ELECTRONIC CYLINDER LOCK CREDENTIALS MARKET ANALYSIS

The global electronic cylinder lock credentials market is estimated to be valued at US$ 627.4 million in 2023 and is expected to exhibit a CAGR of 12.1% over the forecast period (2023-2030). Electronic keys refer to a digital encoded key that ensures high level of security. An electronic lock or electric lock is a locking device that operates by electric current. These locks are standalone devices with electronic assembly mounted directly to the lock. Moreover, these locks can be remotely monitored and controlled, to lock and unlock. An electronic fob is a type of smart security token with built-in authentication mechanism. Conventional fobs are developed using infrared technology and thus can be copied with help of programmable remote control. Therefore, it is less secure.  Furthermore, access card is a plastic card that contains chip encrypted data that can be read by an electronic lock when passed over it. These cards find application in offices, hotels, hospitals, commercial building, airports, etc.

Global Electronic Cylinder Lock Credentials Market: Regional Insights

Europe dominated the global industry in 2022 and accounted for the maximum share of 33.0 % of the overall revenue followed by the Asia Pacific, North America regions. growing awareness regarding enhanced security solutions and increasing concern regarding safety of their property and family have increased the adoption of high-end security solutions that are readily available in the market The Europe region is expected to register the fastest growth rate from 2022 to 2030.

Figure 1: Global Electronic Cylinder Lock Credentials Market Share (%), By Region, 2022 

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Global Electronic Cylinder Lock Credentials Market Drivers:

High growth of construction and real estate industries is expected to drive growth of the global electronic cylinder lock credentials market during the forecast period

Robust growth of real estate and construction sectors has increased the adoption of electronic cylinder lock significantly. Real estate developers are focused on providing high-end security solutions in buildings as their unique selling point, in order to attract potential customers.

Increasing demand for enhanced security solutions in residential sector is expected to propel the global electronic cylinder lock credentials market growth over the forecast period

Increasing incidences of property crimes, burglaries, and home invasions in the recent past have increased the demand for advanced home security solutions. Moreover, growing awareness regarding enhanced security solutions and increasing concern regarding safety of their property and family have increased the adoption of high-end security solutions that are readily available in the market. Hence, increasing demand for enhanced security solutions is expected to support the market growth over the forecast period.

Global Electronic Cylinder Lock Credentials Opportunities:

Increasing expansion of IT and BFSI sector is expected to pose lucrative business opportunity

Growing expansion of BFSI and IT sector is expected to increase the adoption of digital door lock security solutions. This, in turn, will present lucrative business opportunities for market players, in order to capitalize on untapped market. Certain emerging regions such as Latin America has low adoption of electronic door lock systems. Consumers can offer novel and affordable products, in order to expand their revenue generation and gain competitive edge in the market

Increased expenditure capacity in developed regions is expected to present significant growth opportunity.           

Better living standards, high purchase parity, and a sense of awareness towards security and safety have increased the adoption of electronic cylinder locks. Consumers are demanding novel security solutions with incorporation high-end technology, which in turn, is expected to pose lucrative business opportunity for market players over the forecast period.

Global Electronic Cylinder Lock Credentials Trends:

Advent of smart homes and gadgets is expected to boost the demand for electronic lock systems

Introduction of smart homes and gadgets in the recent past has increased the demand for electronic lock systems. This is owing to increasing use of smartphones and tablets. Residential security has become a major concern of people, thus they are adopting smart security solutions for their homes. Furthermore, smart home applications include electronic locks, sensors, security alarms, and cameras with other features such as extensive control over climate controls, self-powered lighting, fire alarms, and power management. Moreover, consumers are preferring advanced security features that can be integrated with smart home applications.

Growing adoption of lavish and luxurious lifestyle is expected to accelerate the demand for electronic door locks

High-end security solutions are a fundamental part of luxurious housing projects, which works as a selling point for project owners. Smart security and automation have become an important decision-making factor for purchasing any house or property by consumers. Furthermore, builders are focused on enhanced personalized security facilities for increasing their sales figures. However, such projects only target high-income group and hence accounts for a very small share of the overall population.

Global Electronic Cylinder Lock Credentials Market Restraints:

High initial installation cost of security systems is expected to restrain growth of the global electronic cylinder lock credentials market over the forecast period

Initial cost of electronic locks is significantly higher than mechanical locks. The global digital door lock systems market is dominated by a few established brands that offer reliable and better security assurance. These factors are expected to hinder its adoption and thereby restrain the global electronic cylinder lock credentials market growth over the forecast period.        

Low literacy of IT applications hampering large-scale adoption and is expected to hinder the global electronic cylinder locks credentials market growth over the forecast period

Although global awareness regarding benefits of electronic locks is increasing, they have little to no knowledge regarding latest equipment and reliable companies that offer satisfactory services. Low IT literacy among population in emerging economies is a major factor hindering adoption of electronic cylinder lock. IT literacy is essential in choosing best product according to need and available options. Furthermore, low proliferation of high-speed internet and limited IT interaction globally have resulted in limited awareness related to electronic locks, which in turn, is expected to hamper the market growth over the forecast period.    

Global Electronic Cylinder Lock Credentials Segmentation:

The global electronic cylinder lock credentials report is segmented by Product type.

Based on Product Type the market is segmented into Electronic Key, RFID Key (Cards), and  Key Fob & Badge. Out of which, Electronic Key is expected to dominate the global market over the forecast period. Electronic cylinders are operated by two different sorts of keys: those with a mechanical key blade that can be turned and those whose key tip lines up with the electronic contacts on the cylinder and key. The RFID key accounts for the majority share and is expected to register the highest growth over the forecast period. The commercial sector segment accounts for a majority share of the global electronic cylinder lock credentials market.

Figure 2: Global Electronic Cylinder Lock Credentials Market Share (%), in terms of Value, By Product, 2022

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The RFID held dominant position in the market and accounted for 31.5% share in the global wearable technology market in 2022. The segment is expected to reach US$ xx million in 2030, owing to the increasing concern regarding safety of their property and family have increased the adoption of high-end security solutions that are readily available in the market. Hence, increasing demand for enhanced security solutions is expected to support the market growth over the forecast period.

Global Electronic Cylinder Lock Credentials Market: Key Developments

Major market players are focused on partnerships and collaborations, in order to gain competitive edge in the market. For instance, in June 2017, SimonsVoss Technologies partnered with Axis Communications to introduce fully integrated, IP-based digital locking and access control system.

In March 2022, Simons Voss technologies GmbH has expanded the range of its electronic door equipment with smart handles. The new variant of the door allows for the installation of smart handles on both sides.

In October 2022, Assa Abloy  has acquired the bird home automation, a German business that makes high-end IP door intercoms for single- and multi-family structures that can be operated from an inside station or smartphone and are marketed under the brand name Door Bird.

Global Electronic Cylinder Lock Credentials Market: Key Companies Insights

Electronic keys refer to a digital encoded key that ensures high level of security. An electronic lock or electric lock is a locking device that operates by electric current. These locks are standalone devices with electronic assembly mounted directly to the lock.

Some of the key players in the global electronic cylinder lock credentials market are Key players operating in the global wearable technology market are iLOQ Limited, SimonsVoss Technologies GmbH, AIT Ltd. (Altman Integrated Technologies Limited), ASSA ABLOY, WFE Technology Corp., Salto Systems, S.L, CES Group, Legrand, and Kaba Group.

*Definition: An electronic lock (or electric lock) is a locking device which operates by means of electric current. Electric locks are sometimes stand-alone with an electronic control assembly mounted directly to the lock. Electric locks may be connected to an access control system,