Electronic Home Locks Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast growthmarketreports.com

The global electronic home locks market is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for smart security systems owing to rising trend of connected homes.
Electronic home locks are wireless connected, which can send security alerts to the user on connected devices. They are equipped with advanced features such as waterproof keypad and data storage. Additionally, these locks provide access to history and enable the authorized user to add or remove other users. An electronic lock is a locking device, which operates by means of electric current. Electronic locks are sometimes stand-alone with an electronic control assembly mounted directly to the lock. They are connected to an access control system. The advantages of electronic locks are key control, fine access control, and transaction logging.

Market Trends, Drivers, Restraints, and Opportunities:
Rapid urbanization and digitalization is driving the market growth across the globe
Increasing demand for electronic locks among construction developers is propelling the growth of the market.
Increasing disposable income is driving the demand for product in the emerging countries such as India and China.
High cost of product, repair, and maintenance can restrain the market growth
Scope of the Report
The report on the electronic home locks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.Electronic Home Locks Market Segment Insights:
Lever locks segment to account for a considerable market share
On the basis of products, the market is divided into strikes, deadbolts and latches, and lever locks. The lever locks segment accounted for a considerable share of the market in 2020, in terms of revenue. This is due to its easy installation and advanced features such as data storage. The demand of the home automation coupled with increased spending on advanced home security has been further propelling the demand for lever locks. On the other hand, the deadbolts segment is anticipated to account for a major share during the forecast period owing to its wide usage in the residential sector owing to the easy operation and robust locking mechanism.

Online segment anticipated to exhibit a high CAGR
Based on distribution channels, the market is divided into offline and online. The offline segment held a share of more than 80% market share, in 2020, in terms of revenue. Conversely, the online segment is anticipated to expand at a high CAGR owing to the rising influence of digital media and marketing. Online portals functions 24X7 and have a variety of products at discounted prices. Moreover, they provide doorstep delivery, which is stimulating the segment growth.

The market in Asia Pacific anticipated to exhibit a high CAGR
On the basis of regions, the market is divided into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. North America accounted for a major market share in 2020 and is projected to expand at a substantial CAGR during the forecast period. The market in Asia Pacific is anticipated to expand a CAGR of 20% during the forecast period owing to rising number of retail outlets in countries such as India and China. The rapid growth in the construction industry coupled with growing adoption of advanced security systems is spurring the growth of the market in this region.