Moreover, integration of innovative technologies, such as Near-Field Communication (NFC), Bluetooth, and voice and face recognition, is expected to boost the product demand. Key companies in the market are focusing on the development of advanced products to gain a competitive edge. For instance, the researchers point out, Assa Abloy introduced a range of electronic locking solutions that features technologies, such as NFC. North America was the dominant regional market in 2018 and is estimated to retain its leading position throughout the forecast period.

Geographical spread

The growth is attributed to the rapid expansion of the construction industry, especially in residential sector, in the region. However, Asia Pacific is projected to witness the fastest growth over the forecast period due to high demand for advanced security solutions. The product demand is driven by the increasing residential construction activities, the trend of home automation, and disposable income levels in the region. In addition, a rising number of branded retail outlets, especially in India and China, is anticipated to contribute to the market in growth.

The keypad segment held the largest market revenue share of 45.8% in 2023, although the biometrics segment is beginning to show movement. The demand for the keypad segment in the electronic home lock market is rising due to its convenience, security, and technological advancements.  Biometric door locks use facial recognition, palm recognition, iris recognition, and fingerprint recognition technologies. These advanced attributes improve security and convenience in comparison to standard lock-and-key systems.

Smart phone and exposure to digital media help drive the market

Residential segment dominated the market in 2023. The growing concern for home security has driven homeowners to seek advanced security solutions, with electronic locks offering enhanced protection through features like remote access, biometric recognition, and real-time alerts.

Increasing usage of smartphones and exposure to digital media, especially in developing countries like India and China, are expected to augment the products sales through online channels.

Key players

Prominent companies in the electronic home locks market, and mentioned by the researchers include, Assa Abloy; Vivint; Honeywell; Allegion; Dormakaba; Godrej; Spectrum Brands; Samsung; Salto Systems; and Master Lock Company.