Advancements in security and locking systems, resulting in spurt in demand in novel products is benefitting the electronic locks market. Electronic locks are free of keys, and have an electronic code to lock and unlock where they are used. On the other hand, conventional locking systems do not work for added security of items where it is required.
Automation of systems such as in vehicles and industrial equipment is widening the expanse of electronic locks market. Automated systems need to be integrated with electronic locks for safety at all times.
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Integration of electronic locks in consumer goods provides vast growth opportunities to the electronic locks market. Electronic gadgets, refrigerator, and luggage are some consumer goods that are integrated with electronic locks. Electronic locks improve the safety aspect several times to prevent theft.
Advent of Domestic Use Products redefines Demand
Manufacture of electronic vaults for domestic and commercial use is adding a new dimension to the electronic locks market. Urban consumers are increasingly installing electronic vault at home to keep valuables and important items. Electronic vaults for commercial use are also based on electronic code to lock and unlock them.
The electronic locks market is fragmented and intensely competitive with the presence of several large and small-size vendors. Competitive products at low prices offered by small vendors extends stiff competition for large players. Product advancement and product innovation are key growth strategies of keen players in the electronic locks market.
Key players operating in the electronic locks market include Kwikset, Kaba Holding AG, DynaLock Corporation, Schlage, Salto Systems, Videx Security Ltd., ASSA ABLOY Group, CDV Group Company, LockState, Onity, SimonVoss Technologies GmbH, and Seoul Commtech Co. Ltd.
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North America and Europe are frontrunners in the electronic locks market. Rapid adoption of innovation is a key factor behind the growth of electronics market in these regions.