ELECTRONIC CYLINDER LOCK CREDENTIALS MARKET ANALYSIS

Electronic Cylinder Lock Credentials MarketSize and Trends

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).

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.

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.