The Smart Lock Market in Latin America is anticipated to witness significant growth over the forecast period. It is estimated that the target market in this region is growing at a CAGR of around 10.3%.
Smart Lock system is an electromechanical locking system that was is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a protocol which is wireless and cryptographic key for executing the authorization process. These smart locks, also, monitor access and sends the alerts for different events that it monitors and some other critical events related to the status of the device.
The growth of the smart locks market in Latin America is attributed to the rapid penetration of smartphones & other connected devices and the concerns regarding the safety of their homes along with the growing crime rates. Along, these smart locks provide ease of usage and works on either Wi-Fi, Bluetooth, or both. As smartphones are becoming an integral part of today's lifestyles in most of the countries, the usage of smartphones grows and more users are acquiring these electronic devices for everyday usage, which is boosting the growth of the target market.
Harbor Group International, a privately-owned international real estate investment and management firm, has acquired the Spectrum Brands World Headquarters Property in Madison worth USD 52 Million.
Unikey Technologies has stated they have raised about $1.1M for Smartphone Door Keys technology which is non-reliant on any application but only a smartphone. This smart lock system is programmed to get unlocked whenever the phone in its nearest radius.
Drivers, Challenges & Opportunities of Latin America Smart Locks Market
Heavy investment in R&D activities of these smart locks by the market players and increased focus of the society towards the Internet of Things (IoT) is the major factor that was driving the growth of the Latin America Smart Locks Market. And the other factors driving the target market in Latin America include robust growth in demand for portable security devices, development of smart cities, and a rise in security threats.
However, the high prices of these devices, fear of privacy intrusion and situations like losing smartphones are hampering the market growth.
Further, the rising number of smartphones and the increasing popularity of smart technology are creating lucrative opportunities for market expansion during the forecast period.
By End-Users: Commercial and Residential.
By Technology: Bluetooth and Wi-Fi.
By Product Types Deadbolts, Lever Handles, Padlocks, and Others.
By Region: Brazil, Mexico, Argentina, Chile & the Rest of LATAM. In the regional analysis of the Latin America Smart Locks Market, Mexico, Spain, and Cuba are the major contributors to the market share. The growth of the target market in these countries is attributed to the increasing adoption of smartphones and the growing concerns about the safety coupled with the rising crime rate in these countries.
The Key Players of the Smart Lock Market in Latin America include the Candy House Inc., Cansec Systems Ltd., HavenLock Inc., Spectrum Brands Holdings, Inc., Kwikset Corp., Master locks Co., MIWA Lock Co., Ltd., Onity Inc., August Smart lock, Sentrilock LLC, UniKey Technologies, and Schlage.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Lock Type
5.1.3 Lever Handles
5.1.5 Other Locks
5.1.6 Y-o-Y Growth Analysis, By Type
5.1.7 Market Attractiveness Analysis, By Type
5.1.8 Market Share Analysis, By Type
5.2.8 Other Protocols
5.2.9 Y-o-Y Growth Analysis, By Communication Protocol
5.2.10 Market Attractiveness Analysis, By Communication Protocol
5.2.11 Market Share Analysis, By Communication Protocol
5.3.4 Institution & Government
5.3.6 Y-o-Y Growth Analysis, By Vertical
5.3.7 Market Attractiveness Analysis, By Vertical
5.3.8 Market Share Analysis, By Vertical
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Lock Type
220.127.116.11 By Communication Protocol
18.104.22.168 By Verticals
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Lock Type
188.8.131.52 By Communication Protocol
184.108.40.206 By Verticals
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Lock Type
22.214.171.124 By Communication Protocol
126.96.36.199 By Verticals
6.5 Latin America
6.4.5 Rest of Latin America
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Assa Abloy AB
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Allegion PLC
8.3 Spectrum Brands Holdings Inc.
8.4 Onity Inc.
8.5 Master Lock Company LLC
8.6 MIWA Lock Co.
8.9 ADEL Group
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Latin America Smart Locks Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Smart Locks Market By Lock Type, From 2022 - 2027 ( USD Billion )
Latin America Deadbolts Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Lever Handles Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Padlocks Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Other Locks Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Smart Locks Market By Communication Protocol, From 2022 - 2027 ( USD Billion )
Latin America Bluetooth Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Wi-Fi Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Zigbee Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Z-Wave Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Thread Market By Region, From 2022 - 2027 ( USD Billion )
Latin America NFC Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Other Protocols Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Smart Locks Market By Vertical, From 2022 - 2027 ( USD Billion )
Latin America Commertial Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Residential Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Institution & Government Market By Region, From 2022 - 2027 ( USD Billion )
Latin America Industrial Market By Region, From 2022 - 2027 ( USD Billion )
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