The APAC smart locks market is estimated to grow at a CAGR of 10.87% from 2023 to 2028 and the regional market size is expected to be valued at USD 680 Million by 2028 from USD 410 Million in 2023.
Smart Lock system is an electromechanical locking system that is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a protocol that is wireless and cryptographic key for executing the authorization process. These smart locks monitor access and send alerts for different events that it follows and some other critical events related to the status of the device.
The significant growth of the smart locks market in the APAC region is attributed to the large smartphone consumer base coupled with the ease in availability of the internet in the emerging economies in this region, especially in India, China, and Japan. The primary factor that is integrated with these smart locks is the Internet of Things (IoT), which is for establishing a connection between objects. The rapid growth in the usage of smartphones has further propelled the connectivity of objects, which is a primary internet connection for home objects like door locks, fans, and lights, among others.
The significant surveys that are done by global societies, like United Parcel Service (UPS) and the United States' Consumer Technology Association, the smart cities possess the potential to become a major global development sector in the Asia Pacific region. At the same time, this region is enabled with major technological advancements, urban needs, and government support, which are essential requirements in the rapid development of smart cities for the smart locks market in this region. The Asia-Pacific smart locks market is mostly witnessing traction in China and India owing to the rapidly growing regions in the APAC smart locks market.
The growth of the smart locks market in the Asia-Pacific region is further driven by the well-established technological infrastructure, high awareness among consumers, raising concerns about security, increased support from the governments in China, India, & Japan, and the high investment from major IoT players. Increasing urbanization & growing net household disposable income, rising awareness regarding automated solutions, rapid adoption of internet-based services, developments in communication technology & broadband services, and early adoption of the concept of the smart home in both the Indian and Chinese markets are the major growth factors of the demand for smart locks in this region.
This research report on the APAC smart locks market has been segmented and sub-segmented into the following categories.
The smart locks market in the Asia Pacific is likely to witness significant growth during the forecast period. The growth of the target market in this region is attributed to the rapid urbanization coupled with the increase in the net household disposable income, rapid adoption of internet-based services, advancements in communication technology & broadband services, and widespread adoption of the concept of the smart home in both India and China.
The smart locks market in Japan has been growing at a steady pace for the past few years and is to continue at the same rate during the forecast period.
Penetration of the Internet of things and rapid adoption of innovative technologies in this country account for leveling up the growth rate of the market. The Internet of things was quietly integrated with the smart locks where the voice assistant features like Amazon Alexa and Google Assistant work indefinitely. Also, the growing popularity of biometric authentication methods instead of key locking systems in every place is prompting the market growth rate.
The Singapore smart locks market is anticipated to witness a lucrative CAGR in the coming years owing to the growing demand from the tourism industry.
The Tourism Industry focuses on the safety of short-term guests, and many residents use various applications to rent their properties. Smart locks are used to improve the convenience of check-ins and check-out by the guests. Along with this, growing disposable income and increasing spending on the construction of smart homes are likely to fuel the demand for the market in Singapore. Smart locks are in favor of the customer choice as they are available in varied styles and complete the well-designed home solutions, which is escalating the market share.
The South Korean smart locks market is gaining traction and is expected to grow at a healthy CAGR owing to the increasing investments in constructional activities.
South Korean people are highly advanced in using varied applications that can control smart locks using smartphones. Government support for the development of innovative products through investments and growing awareness through social media are lavishing the demand for the market.
KEY MARKET PLAYERS:
The key players of the smart locks market in Asia-Pacific include Honeywell International, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Assa Abloy AB, Unikey Technologies Inc., HRG Group (Spectrum Brands, Inc.), Vivint, Inc., Allegion (Schlage), DAHUA Technology Co Ltd., Dormakaba Holdings AG, Hangzhou Hikvision Digital Technology Co., Ltd., Be-Tech Asia LTD., Shenzhen Vians Electric Lock Co., Ltd., Schlage, and Unikey Technologies Inc.
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