What is Electronic Home Locks Market?
An electronic lock, a locking device which operates over electric current or motion mechanism & completes locking as well as unlocking operations on a door accordingly. With increasing urbanization, electronic locks are used for residential purposes around the globe. Growing integration of advanced technology is likely to boost the growth of the global electronic Home Locks market growth. Electronic home locks are worked either on battery or electricity, are more expensive than regular home locks. The high price is attributed to the introduction of technologically advanced security & locking system. Smart connectivity is the latest technologies united in electronic locks.
The market study is being classified by Type (Electric strikes, Electronic deadbolts and latches and Electromagnetic locks) and major geographies with country level break-up.
Allegion plc (Republic Of Ireland), The Assa Abloy Group (Sweden), Honeywell International Inc. (United States) and SAMSUNG (South Korea) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Spectrum Brands Holdings, Inc. (United States).
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Electronic Home Locks market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Electronic Home Locks market by Type, Application and Region.
On the basis of geography, the market of Electronic Home Locks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing integration of advanced technologies
Market Trend
Restraints
Opportunities
- Growth in smart homes and gadgets
Challenges
- High competition from substitute products
Key Target Audience
Electronic Home Locks manufacturers, Raw material suppliers, Private utility players, Government and research organizations, Distribution consultancies and End users