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.
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.
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.
Global Smart Locks Market: Overview
This report on the global Smart Locks market provides analysis for the period 2014–2024, wherein 2015 is the base year and the period from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global Smart Locks market growth during the said period. Technologies that are playing a major role in the driving the global Smart Locks market have also been covered in the study.
The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies. The advancements in wireless communication technologies and a booming smart homes, smart home as a service, and home automation market can be considered as a major factor for the growth of smart locks market. Growing use of smart locks in residential and commercial segments and growing demand for smart locks from other industries including industrial and government are another factors driving the growth of the smart locks market, globally.
Global Smart Locks Market: Segmentation
The Smart Locks market has been segmented on the basis of product type, unlocking mechanism and application. Based on product type, the market has been further classified into deadbolt type and lever/Knob type. On the basis of unlocking mechanism, the market has been divided into keypad, touch screen, touch to open, app based and hybrid/integrated. By application, the market is further classified into government, commercial, industrial and residential.
Geographically, the report classifies the global Smart Locks market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue generation. Furthermore, region wise prominent countries covered in the report include the following - the U.S, Canada, Germany, France, the U.K., China, India, Japan, Australia, UAE, Saudi Arabia, Brazil and Argentina.
The report includes key developments in the Smart Locks market form 2013 onwards. Porter Five Force analysis is also included in the report. Ecosystem analysis which identifies key stake holders in the Smart Locks market is also covered in the report. It covers segment wise comparison matrix, market attractiveness analysis and market share analysis for all regions covered in the scope of study. Comparison matrix includes segment growth matrix, 2016 - 2024 (%), segment revenue contribution, 2016 - 2024 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments market attractiveness on the basis of CAGR and market share index.
Global Smart Locks Market: Competitive Analysis
The study also includes competition landscape with competition matrix, market share analysis of major players in the global Smart Locks market based on their 2015 revenues, profiling of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players.
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The key players profiled in the global smart locks market include Honeywell International Inc., August Home, Inc., Vivint, Inc., Panasonic Corporation, Samsung SDS, Havenlock Inc., Kwikset, Assa Abloy Group, Schlage, and Apigy Inc (Lockitron).
The global smart locks market is segmented as below:
By Product Type
By Unlocking Mechanism
- Touch Screen
- Touch to Open
- App Based
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America