Hyderabad, Dec 27 (UNI)- Godrej Locks, a business of Godrej & Boyce, the flagship company of Godrej Group, on Wednesday said that it aimed to increase its revenue in the digital locks market by 10 percent in 2024.
Eyeing a dominant market share by FY25, the company said in a statement that it has confidence in dominating the market with a pipeline of more than 25 new products planned, with more than 50 percent coming from Jump and Leap Innovation.
In a recent report, ‘Live Safe, Live Free’, commissioned by Godrej Locks, it was identified that over 2/3 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.
Currently, digital locks make up 4 percent of revenue share, and the business unit aims to grow it to nearly 20 percent in the next 3 years.
According to Shyam Motwani, Business Head at Godrej Locks & Architectural Fittings and Systems, “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 per cent 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.”
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. Features like keyless entry, remote access control, and real-time monitoring redefine the overall user experience.
The company’s strategic focus on digital locks resonates with its strong commitment to innovation and consumer centricity, the statement added.
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