Smart locks market is experiencing significant growth, driven by rising consumer awareness about smart home technology, increasing disposable income, and growing concerns about security.
The market was valued at US$ 5347.6 million in 2022 and is forecast to reach a readjusted size of US$ 6231 million by 2029, growing at a CAGR of 2.1% during the forecast period (2023–2029).
To Know more about this report (Description, TOC and List of Tables and Figures) — Smart Locks Market
Key Players in the Smart Locks Market
- · ASSA ABLOY
- · Allegion
- · Dormakaba Group
- · Kaadas
- · LOOCK
- · Spectrum Brands
- · Samsung
- · MIWA Lock
- · Master Lock
- · Dessmann
- · Guangdong Yinghua Intelligent
- · Guangdong Be-Tech
- · Honeywell
- · SALTO
- · ORVIBO
- · Nello
- · Jiangmen Keyu Intelligence
- · Locstar
- · Tenon
- · Guangdong Level Intelligent Lock
- · ALPHA Corporation
- · GOAL
Drivers and Opportunities in the Smart Locks Market
The major drivers and opportunities in the smart locks market include:
- · Rising awareness about smart home technology: Consumers are increasingly becoming aware of the benefits of smart home technology, including the convenience, security, and energy efficiency that smart locks offer.
- · Increased disposable income: Growing disposable income in developing economies is providing consumers with the financial means to invest in smart home technology, including smart locks.
- · Growing concerns about security: Rising crime rates and concerns about personal safety are driving demand for smart locks, which offer enhanced security features compared to traditional locks.
- · Integration with smart home ecosystems: The increasing integration of smart locks with smart home ecosystems, such as Amazon Alexa and Google Assistant, is making them more appealing to consumers.
- · Technological advancements: Technological advancements are leading to the development of more advanced and user-friendly smart locks, further boosting market growth.
Segmentation by Type
The smart locks market is segmented by type into:
- · Electronic Cipher Locks
- · Fingerprint Locks
- · Remote Locks
- · Others
Fingerprint locks are expected to be the fastest-growing segment due to their convenience and security features.
Segmentation by Application
The smart locks market is segmented by application into:
- · Household
- · Commercial
The household segment is expected to account for the largest market share due to the increasing adoption of smart home technology by homeowners. However, the commercial segment is expected to witness significant growth due to the increasing demand for security solutions in offices, hotels, and other commercial buildings.
Segmentation by Region
The smart locks market is segmented by region into:
- · North America
- · Asia Pacific
- · MEA
- · Latin America
- · Europe
The Asia Pacific region is expected to be the fastest-growing market due to the increasing urbanization, rising disposable income, and growing awareness about smart home technology.
However, the North American region is expected to remain the largest market due to the early adoption of smart home technology and the presence of major market players.
The global smart locks market is expected to witness significant growth over the next few years. This growth will be driven by factors such as rising awareness about smart home technology, increasing disposable income, and growing concerns about security.
The market is also expected to benefit from technological advancements and the increasing integration of smart locks with smart home ecosystems. However, the market faces challenges such as high initial cost and compatibility issues.
Overall, the future of the smart locks market looks promising, with the global market anticipated to reach a value of US$14,972.3 million by 2030.
