Electronic Latching Systems Market size shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
Electronic latching systems are systems installed with a lock striking mechanism which has a latch that keeps away illegal access and enhances security. They use a door locking mechanism that has a pull/push cable connected to a lock cylinder and a latch to facilitate movement of latch assembly into the locked position while at the same time blocking the lock/unlock lever from shifting into an unlocked position.
Big company players are collaborating with smart system providers like Google, Samsung and Amazon to integrate their solutions with smart technologies like Google Assistant, Alexa Siri, Samsung Smart Things and Apple Homekit. Manufacturers are also focusing on smart technology like Z-wave Near Field Communications(NFC) and Bluetooth Low Energy (BLE) to ensure their customers easily access looking functions. There has been introduction of locking/unlocking functions using portable devices like smart phones and tablets.
Companies like August Home and Danalock International ApS have introduced location-based locks where the devices detect users arrival and unlock doors as the user enters the GPS geofence.
In 2020, Camlock Systems introduced the second generation version of its S100 rotary latch which has been designed for vending, self service terminals in public and remote areas. The Series100 has been enhanced with innovative features with control and monitor access and enable customizable door actuation. Magga International announced that it is supplying two first-industry systems to the BMW i8 plug-in electric sports car, outside mirrors with hidden turn signals and SmartLatch™ which is an electronic side-door latch system.
Electronic Latching Systems Market Growth and Trends
Electronic latches feature as electronic devices working one the mechanism of electric current flow. These systems are integrated with a strike plate to ensure the safety of your homes and offices. Many industries employ these devices in their premises to keep their belongings under a protective gear. Their demand has been continuously enhancing with the transformation of scenarios. The prominent reasons behind their extensive utility are as follows:
• Electronic latches are recognized as smart locking systems with security protection passwords. These passwords may be in the form of alphanumeric characters, laser patterns over even biometric depending upon the need and the choice of an individual.
• Next, Rapid industrialization and peaking up urbanization has rendered the population to ponder over their safety and security.
• Also, a substantial hike in the disposable income of its customers eventually fuels up their future demand.
• Electronic latching devices use advanced technological improvisations in their making. You can even link them with Bluetooth equipment and extract maximum benefits from their numerous applications.
• The activation of aforementioned connections incorporate the feature of signalling security alerts to the user in case of safety breach.
Challenges to Electronic Latching Systems Market
Despite multiple advantages, here is a list of shortcomings which these devices are likely to encounter:
• Electronic latching systems are costly devices and therefore, not suitable for small scale industrial set ups or low income households.
• Still many underdeveloped countries are unaware of their existence which may obstruct their growth in the forthcoming years.
Electronic Latching Systems Market Regional Analysis
Electronic Latching Systems Market Share and Competition
Key companies operating in this industry are: COMITRONIC – BTI, EMKA Beschlagteile GmbH & Co. KG, item Industrietechnik GmbH, Rahrbach GmbH, Southco Solutions, TAI SAM CORPORATION, Tec Tor, Harper Engineering Company, and C.Ed. Schulte GmbH Zylinderschlossfabrik. Other industries in this domain that is growing at a high CAGR include Electronic Power Steering Market and Electronic Horn Market.
Electronic Latching Systems Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• Door Electronic Latching Systems
• Vehicle Electronic Latching Systems
Authentication Method Analysis (Revenue, USD Million, 2020 - 2027)
• Passwords
• Security tokens
• Biometrics
• RFID
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Electronic Latching Systems Market Companies
• COMITRONIC - BTI
• EMKA Beschlagteile GmbH & Co. KG
• item Industrietechnik GmbH
• Rahrbach GmbH
• Southco Solutions
• TAI SAM CORPORATION
• Tec Tor
• Harper Engineering Company
• C.Ed. Schulte GmbH Zylinderschlossfabrik
Available Versions: -
United States Electronic Latching Systems Market Research Report
Europe Electronic Latching Systems Market Research Report
Asia Pacific Electronic Latching Systems Market Research Report
India Electronic Latching Systems Market Research Report
