Global Smart Lock Market Size Regional Analysis, Key Players And Forecast 2027
Global Smart Lock Market was worth US$ 1.38 Bn. in 2020 and total revenue is expected to grow at a rate of 21.4 % CAGR from 2021 to 2027, reaching almost US$ 5.36 Bn. in 2027.
Smart Lock Market Overview:
Maximize Market Research provides a brief description of Global Smart Lock Market, provides the latest snapshots of the market, and best understands its features. The report provides an overview of the market with standard topics highlighted with data adjusted as needed. This overview will help you decide how to approach the market and understand the situation in the industry. This research methodology has been applied to examine the Global Smart Lock Market and these findings have been logically mentioned in this report.
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Market Scope:
The Smart Lock market report thoroughly covers analysed insights of key players in terms of market, applications, and geographies to help you identify competition both domestic and globally. The research also includes available micro market investment options for investors, as well as a full analysis of the competitive landscape and significant product offered by companies.
Smart Lock Report provides in-depth knowledge and comprehension of trends, dynamics, and other topics. The research identifies the most important trends that will have an impact on the business. It aids in the identification of the information included in the research determining the competitive landscape of key companies, factors affecting the market, and other aspects that can help you determine whether your present marketing plans are on track and how to enhance them.
In the residential market, smart locks are in high demand all around the world. The sector has seen a surge in new installations in recent years, with an increasing number of restorations and new construction projects taking place across Asia Pacific and North America. When a smart home hub is connected to the lock, it becomes the most visible element in the connected home. As a result, shoppers look for products that satisfy all of their requirements, and they consider factors like as battery life, size, appearance, and price when selecting a lock.
Smart Lock Market Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Smart Lock Market segments which include products, applications, and competitor analysis.
In 2020, the number of persons who use a smartphone has climbed by over 10% compared to 2019. People have become increasingly reliant on smartphones and mobile apps to execute vital tasks as a result of this expanding usage. Various revolutionary techniques, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, are implemented into smart lock models by prominent industry players. Password entry and pattern-based locking/unlocking are also made easier with touch panels.
The need for smart locks has increased due to an increase in smart home usage around the world, as well as an infusion of entrepreneurs designing new home automation technology.
Consumers in higher-income categories and urban areas are more familiar with smart locks. It is powered by a door sensor that is built-in. Smart locks are projected to experience significant development opportunities, notably in cloud-based locking management solutions, due to the arrival of inventive locking/unlocking mechanisms via smartphones, tablets, key fobs, and other portable devices. Continuous development and application of modern technologies such as Z-wave/ZigBee, Near Field Communication (NFC), and Bluetooth Low Energy (BLE) to fast access locking functions is expected to attract a potential consumer base. Increasing costs and high market prices are major stumbling blocks.
PESTEL Analysis:
Report provided by Maximize Market Research gives PESTEL Analysis which helps you in designing the business strategies. Political factors like tax policy, environmental regulations, tariffs etc. helps you determine the extent to which a government may influence the Smart Lock market. Economic factors like interest, exchange, inflation and wage rates, minimum wage, etc. helps in analysing determinants to economy’s performance that impacts Smart Lock market.
Social factors like cultural norms and expectations, health consciousness, population growth rates etc. helps in planning marketing analytics and strategies. Technological factors like innovations and developments in technologies can impact market growth. Legal factors like changes to legislation impacting employment, access to materials, etc. can help you understand the impact on market in a region or country. Legal factors helps in understanding effect of the surrounding environment and the influence of ecological aspects for Smart Lock market.
Competitive Landscape and Smart Lock Market Share Analysis:
The competitive landscape for the Smart Lock market gives statistics and data on the various competitors. The study provides a detailed analysis and reliable revenue information for the player from 2018 to 2021. It also includes a detailed analysis based on accurate revenue (global and regional) information for the period 2018-2021. Company description, principal business, total revenue and sales, revenue earned in the Smart Lock business, date of entry into the Smart Lock market, Smart Lock product introduction, recent advancements, and other details are given.
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Segmentation:
Deadbolts, Lever Handles, Padlocks, and Other Locks are the sub-segments of the market. In 2020, the deadbolt segment had a revenue share of over 47%, and it is likely to continue to lead the industry during the forecast period. Its rising acceptance in the residential sector can be attributed to various features such as ease of use and a long-lasting locking mechanism, which have resulted in significant revenue generation. Kwikset, for example, is expanding its product line to include innovative deadbolts with built-in features like low battery warning, one-touch locking, and more. Over the projection period, lever handles are expected to grow at the fastest CAGR of over 23.0%. The hotel industry's modernization operations to suit visitor security concerns are also expected to support the segment's growth. Interior doors with clever lever handles are frequently used in commercial settings. In comparison to their competitors, they have simple locking/unlocking processes due to the push-down style handle rather than a knob, which requires gripping and turning.
Commercial, Residential, Institution & Government, and Industrial are the sub-segments of the market. In 2020, the smart lock industry will be headed by the residential segment, which will account for more than 65 percent of sales. It is projected to maintain its dominance during the next seven years. Its significant revenue generation can be attributed to growing global smart home adoption as well as a recent increase in new and refurbishment projects across the industry. The increased affordability of advanced security solutions like as door and window opening sensors, motion detectors, and remote door locking/unlocking is projected to drive adoption even higher. The creation of locks that work with ZigBee, Z-Wave, and BLE technologies.
Key Players:
• Spectrum Brands Holdings, Inc.
• Onity, Inc.
• Master Lock Company LLC
• August Home
• Schlage
• Honeywell International Inc.
• Panasonic Corporation
• Vivint, Inc.
• ASSA ABLOY AB
• UniKey Technologies Inc.
• Haven Lock, Inc.
• August Home
• Samsung SDS Co. Ltd.
• Allegion plc
• Salto Systems S.L.
• Cansec Systems Ltd.
• GANTNER Electronic GmbH
• MIWA Lock Co.
• SentriLock, LLC
• Avent Security
The competitive landscape is an important component of Smart Lock market that every crucial player should be aware of. The research report covers the competitive landscape of the worldwide Smart Lock market, allowing readers to understand competitiveness at both the domestic and global levels. Areas of operation, production, and product portfolio are all important considerations. The report also focuses on BCG matrix, competitive benchmarking, and SWOT analysis in addition to Smart Lock Market Share analysis of companies, detailed profiling of products and business overview.
Regional Analysis:
Our reports' Regional insights ensure that you are well-informed on the Smart Lock market on a regional level. Understanding local energy, economic, political, and geographic variables is critical for any meaningful assessment of viable policy options in response to global market change. Our report enables you to understand regional insights ensuring the effects on Smart Lock market and local growth opportunities, restraints domestic area wise as well.
COVID-19 Impact Analysis on Smart Lock Market:
COVID-19 has a thorough impact on the Smart Lock market in North America, Asia Pacific, the Middle East, Europe, and South America, according to the report offered by Maximize Market Research. During this crisis, our report presents a comprehensive examination of alternatives, challenging conditions, and difficult situations in the Smart Lock market. The study briefly discusses the benefits as well as the challenges of the COVID-19 in terms of funding and market expansion. The updated study provides insights, analysis, estimates, and forecasts that take into account the impact of COVID 19 on the Smart Lock market.
Key Questions answered in the Smart Lock Market Report are:
- Which product segment grabbed the largest share in the Smart Lock market?
- How is the competitive scenario of the Smart Lock market?
- Which are the key factors aiding the Smart Lock market growth?
- Which region holds the maximum share in the Smart Lock market?
- What will be the CAGR of the Smart Lock market during the forecast period?
- Which application segment emerged as the leading segment in the Smart Lock market?
- Which are the prominent players in the Smart Lock market?
- What key trends are likely to emerge in the Smart Lock market in the coming years?
- What will be the Smart Lock market size by 2027?
- Which company held the largest share in the Smart Lock market?
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