Recording traffic details for security records a key driver of the electronic locks market
The scope of the electronic locks market has considerably expanded as parking lots, gyms, metro platforms, shopping malls, and other organizations need to keep track of customer footfalls for the sake of security. The deployment process has slowly but surely become easier and the need for security has increased substantially. This has made the general population abandon traditional locks in favor of electronic locks.
Immense growth of smart homes and gadgets, particularly in North America is a major growth booster
There has been massive demand for smart applications and homes in the last five years in North America that is driven by the pervasive use of smartphones and other smart devices. Residential security is a critical concern of people who were early adopters of smart home technology. Smart home applications include sensors, cameras, electronic locks and security alarms, and cameras with advanced features such as fire alarms, power management devices, climate control, and self-powered lights. People are opting for smart home applications that have advanced security features built-in to improve their quality of living. All these factors are anticipated to boost the electronic locks market.
The U.S dominates the North America electronic locks market
North America accounts for a lion’s share of the global electronic locks market with the U.S being the largest market within the continent. Revenue from the U.S electronic locks market was just under US$ 275 Mn in 2016, and this should rise to approximately US$ 305 Mn in 2017 and about US$ 766 Mn by the end of the forecast period largely due to a high CAGR of 12.2% estimated to be recorded during 2017 – 2025. An incremental dollar opportunity of roughly US$ 460 Mn can be exploited in the U.S electronic locks market between 2017 and 2025.
High crime rate in North America to benefit the electronic locks market
As per the U.S Department of Justice, almost 8.7 million property crime offenses were recorded in the country in 2013 alone. According to the FBI, property crime offenses led to losses of nearly US$ 25 Mn that year. That is why there is a need for foolproof door security options such as mobile operated and electronic cylinder door locks along with other options such as electronic alarm sensors and CCTV cameras placed in residential premises. The impact of this trend is predicted to be quite substantial on the electronic locks market.
Wireless segment by Interconnectivity represents a potential goldmine in the North America electronic locks market
While the revenue of the wireless segment in the North America electronic locks market is currently lower than that of the wired segment, it is anticipated to grow at a substantially higher CAGR of 15% during the forecast period. This is poised to make the wireless segment market worth just over US$ 325 Mn by the end of 2025 from slightly under US$ 108 Mn in 2017. The wireless segment alone could have an incremental dollar opportunity of almost US$ 220 Mn during the study period.
The world is gradually moving towards ‘complete digitization’ so can locks be left far behind? In a new report titled ‘Electronic Locks Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017-2025,’ Persistence Market Research has studied the global electronic locks market over an eight-year period ending in 2025. The electronic locks market report has been prepared with the help of critical metrics such as CAGR, absolute and incremental dollar opportunity, and Y-o-Y growth rate. A few assumptions are made and certain acronyms used for the sake of convenience in the electronic locks market report. These are adequately explained in a separate section and readers are advised to refer to it first.
Persistence Market Research has adopted a research methodology that is truly world-class. The analysts start with extensive primary and secondary research in the global electronic locks market. A market player list of every component of the value chain is created and a questionnaire is devised to get all the necessary information pertaining to the electronic locks market. After this stage, the information is thoroughly scrutinized using the triangulation method in which both primary and secondary data are combined with Persistence Market Research analysis to arrive at the final data estimations. This data is examined once again with cutting-edge tools to deliver all the qualitative and quantitative insights into the electronic locks market.
By Product Type
By Authentication Method
By End User
The global electronic locks market has been divided into five geographic regions for the purpose of this study. Each region has a dedicated chapter wherein an introduction to the regional market dynamics is given along with significant regulations that may pertain only to that region. The regional drivers, restraints, opportunities and threats could be immensely beneficial for those potential market entrants who wish to only target certain high-growth areas of the global electronic locks market. An impact analysis of the drivers and restraints has been made by expert analysts at Persistence Market Research. A current size market forecast for the major countries in every region along with anticipated future growth provides all the information that report readers may require. The regional sections also include the regional market size forecasts on the basis of other aspects of the electronic locks market taxonomy viz. Product Type, Interconnectivity, Authentication Method, and End User.
It is very difficult to find a market that is completely devoid of any competition and this particularly holds true for something as commonplace as electronic locks. In this informative section, the global electronic locks market structure, company share analysis and the competition intensity mapping by taxonomy give a comprehensive idea of the competitive landscape that present and potential players can expect in the electronic locks market. A few of the global market behemoths have been profiled in the report. A short company overview, key product offerings, and important company developments can be invaluable in a competition analysis. Key financials and ratios complete the competition dashboard.
The electronic locks market report begins with a concise yet lucid executive summary of the global electronic locks market. The electronic locks market has been studied by Persistence Market Research analysts and they have given their expert opinions and recommendations on its current as well as future prospects. The market introduction section is supplementary to the executive summary and can be read together with it. It includes a definition of the electronic locks market as well as market taxonomy. This section can be especially helpful for readers who wish to brush up facts at the grassroots level. The macroeconomic factors that can potentially impact the global electronic locks market and an opportunity analysis conclude this crucial section of the report.