Demand for Electronic Cylinder Lock Credentials Market in United States of America”

The adoption of smart home technology has been growing rapidly in the United States of America in recent years, it is driven by factors such as increasing awareness of home automation systems, affordability, and convenience. As more and more People from United States of America invest in smart home technology, the demand for advanced security solutions, such as electronic cylinder lock credentials, is likely to increase.

Smart homes offer many benefits, including convenience, energy efficiency, and improved security. Electronic cylinder lock credentials are a natural fit for smart homes, as they provide enhanced security features that can be easily integrated with other smart home devices.

The United States of America had market share in electronic cylinder lock credentials of 14.8% in the 2022.

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What Factors Allow India to Be a Major Market for Electronic Cylinder Lock Credentials Market?

“The Growing Real Estate Industry in India Will Boost the Electronic Cylinder Lock Credentials Market”

India's real estate market is expanding quickly as a result of a number of variables, including rising urbanization, rising disposable incomes, and favourable government policies. This growth is expected to drive the demand for advanced security solutions, including electronic cylinder lock credentials.

The construction of residential and commercial buildings is increasing rapidly in India, creating a huge demand for advanced security solutions. Electronic cylinder lock credentials offer a more secure and convenient alternative to traditional lock and key systems, making them an ideal solution for modern buildings.

They can be easily integrated with other security systems, such as access control systems, CCTV cameras, and alarms, to provide enhanced security to residential and commercial properties.

The growing real estate industry in India is likely to boost the electronic cylinder lock credentials market due to increasing demand for advanced security solutions.

The Indian market will grow with CAGR of 18.6% over the forecasted period.

What Factors Is Allowing Electronic Cylinder Lock Credentials to Grow in Japan?

“The High Urbanization in Japan Will Boost the Electronic Cylinder Lock Credentials Market”

Japan is a highly urbanized country with a high population density in major cities, which has led to a growing demand for advanced security solutions in residential and commercial buildings. Electronic cylinder lock credentials are a popular choice for such buildings due to their convenience, security, and compatibility with digital systems.

In Japan, urbanization has led to an increase in the number of high-rise buildings, condominiums, and apartments. These buildings require advanced security solutions to protect the residents and their belongings. Electronic cylinder lock credentials provide a secure and convenient alternative to traditional lock and key systems, making them an ideal solution for these types of buildings.

In addition, the Japanese population is increasingly embracing smart home technology, which has created a demand for advanced security solutions that can integrate with digital systems. Electronic cylinder lock credentials can be easily integrated with smart home systems, making them a popular choice for smart homes.

The electronic cylinder lock credentials market in Japan will grow with CAGR of 12.3% over the forecasted period.

Category-wise Insights

What Are Different Factors Allow Electronic Keys in Electronic Cylinder Lock Credentials to Dominate the Market?

“Electronic keys Provide a Higher Level of Security to Users and It Will Drive the Demand for Electronic Cylinder Lock Credentials Market”

The electronic keys provide a higher level of security to users compared to traditional mechanical keys, and this is one of the key factors driving the demand for electronic cylinder lock credentials in the market. Electronic cylinder lock credentials utilize electronic keys that are difficult to duplicate, making them more secure than traditional mechanical keys.

In addition, electronic keys can be easily reprogrammed or deactivated in case of loss or theft, providing an added layer of security to users. Furthermore, electronic cylinder lock credentials often come with features such as keyless entry, biometric authentication, and remote access control, which further enhance their security capabilities.

As security concerns continue to rise, many homeowners and businesses are turning to electronic cylinder lock credentials as a more secure and reliable option for their security needs. This has led to a growing demand for these products, and the market is expected to continue to grow as more people become aware of the benefits of electronic cylinder lock credentials.

Overall, the security benefits provided by electronic keys are a key driver of the demand for electronic cylinder lock credentials in the market, and as security concerns continue to rise, this demand is likely to continue to grow in the future.

The electronic keys in the electronic cylinder lock credentials market had largest market share of 45.2% in 2022.

What Factors Are Influencing the Demand for Residential Sector in Electronic Cylinder Lock Credentials market?

“The Electronic Cylinder Lock Credentials Are Convenient for Use They Can Easily Customization that Will Boost the Electronic Cylinder Lock Credentials Market”

Electronic cylinder lock credentials offer several conveniences that make them an attractive option for customers, including easy customization according to their specific needs.

One of the main advantages of electronic cylinder lock credentials is their convenience, They eliminate the need for physical keys, which can be easily lost or stolen. Instead, users can unlock their doors using their smartphones, key fobs, or other electronic devices.

This convenience is particularly attractive to busy homeowners who are looking for ways to streamline their daily routines.

In addition, electronic cylinder lock credentials can be easily customized to meet the needs of individual customers. For example, customers can set access levels for different users, such as family members, guests, and service providers.

They can also set different access permissions for different areas of their home or office. This level of customization allows customers to create a security system that is tailored to their specific needs.

The residential sector had uppermost CAGR of 15.3% for forecasted period.

Competitive Landscape

The industries are concentrates on introducing new products, improving current products, and strategically expanding into new markets in order to diversify its product line and strengthen its position in the market.

  • In March 2020, Simons Voss Technologies GmbH has expanded its range of smart handle electronic internal door equipment’s. In the new variant, doors can be equipped with the smart handle on both sides.
  • In October 2022, Assa Abloy has procured the Bird Home Automation, a German company that produces premium IP door intercoms for single- and multi-family structures that can be controlled from an indoor station or smartphone and are sold under the brand name Door Bird.

Recent developments related to key players providing electronic cylinder lock credentials market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Electronic Cylinder Lock Credentials Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • Israel
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Product Type
  • Technology
  • End User
  • Region

Key Companies Profiled

Pricing

Available upon Request

Key Segments of Electronic Cylinder Lock Credentials Market Industry Research

By Product Type:

  • Electronic Key (Contact based)
  • RFID Key (Cards)
  • Key Fob & Badge

By Technology:

  • Low Frequency RFID
  • High Frequency RFID (NFC)
  • Other

By End User:

  • Commercial Sector
  • Residential Sector
  • Industrial Sector
  • Government

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

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Companies Covered in This Report

  • Simons Voss Technologies GmbH
  • ASSA ABLOY
  • Salto Systems, S.L.
  • Dormakaba Holding AG
  • iLOQ Limited
  • C.Ed. Schulte GmbH
  • WFE Technology Corp
  • AIT Ltd
  • Legrand
  • Others

Frequently Asked Questions

In 2022, the market value electronic cylinder lock credentials were US$ 565.4 Mn.

The global electronic cylinder lock credentials market is estimated to advance at 11.8% CAGR through 2033.

The market for electronic cylinder lock credentials is forecasted to climb to US$ 1,906.5 Mn by 2033 end.

Demand for electronic cylinder lock credentials market in India is projected to rise at a CAGR of 18.6% over the forecast period.

In 2022, the North America electronic cylinder lock credentials market held a dominant market share of 27.5%.

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