Smart Lock Market to Witness Growth 21.6% From 2021-2027

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The global smart lock market size is expected to reach 34.9 million units by 2027, registering a CAGR of 21.6% pover theforecast period 2020 to 2027.

Increasing consumer awareness regarding advanced and secure home solutions, along with steady rise in the adoption of connected devices, is positively influencing the market. Additionally, substantial growth in the hospitality sector is driving the need for enhanced security, which is expected to impel demand for smart locks over the forecast period.

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Growing number of residential and commercial projects, along with renovation of existing infrastructure, is expected to provide lucrative growth prospects for the industry. Smart locks can be integrated with several home automation devices, thereby providing security as well as convenience for users as they leave or arrive at home. With the growing prominence of smart locks across the residential sector, they are presumed to witness substantial demand, making mechanical locks a thing of the past.

Increased usage of smartphones globally has further paved opportunistic ways for industry participants, since they are continually launching apps to control locking/unlocking procedures. Regular innovations across the market for smart locks are increasingly driving investor interests with remarkable funding contracts from key players. The industry has witnessed a considerable transformation over the past few years, with an influx of new startups, causing prominent vendors to form in-house hardware connectivity, software, and app development teams. This shift has resulted in market consolidation to a certain level due to numerous acquisitions across the marketplace.

The growing trend of Internet of Things (IoT), along with rising security and privacy concerns, has propelled the penetration of smart home security devices globally. Rising consumer awareness regarding the benefits of advanced security solutions is expected to positively influence product sales. Additionally, increase in the number of smartphone users globally has resulted in growing deployment of smart locks over the past few years owing to benefits such as convenience and easy user interface.

Companies such as August Home and Danalock International ApS have introduced location-based locks, wherein the devices detect the user’s arrival and unlock the door when the user enters the GPS geofence. Several companies across the marketplace are focusing on the implementation of latest technologies, such as the touch-to-unlock model for automatic unlocking mechanism and incorporation of capacitive touch sensors in their products. Key companies are collaborating with smart ecosystem providers such as Samsung, Google, and Amazon for the integration of these novel technologies with their proprietary smart solutions like Alexa, Google Assistant, Siri, Samsung SmartThings, and Apple Homekit.

Awareness regarding smart locks is greater among consumers in higher-income segments and urban areas. Developed countries such as U.S. are the prominent revenue generators as the regional population is increasingly aware of the connected ecosystem and are willing and able to pay a premium for comfort, luxury, and convenience. Additionally, low entry barriers such as open-source technologies are encouraging small scale vendors to innovate their products and offer enhanced solutions to their consumers.

Increasing number of new construction and renovation activities across North America and Asia Pacific are presumed to garner immense market potential over the forecast period. Increasing raw material costs, along with the growing presence of low-cost Asian suppliers across international markets, are expected to pose an off-setting impact on the average selling price of smart locks over the short-term. However, this trend is anticipated to result in a steep increase in price competition with the stabilization of material costs.

Smart locks are expected to witness tremendous growth prospects, especially in cloud-based locking management solutions, owing to the introduction of innovative locking/unlocking mechanisms through smartphones, tablets, key fobs, and other portable devices. Continuous development and deployment of sophisticated technologies, including Z-wave/ZigBee, Near Field Communication (NFC), and Bluetooth Low Energy (BLE), to easily access locking functions is expected to attract a potential customer base, thereby accelerating product sales over the forecast period.

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Market Share Insights

Key market participants are undergoing various strategic initiatives, such as partnerships and acquisitions, to gain access to a larger market. In November 2018, Schlage, a manufacturer of innovative door hardware and smart locks, partnered with Amazon for delivering integrated intelligent home solutions to its customers. In addition, the company launched the Schlage Connect Smart Deadbolt, integrating advanced access control into Zigbee-certified home automation system, including Amazon Key.

The market for smart locks has been gradually moving toward consolidation over the past few years, with prominent companies striving to acquire the dominant market share. The industry is witnessing continuous innovations along with increasing dominance of well-established locking companies in recent years. Yale, Schlage, August Home, and Kwikset are some of the market incumbents. They are known for developing innovative products that can be integrated seamlessly into smart home solutions. Other key market participants include SentriLock; Weiser; UniKey Technologies Inc.; SDS Smart Locks; Mul-T-Lock; Okidokeys; Haven; Aventsecurity; and Cansec System.

Further key findings from the report suggest:

  • Companies across the marketplace are undergoing various strategic initiatives, such as partnerships, acquisitions, and R&D investments, to stay competent and enhance their security and control systems portfolio
  • Companies such as Airbnb Inc.; Couchsurfing International, Inc.; and other stay aggregators require homeowners to provide temporary access to guests, which has resulted in increased adoption of smart locks owing to provision of convenience to both customers and owners
  • The residential segment is expected to account for the largest revenue share of more than 65.0% by the end of 2027. Rising smart home penetration is resulting in a higher number of connected devices across the sector
  • Smart lock market in Asia Pacific region is expected to grow at the fastest rate over the next few years owing to increasing number of modernization activities across the residential and hospitality sectors as well as construction of new infrastructure in emerging economies such as India.

Segmentation

  • Type Outlook
    • Deadbolt
    • Lever Handles
    • Padlock
    • Others
  • Application Outlook
    • Residential
    • Hospitality
    • Enterprise
    • Critical Infrastructure
    • Others
  • Regional Outlook
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • Korea
      • Japan
    • Latin America
    • Middle East & Africa (MEA)

The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.

COVID-19 Impact

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the smart lock market in 2020.

COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.

Major highlights of Report:

  • Figures related to sales volume, market remuneration, and segmental shares
  • Featuring market dynamics
  • Growth prospects and expansion graph
  • PROCON study of direct & indirect sales channels
  • Profiles of prominent traders, dealer, and distributors in the industry

Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa

  • Industry forecasts based on region and at country level
  • Data about sales volume recorded, industry share held, and profit margins amassed
  • Overall remuneration and estimated growth rate for each regional market

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the smart lock market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the smart lock market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Smart lock market.

Market Segments: This part of the report discusses about product, application and other segments of the smart lock market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

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