Global Electronic Locks Market to Reach $3.6 Billion by 2027
Amid the COVID-19 crisis, the global market for Electronic Locks estimated at US$1.5 Billion in the year 2020, is projected to reach a revised size of US$3.6 Billion by 2027, growing at aCAGR of 13.3% over the period 2020-2027. Wired, one of the segments analyzed in the report, is projected to record 12.6% CAGR and reach US$2.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wireless segment is readjusted to a revised 14.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $443.5 Million, While China is Forecast to Grow at 12.8% CAGR
The Electronic Locks market in the U.S. is estimated at US$443.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$629.1 Million by the year 2027 trailing a CAGR of 12.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.6% and 11.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.8% CAGR.We bring years of research experience to this 9th edition of our report. The 171-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Assa Abloy AB
- Cisco Systems, Inc.
- Honeywell International, Inc.
- iLOQ Oy
- Kiekert AG
- Panasonic Corporation
- SALTO Systems SL
- Spectrum Brands Holdings, Inc.
- United Technologies Corporation (UTC)
- Vanderbilt Industries