Electronic Home Locks Industry Analysis: Opportunities & Challenges

The global electronic home locks market size is expected to reach USD 5.68 billion by 2030, registering to grow at a CAGR of 8.1% from 2024 to 2030 according to a new report by Grand View Research, Inc. High demand for home automation and advanced security technologies, such as electronics home locks, is expected to be the key factors driving the market. Rising construction activities in developed countries including U.S., Germany, U.K., and France are also expected to assist in growth of this market.

Moreover, integration of innovative technologies, such as Near-Field Communication (NFC), Bluetooth, and voice and face recognition, is expected to boost the product demand. Key companies in the market are focusing on the development of advanced products to gain a competitive edge. For instance, ASSA ABLOY AB introduced a range of electronic locking solutions that features technologies, such as NFC. North America was the dominant regional market in 2018 and is estimated to retain its leading position throughout the forecast period.

The growth is attributed to the rapid expansion of the construction industry, especially in residential sector, in the region. However, Asia Pacific is projected to witness the fastest growth over the forecast period due to high demand for advanced security solutions. The product demand is driven by the increasing residential construction activities, trend of home automation, and disposable income levels in the region. In addition, rising number of branded retail outlets, especially in India and China, is anticipated to contribute to the market in growth.

Electronic Home Locks Market Report Highlights

Biometric door locks use facial recognition, palm recognition, iris recognition, and fingerprint recognition technologies. These advanced attributes improve security and convenience in comparison to standard lock-and-key systems.
Keypad segment held the largest market revenue share of 45.8% in 2023. The demand for the keypad segment in the electronic home lock market is rising due to its convenience, security, and technological advancements.
Residential segment dominated the market in 2023. The growing concern for home security has driven homeowners to seek advanced security solutions, with electronic locks offering enhanced protection through features like remote access, biometric recognition, and real-time alerts.
Increasing usage of smartphones and exposure to digital media, especially in developing countries like India and China, are expected to augment the products sales through online channels
Prominent companies in the electronic home locks market are Vivint, Inc.; Honeywell International Inc.; Allegion; dormakaba Group; Godrej.com; Spectrum Brands, Inc.; Samsung; Salto Systems, S.L.; and Master Lock Company LLC.

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Electronic Home Locks Market Segmentation

Grand View Research has segmented the global electronic home locks market based on product, end-use, and region:

Electronic Home Locks Product Outlook (Revenue, USD Million, 2018 - 2030)