LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global electronic home locks market to grow at a CAGR of above 16% during the forecast period, according to their latest report.
This market research report segments the global electronic home locks market into the following three major products (electric strikes, electronic deadbolts and latches, and electromagnetic locks) and three major regions (the Americas, APAC, and EMEA).
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Technavio highlights increasing integration of advanced technologies as one of the key drivers in the market
When compared to regular home locks, electronic home locks are operated either on battery or electricity and are more expensive. The introduction of technologically advanced security and locking system has led to the high price of electronic home locks. Smart connectivity is one of the latest technologies incorporated in electronic locks. Using wireless technologies such as Wi-Fi and Bluetooth, modern electronic home locks can be easily connected to smartphones or tablets. Thus, these locking systems can send alerts to the mobile devices of users, and the users can control and monitor the electronic home locks from anywhere. Factors such as weatherproof keypads, record of access history, scheduled access time, ease of use, code storage in lock’s memory, and adding or deleting users remotely are driving the global electronic home locks market.
According to a senior analyst at Technavio for retail goods and services, “Manufacturers can extend their product line and develop more premium products due to the integration of advanced technology. The availability of innovative features in electronic home locks will increase their adoption among consumers, which, in turn, will propel the growth of the global electronic home locks market during the forecast period.”
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Global electronic home locks market segmentation
Of the three major products, the electric strikes segment held the largest market share in 2017, accounting for nearly 53% of the market. However, the market share for this application is expected to decrease by 2022. The fastest growing product is electronic deadbolts and latches, which will account for 42% of the total market share by 2022.
The Americas was the leading region for the global electronic home locks market in 2017, accounting for a market share of 46%. However, by 2022, APAC is expected to witness growth of more than 2%, accounting for a market share of 22%.
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