Global Electronic Latching System Market Overview:
An electronic latching mechanism is a locking mechanism that uses electricity to operate. To lock and unlock the entrance, electronic latching systems are operated and managed remotely. With intelligent locking devices and a flexible line of access control systems, these electronic door lock solutions allow the transition from mechanical key locking to electronic access through RFID cards, PIN codes, or Bluetooth technology. Access control systems are connected to electronic latching systems. They contain many components such as an electric lock, a diode, mounting tabs, a screw, and a manual. These devices are much safer than traditional locks. Only the individual with the ability to open the latch will operate them. With the increasing need for security; the demand for electronic latching systems is also increasing.
- Need for Enhanced Security in Residential Application
- Demand for Convenience Offered by Electronic Latching Systems
- Introduction of Technologies Like NFC in Electronic Latching System
- Lack of Awareness About Availability of Electronic Latching Systems
- Increasing Number of Shops and Inventories Will Increase the Demand for Electronic Latching Systems
- Growing Penetration of Smartphones and Internet Connectivity Will Increase the Demand of Electronic Latching Systems
- Making User Friendly, Easy to Install Electronic Latch Is Challenging for Market Players
- High Cost of Latching Systems as Opposed to Traditional Locks
The market has public as well as private limited companies and is primarily clustered in North America and Europe. Smart home appliances and internet connectivity are necessary for the Electronic Latching System market to penetrate. Rapid innovation is necessary to survive in this market. Easy to install; easy to operate devices are key to success in this market. There are no major barriers to entry in this market however, marketing and educating consumers about the product may take time.
Some of the key players profiled in the report are COMITRONIC – BTI (France), EMKA Beschlagteile GmbH & Co. KG (Poland), Rahrbach GmbH (Germany), Southco Solutions (United States), TAI SAM CORPORATION (Taiwan), Harper Engineering Company (United States), Kiekert AG (Germany), Magna International, Inc. (Canada), Strattec Security Corporation (United States), Brose Fahrzeugteile GmbH & Co (Germany) and Dormakaba (Switzerland). Considering Market by Login Method, the sub-segment i.e. PIN will boost the Electronic Latching System market. Considering Market by Sales Channel, the sub-segment i.e. Online will boost the Electronic Latching System market. Considering Market by Features, the sub-segment i.e. Integrated LED will boost the Electronic Latching System market.
In June 2018, The Saffire LX electronic door lock was introduced by Dormakaba. Dormakaba's elegant BLE-enabled RFID access control solution for guest quarters, common areas, and back of house use is called Saffire LX. Dormakaba created its completely new simplified Saffire LX lock as the future of hospitality access control, according to the brand, and also said that Dormakaba makes hospitality smart and safe.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Electronic Latching System market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Electronic Latching System market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Electronic Latching System Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.