The Electronic Locks Market to reach $2.19 Billion by 2030; Rising security concerns, growing need for smart homes, growth in commercial and residential buildings and increasing investments in the hospitality and tourism sectors are fuelling the mark

The Electronic Locks Market size is estimated to reach $2.19 Billion by 2030, growing at a CAGR of 19.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Electronic Locks Market – By Technology Type (Bluetooth-enabled, Wi-Fi-enabled, Z-Wave/Zigbee-enabled, Biometric enabled and Keyless Entry), By Product Type (Deadbolt, Lever Handle, Padlocks, Doorbell-integrated and Others), By Integration level (Standalone Electronic Locks and Integrated Smart Home Systems), By Sales Channel (Online Retail, Offline Retail and Direct Sales), By End Use Application (Residential, Commercial and Hospitality), and  By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Increasing incidents of theft and unauthorized access are driving demand for advanced security solutions which boosts the adoption of electronic locks. Additionally, the rising demand for connected homes and home automation systems is accelerating the use of smart electronic locks. Furthermore, hotels and resorts are adopting electronic locks for improved guest experience and operational efficiency.

In 2023, the Asia Pacific held the largest share of 36% in the Electronic Locks market driven by smart city initiatives and increasing infrastructure development. Countries like China, India, and Japan are witnessing a surge in residential and commercial construction, driving demand for advanced security solutions. The growing adoption of smart homes, and an increasing focus on safety further boost electronic lock adoption. In October 2023, Chinese Xiaomi launched an enhanced version of its smart door lock, the Xiaomi Smart Door Lock E20 WiFi version.  Additionally, government initiatives supporting smart infrastructure amplify market growth in APAC. The booming hospitality and automotive industries in the region further create opportunities for electronic locking systems. India is on track to lead Asia Pacific in 2024 in terms of hotel openings, claiming 25% of the entire region’s new launches by the end of the year, as per Lodging Economics. Moreover, the region’s strong manufacturing base for electronics and growing digital transformation initiatives make it a key hub for electronic lock innovation and adoption.

As per Statistics Canada, investment in building construction grew 2.8% to approximately $15billion in June 2024, after a slight increase of 0.8% in May 2024. Investment in non-residential construction edged up 0.4% to $4.5 billion in June, led by growth in the commercial component (+$20 million to $2.3 billion). Offices, retail spaces, warehouses and industrial facilities are increasingly adopting electronic locks to prevent unauthorized access and enhance security. Advanced solutions like biometric systems, keyless entry and cloud-based access control provide enhanced safety and operational efficiency. Features like remote monitoring, real-time activity logs and integration with building management systems further drive adoption. Growing investments in smart commercial buildings and infrastructure development amplify demand for electronic locks in this sector. Industries such as healthcare, banking and logistics are also adopting electronic locks to secure sensitive data, inventory, and restricted areas.

The rapid adoption of smart home technologies has accelerated demand for electronic locks. Homeowners are increasingly embracing IoT-enabled security solutions to enhance safety, convenience and automation. According to Consumer Affairs, 28% of U.S. households with internet access own a home security system. On average, homeowners insurance in the U.S. costs $146 per month. Home security systems can help reduce these costs by up to 15%. Electronic locks offer features like remote access via mobile apps, voice assistant integration (e.g., Alexa, Google Assistant) and real-time security notifications, making them ideal for connected homes. These locks are often integrated with smart doorbells, cameras and home automation systems to enable users to monitor and control access remotely.

• In September 2024, MyGate launched a range of digital smart lock doors. The product is available in three variants –Lock SE, Lock Plus and Lock Pro.

• In September 2024, Assa Abloy acquired Level Lock, smart lock manufacturer. The acquisition enables Assa Abloy is to incorporate Level’s tech, both hardware and software, into its existing locks.

• In June 2024, Philips officially launched the Philips Smart Deadbolt with Built-In Wi-Fi) which allows remote access from anywhere. The lock itself connects directly to the Philips Home Access App via Wi-Fi

Key companies profiled in the Electronic Locks Market are August Home, Inc., Schlage, Yale, Kwikset, Samsung Electronics, Lockly, Nuki, Danalock, Ultraloq, Amazon

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Mr. Venkat Reddy

IndustryARC

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