Smart Locks Market to reach US$1.01 Billion by 2024
Global Smart Locks Market: Snapshot
Thanks to the growing demand for smart city infrastructure and the progress of the telephony hardware from 2G to 4G, as well as 5G devices, the global smart locks market has developed phenomenally over the last few years. Swift urbanization, increasing disposable income of consumers, modifying government norms for energy conservation, and the proliferating Internet and IoT across the world have also reflected impressively on this market.
The advancements in the wireless communication technologies and a booming smart homes market have the most prominent influence on the worldwide market for smart locks. With the growing usage of smart locks in the residential and the commercial segments and the rising demand for these locks in other sectors, such as the industrial and the government, the growth of this market is likely to be remarkably high over the next few years. Analysts anticipate this market to expand at an exponential CAGR of 18.30% between 2016 and 2024 and increase from US$226.7 mn in 2015 to US$1.01 bn by the end of 2024.
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Commercial Sector to Remain Key Application Area of Smart Locks
Smart locks find a widespread application in the commercial, industrial, residential, and the government sectors. Among these, the demand for these locks is higher in the commercial sector and is anticipated to remain so in the years to come. The increasing crime rate across the world has boosted the uptake of these devices in the commercial sector and as the technology will advance, the rate of adoption will go up further.
Deadbolts and lever/knobs are the two main products available in the global market for smart locks. In 2015, the deadbolt segment dominated the market with a majority share, thanks to the low installation costs and high durability of these bolts. The trend is expected to continue like this over the forthcoming years.
Fueled Demand for Smart Locks in North America to Ensure its Lead
North America, Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), and South America have been considered as the primary regional markets for smart locks across the world. North America, with a share of 33.6%, led the global market for smart locks in 2015. Thanks to the rising security concerns among people, the demand for these locks in North America is likely to remain high in the near future, safeguarding its leading position in the worldwide market. In this region, the U.S and Canada are anticipated to drive the growth of this market over the next few years on the grounds of the increasing trend of smart homes, presence of a large number of smart lock vendors, and the deeper penetration of internet based services.
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Apart from this, Asia Pacific, with its fast-growing economies and the improving standard of living, is likely to emerge as another important and profitable regional market for smart locks for the players. The Asia Pacific market for smart locks has primarily been driven by China and India on account of the growing concerns over safety and security. The imminent infrastructure projects, such as the plans of the Indian government for developing smart cities, are expected to fuel the demand for smart locks from the commercial and the industrial sectors in this region in the years to come, boosting the growth of the smart locks market in Asia Pacific.
The leading manufacturers of smart locks across the world are Schlage, Honeywell International Inc., Panasonic Corp., Vivint Inc., Assa Abloy Group, Apigy Inc., August Home Inc., Samsung SDS Co. Ltd., Havenlock Inc., and Kwikset.
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