The global electronic cylinder lock credentials market is expected to surpass US$ 1,396.1 Mn in terms of value by the end of 2030. An electronic lock is a locking device that operates by means of electric current and can act as a standalone with an electronic control assembly mounted directly to the lock. Electronic locks can be remotely controlled and monitored to both lock and unlock. Moreover, an electronic key is a digitally encoded key that provides assurance of high-level security. An electronic fob is a type of smart security token that comprises an in-built authentication mechanism. These are typically used in condominium buildings and apartment buildings and for access to common areas such as lobby doors and storage areas.
Global Electronic Cylinder Lock Credentials Market: Drivers
An increase in the number of residential and commercial projects
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward and advance the market for smart locks' future growth. Buildings utilized for residential purposes are referred to as residential projects, whereas structures used for commercial reasons are referred to as commercial projects. Both business and residential projects use smart locks because they offer safety by utilizing various technology. For instance, the UK's Office of National Statistics, a government agency, reports that in November 2021, the amount of monthly building production climbed by 3.5%. Additionally, the nation's investment promotion and facilitation agency, Invest India, estimates that India's building market would reach $1.4 trillion by 2025. Consequently, the expansion of the smart locks market is being driven by an increase in the number of residential and commercial projects.
Global Electronic Cylinder Lock Credentials Market: Opportunities
Research and development activities by key players, in order to provide novel products is expected to pose lucrative business opportunities
Key companies in the market are focused on research and development activities, in order to innovate novel, high-end, and affordable products. Manufacturers are emphasizing adding novel features such as smartphone connectivity and remote control, in order to expand their revenue generation and gain competitive edge in the market.
Global Electronic Cylinder Lock Credentials Market: Restraints
Higher demand for mechatronic locks than for electronic cylinder locks is expected to restrain growth of the global electronic cylinder lock credentials market over the forecast period
Many consumers are preferring mechatronic locks instead of electronic door locks, especially in industrial sectors globally. This is owing to ability of mechatronic locks to perform in cold and harsh weather without malfunctioning, unlike electronic cylinder locks. Hence, growing preference towards mechatronic locks over electronic cylinder locks is expected to hinder the global electronic cylinder lock credentials market over the forecast period.
Covid-19 Impact Analysis:
The COVID-19 pandemic has had a significant impact on the electronic cylinder lock market. Due to the need of contactless access control. Electronic cylinder locks allow users to open the door without touching the lock, which helps to reduce the spread of germs. With the rise of remote work, many people are now working from, and the electronic cylinder lock makes it easy for them to let colleagues or clients into their homes without having to be in person.
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Key Takeaways:
The global electronic cylinder lock was valued at US$ 627.4 Mn in 2023 and is forecast to reach a value of US$ 1,396.10 Mn by 2030 at a CAGR of 12.1% between 2023 and 2030.
RFID Key (Cards) segment held the dominant position in the global electronic cylinder lock in 2023, accounting for a 31.5% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Global Electronic Cylinder Lock Credentials Market Trends:
Latin America Trend
Rapid urbanization in the region has increased the demand for electronic cylinder locks
The rate of urbanization in Latin America is relatively higher than in other regions around the globe. This is typically characterized by high IT literacy among the population, which in turn, increases the demand for effective security solutions for related infrastructure. This, in turn, is increasing the demand for digital security solutions rampantly in the region. According to the United Nations (UN) report, around 90% of Brazil and the rest of the Southern Cone’s population are expected to live in urban areas by the end of 2020.
Regulations
Middle East and Africa (MEA)
In Dubai, the accreditation document states that door locks, knobs, and knockers should have – IEC (International Electrotechnical Commission) 60730-1 standardization and metrology.
IEC 60730-1:2013 applies to automatic electrical controls for use in association with equipment for household and similar uses. This standard is also applicable to control systems for equipment intended for use in shops, offices, hospitals, and other commercial and industrial applications.
Global Electronic Cylinder Lock Credentials Market: Competitive Landscape
Key companies operating in the global electronic cylinder lock credentials 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.
Global Electronic Cylinder Lock Credentials Market: Recent Developments
For instance, In November 2022, Yale Home India, an India-based digital lock manufacturing company, launched the Yale YDM7220 BioSecure based on ioSecure technology
In September 2021, Assa Abloy, a Sweden-based manufacturing company acquired Kwikset and Baldwin for a deal amount of $4.3 billion. The acquisition is expected to bring together four of the five top brands in the smart door locks category sold through the professional installation channel.
In February 2022 dormakaba finalized the acquisition of AtiQx Holding B.V. in the Netherlands, bolstering its core business and services activities. In the relevant market, AtiQx is one of the leading providers of electronic access control and labor management.
