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

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

Godrej Locks, the flagship company of Godrej Group, on Wednesday said that it is eyeing a dominant market share by FY25 and aims to increase its revenue in the digital locks market by 10 per cent in 2024. The company is looking at dominating the market with a pipeline of more than 25 new products planned with more than 50 per cent coming from Jump and Leap Innovation.

Shyam Motwani, Business Head at Godrej Locks & Architectural Fittings and Systems, said, “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 per cent in the coming year with our new offerings, specially designed to meet specific consumer needs while being high on aesthetic appeal.”

With the increased adoption of smart home technology and digital home safety solutions, Godrej Locks is directing its focus in growing this particular category. Currently, digital locks make up 4 per cent of revenue share and the business unit aims to grow it to nearly 20 per cent in the next 3 years.