Global electronic home locks market to grow at a CAGR of 16.41% during the period 2018-2022.
One trend in the market is growing urbanization enabling the category growth opportunity. The growing urbanization has played a vital role in the rising adoption of electronic locks among households. The improvement in global digitalization is also driving the demand for electronic home locks. In urban areas, electronic locks and their benefits are gradually gaining popularity among the population.
According to the report, one driver in the market is increasing integration of advanced technologies. Electronic home locks are operated either on battery or electricity, and these are more expensive than regular home locks. The high price of electronic home locks is attributed to the introduction of technologically advanced security and locking system. Smart connectivity is one of the latest technologies incorporated in electronic locks.
Further, the report states that one challenge in the market is intense competition from alternative products. The manufacturers of electronic home locks experience intense competition from alternative products such as regular home locks. Individuals are still confident about the ordinary home locks that are operated through keys. In addition, these regular home locks are less priced as compared to the electronic home locks.
- ASSA ABLOY
- Honeywell International
- Spectrum Brands
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Market Sizing
Part 06: Five Forces Analysis
Part 07: Market Segmentation by Authentication Method
Part 08: Market Segmentation by Connectivity
Part 09: Market Segmentation by Product
Part 10: Customer Landscape
Part 11: Market Segmentation by Distribution Channel
Part 12: Regional Landscape
Part 13: Decision Framework
Part 14: Drivers and Challenges
Part 15: Market Trends
Part 16: Vendor Landscape
Part 17: Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/research/v5jbjj/global_electronic?w=4