Global Electronic Locks Market to Surpass US$ 3000 Mn by 2025
Persistence Market Research (PMR), in its report, projects the global electronic locks market to
register an impressive 13.9% CAGR during the forecast period 2017 to 2025. Global revenue
generated from sales of electronic locks was worth US$ 1,036.5 Mn in 2016; by 2025, this number
is projected to surpass US$ 3000 Mn. Robust expansion of IT and BFSI sectors will create
opportunities for digital door lock security solution providers across the globe.
Adoption of Electronic Locks in Public & Private Places to Drive Market Growth in North
America
With advancements in technology, companies offering electronic lock solutions are focusing on
innovation in North America. Adoption of electronic locks in this region has surged among public
and private places such as shopping malls, metro platforms, gyms, and parking lots. These factors
are driving growth of the market in North America. Electronic locks are gaining traction in Latin
America with increasing application of access control systems in furniture locks, and residential &
commercial buildings. Key market strategies adopted by vendors including new product launches,
acquisition of local manufacturers and strengthening their footprint in the market are further
expected to propel growth.
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Adoption and penetration of electronic locks in Europe is being driven by attractive profit margins
gained by distributors & suppliers, and increasing market competitiveness among players. However,
there are over thousand small as well as large-scale manufacturers of electronic locks in Europe.
This poses a challenge for companies in continuous innovation and pricing of solutions. In addition,
consumers are unaware of about advanced technologies and opt for alternative security systems
which are less complex and easy to use & access. These factors are expected to restrain growth of
the market in Europe during the forecast period.
North America to be the Largest Market for Electronic Locks by 2025-End
North America is projected to be the largest market for electronic locks by 2025-end. In terms of
value, electronic locks market in North America was evaluated at nearly US$ 300 Mn in 2016, and
is further estimated to reach US$ 859.1 Mn by 2025. Market growth in Latin America is estimated
to witness fastest expansion, followed by Middle East & Africa (MEA) and Asia Pacific (APAC).
This market growth in Latin America is attributed to increasing focus of key market players to
increase their presence in this region.
Electronic strikes will remain preferred product in the global electronic locks market. Revenues
from sales of electronic strikes is expected to reach US$ 1,210.3 Mn by 2025-end. Demand for
electromagnetic locks is expected to exhibit highest CAGR the forecast period. In contrast, demand
for electronic deadbolts and latches is expected to register a comparatively low CAGR during the
forecast period.
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locks-market/toc
Wired Electronic Locks will Remain Preferred in the Market
By interconnectivity type, although wired electronic locks will account for largest revenues in the