Godrej Locks aims to increase its revenue in the digital locks market by 10% in 2024

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Godrej Locks aims to increase its revenue in the digital locks market by 10% in 2024
Godrej Locks aims to increase its revenue in the digital locks market by 10% in 2024

With the increased adoption of smart home technology and digital home safety solutions that offer convenience along with advanced safety, Godrej Locks is directing its focus toward growing this particular category.

Bengaluru, December 27, 2023: In a world increasingly driven by digital innovation, Godrej Locks, a business of Godrej & Boyce, the flagship company of Godrej Group, continues to grow its digital locking solutions, eyeing a dominant market share by FY25. The 125-year-old brand is confident of dominating the market with a pipeline of more than 25 new products planned, with more than 50% coming from Jump and Leap Innovation.

In a recent report, ‘Live Safe, Live Free’, commissioned by Godrej Locks, it was identified that over 2/3rd of the respondents already use smart locks for the safety of their homes. The study was conducted across five key vulnerable cities, namely, Mumbai, Delhi, Kolkata, Bhopal, and Bangalore, in terms of safety, as listed in the National Crime Record Bureau data.

With the increased adoption of smart home technology and digital home safety solutions that offer convenience along with advanced safety, Godrej Locks is directing its focus toward growing this particular category. Currently, digital locks make up 4% of revenue, and the business unit aims to grow it to nearly 20% in the next 3 years.

According to Shyam Motwani, Business Head at Godrej Locks & Architectural Fittings and Systems, “A trusted name in the safety solutions industry, Godrej Locks pioneers the shift towards innovative digital home safety solutions that seamlessly blend convenience with the brand’s innovative and smart approach. Our focus remains on delivering advanced home safety solutions with cutting-edge technology. Having established ourselves as the frontrunner in mechanical and traditional locks, we have solidified our position with an impressive 23% market share. Meanwhile, we are growing the digital locks category’s contribution to the overall business, and we want to take that up to 10% in the coming year with our new offerings, specially designed to meet specific consumer needs while being high on aesthetic appeal. In this ever-evolving digital age of home safety, we aim to empower customers by providing reliable and advanced locking solutions for enhanced home protection.”

Godrej Locks has strengthened its position in India’s digital lock market by launching India’s first-ever interconnected digital lock for the residential and hospitality sectors. Overall, consumers can choose from a wide portfolio of digital locks, each with its own distinguished features and technologies. Features like keyless entry, remote access control, and real-time monitoring redefine the overall user experience. This significant target, twice the sector’s expected growth rate, emphasizes the company’s commitment to adjusting to evolving consumer preferences. The company’s strategic focus on digital locks resonates with its strong commitment to innovation and consumer centricity.

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