Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical, and demographic conditions on the market value and market dynamics.
Smart locks depict certain ease of use and generally work on either WiFi, Bluetooth, or both. Smartphones have boomed to become an integral part of contemporary lifestyle, even in emerging economies. As the usage of smartphones continues to grow, and more users acquire these electronic devices for daily use, the market for mobile applications will also grow at a steady and significant pace.
The global smart lock industry is in its growth stage and is expected to witness substantial growth in the near future, due to heavy investment in research and development activities by market players and the major focus of the world towards the Internet of Things (IoT). The other factors driving the market include robust growth in demand for the development of smart cities, portable security devices, and a rise in security threats.
According to types of Smart Locks, the market is segmented into Deadbolts, Lever Handles, and Padlocks, among others. With respect to the communication protocols they follow, Bluetooth, WiFi, Zigbee, Z-Wave, Thread, and NFC are the main factions, among others. In terms of verticles, Commercial, Residential, Institution & Government, and Industrial are prevalent.
Market Value and Expected Growth:
The market for Smart Locks Market is forecast to grow at a steady CAGR over the forecast period, reaching USD 2.67 billion in 2023 from USD 1.45 billion in 2018.
The smart lock WiFi market is poised to record the highest CAGR across the forecast period. The growth of the market for WiFi can be attributed to the factors such as high speed and wireless connectivity offered to smart lock system. Deadbolts, however, hold the current largest share.
The Asia Pacific region holds the highest CAGR regionally, due to the increasing population and rising adoption of smartphones.
Drivers, Restraints, and Opportunities in the Smart Locks Market:
Increasing adoption of smartphones and various other connected devices is a major driver for the growth of the market. Also, growing safety and security concerns and enhanced features compared with traditional lock systems also contribute to the growth of this market.
High cost, apparent unreliability, and the lack of awareness among customers’ act as restraints for the global smart lock market. Cost is a major factor restraining the growth of the market since the smart lock technology is significantly pricier than its non-smart counterparts. Also, the switching cost of smart locks is high making it less attractive for consumers to adopt. Factors such as power failure and hacking contribute to the perception of a lack of reliability of smart locks among consumers.
Key Players in the Market
Assa Abloy AB (Sweden), Allegion PLC (Ireland), dorma+kaba Holding AG (Switzerland), Spectrum Brands Holdings Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Canseco Systems Ltd. (Canada), Gantner Electronic GmbH (Austria), Master Lock Company LLC (U.S.), MIWA Lock Co. (Japan), Samsung Electronics Co., Ltd. (South Korea), SentriLock LLC (U.S.), Avent Security (China), ADEL Group (China), Dessmann (Germany), Haven Lock Inc. (U.S.), Gate (U.S.), Shenzhen Vians Electric Lock Co. Ltd.(China), Anviz Global (U.S.), Poly-Control International ApS (Denmark), August Home (U.S.), Candy House, Inc. (U.S.), Dahua Technology Co., Ltd (China), Amadas Inc.(South Korea), and LockState (U.S.) are the key players in the Smart Locks market.
Detailed Segmentation of the Market:
By Lock Type
By Communication Protocol
The global Smart Locks Market can be geographically divided into North America, Europe, Asia Pacific, Latin America, Middle-East and Africa. The Asia Pacific area currently is the fastest-growing region. This is predominantly because the region’s growing economies house many manufacturing bases and has a huge population base with growing demands for connected security devices.
Key highlights of the research report:
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
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
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