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.
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.
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.
Middle East & Africa (MEA)
The Smart Lock market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Lock market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Lock market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Lock market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Lock market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Lock capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Lock by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Lock market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Lock market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Lock market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Lock industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Smart Lock market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Lock market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Lock market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Lock market. These factors have benefited the growth of the global market for Smart Lock. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Lock. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Lock are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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