Intelligent Electronic Lock Market Size, Share, And Growth Report 2032

Intelligent Electronic Lock Market: Size

The global Intelligent Electronic Lock Market size was worth around USD 2.37 billion in 2023 and is predicted to grow to around USD 6.83 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.5% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Intelligent Electronic Lock Market on a global and regional level.

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Intelligent Electronic Lock Market: Overview

The study includes drivers and restraints for the intelligent electronic lock market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the intelligent electronic lock market on a global level.

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Intelligent Electronic Lock Market Growth Drivers

The elevated adoption of connected home solutions is anticipated to raise the growth of the intelligent electronic lock market in the forecast period. Moreover, the intelligent electronic lock market is expected to grow significantly owing to the increasing need of consumers to connect with all the electronic devices in their houses and commercial areas.

Furthermore, the penetration of smartphones is also expected to drive the intelligent electronic lock market. However, the high initial price for intelligent electronic locks can restrict the growth of the market in the predicted time span. The diversification in the product range can act as an opportunity for the growth of the intelligent electronic lock market in the forecast time period.

Intelligent Electronic Lock Market: Segmentation

The global intelligent electronic lock market is segmented on the basis of type, application, and region.

Based on the type segment, the intelligent electronic lock market is divided into lever handles, deadbolts, and padlocks.

The market for the deadbolt segment is presumed to grow exponentially in the forecast timespan due to the easiness of operation. 

Hospitality, residential, critical infrastructure, and enterprise constitute the application segment of the intelligent electronic lock market.

Increased new constructions and renovation of hotels globally have anticipated the growth of hospitality in the application segment of the intelligent electronic lock market.

Intelligent Electronic Lock Market: Report Scope

Intelligent Electronic Lock Market: Regional Analysis

North America's intelligent electronic lock market is contributing significantly during the forecast period as the region shows the adoption of intelligent electronic locks in the U.S. Also, favorable government regulation demands major product alteration and innovation to avoid the risk of fire, thus propelling intelligent electronic lock market growth in North America.

In the Asia Pacific, countries such as China and Japan have increased the implementation of intelligent electronic locks for ease and security which is expected to drive the target market. Moreover, the adoption of technology in the newly constructed and renovated buildings in the Asia Pacific region will elevate the intelligent electronic lock market growth.

Intelligent Electronic Lock Market: Competitive Players

Major players for the intelligent electronic lock market are:

• Goji
• SentriLock
• Yale
• Cansec System
• UniKey Technologies Inc.
• Weiser
• August Home
• Aventsecurity
• Haven
• Kwikset
• Schlage
• Okidokeys
• SDS Smart Locks
• Mul-T-Lock

The Global Intelligent Electronic Lock Market is segmented as follows:

Global Intelligent Electronic Lock Market: By Type Segment

• Deadbolt
• Lever handle
• Padlock

Global Intelligent Electronic Lock Market: By Application Segment

• Residential
• Hospitality
• Enterprise
• Critical infrastructure

Global Intelligent Electronic Lock Market: By Region Segment

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa