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Global Smart Lock Market, Size, Forecast 2022-2027, Industry Trends, Growth, Insight, Impact of COVID-19, Opportunity Company Analysis

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    Report

  • 160 Pages
  • February 2022
  • Region: Global
  • Renub Research
  • ID: 5546199
Global Smart Lock Market will be US$ 5.80 Billion by 2027. Today’s world is an innovative world we live in, and smart technology significantly contributes to it. For decades, the world has been advancing towards automation, boosting the smart lock industry. With time, technological advancement has led to smart access to everyday objects through the Internet, solving daily life problems and bringing ease. Remarkably, the proposed development of the smart lock has network connectivity, devised to perform locking and unlocking functions on a door when it receives a signal to send and receive data.



The Growing Market for Smart Locks Is Projected to Expand with A CAGR of 16.7% During 2021-2027:


Over the years, people have adopted smart lock systems with advanced security features embedded in their smart homes and consider it a value-added service for a better quality of living. Hence, the demand for smart locks has increased significantly in developed regions globally. In addition, the increasing use of smartphones and other smart devices are also propelling the smart lock market growth. Remarkably, the above factors further encourage electronic lock vendors to innovate their locking solutions, accelerating the development of the smart lock industry.

Smart Locks Industrial Growth Amidst COVID-19 Pandemic:


The global market for smart locks possessed a growth scenario during the pandemic. The rapid PMI index growth supported due to expansion of market demand and production staying sharp despite losing momentum supported the smart lock market growth. Moreover, in 2022 vaccine rollout at a good pace and low third wave impact, along with the limited effect of supply chain disruptions during the pandemic scenario, has also assisted the market expansion throughout the pandemic occurrence.

Backed by Rising Adoption in Residential Applications Deadbolt Segment Market Continues to Grow:


In our report, based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. The deadbolt segment is anticipated to cover the enormous smart lock market share due to the rising demand for smart locks across residential buildings. Nevertheless, owing to the increasing integration of connectivity technologies such as Bluetooth, Zigbee, and others, the other components, such as lever handles and padlock, are set to grow substantially during the forecast period.

Extending Adoption of Face, Iris, and Fingerprint Recognition Fosters Growth of Biometric Door Locks Segment:


The market is classified into pin code, biometric, and RFID cards based on the product. The biometric door locks segment is envisioned to capture a significant share in the industry. The market evolution is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, and fingerprint recognition. The pin code and RFID card segments are predicted to exhibit a substantial growth rate due to the rising enactment of Wi-Fi connecting technology.

Increasing Investment by Start-ups to Launch Bluetooth-enabled Locks Drives the Segment:


The market is categorized as Wi-Fi and Bluetooth based on the connecting technology. The increasing investment by start-ups launching door locks enabled with Bluetooth technology is expected to hold the maximum share for the Bluetooth segment. Moreover, the Wi-Fi segment is projected to keep progressing with considerable growth owing to the rising adoption of cloud-based home automation applications across residential buildings rate during the forecast period.

The Residential Market Cusps for a Major Shift for Smart Locks as Technology Gains Traction:


The smart lock market is divided into residential, hospitality, enterprise, critical infrastructures, and others based on the application. Electronic access control was once the sole preserve of commercial buildings. Besides, now smart locks are quickly found a niche in hospitality. Moreover, it’s rare to find large hospitalities that still use mechanical keys. In addition, electronic access control has also become a fixture in critical infrastructures blocks, though typically only at main entrances with intercom systems. As per our analysis, the residential segment is expected to hold the largest share during the projected period.

North America Smart Lock Market is expected to Dominate the Industry Globally


Based on the region, the market in our report has been divided among prominent regions, namely, North America, Europe, and the Asia Pacific. According to our analysis, North America is expected to dominate a significant share in the market. The North American region is expanding owing to the rising demand for advanced smart door locks across countries like the United States, Canada, and Mexico. Further, Asia Pacific is predicted to be the highest growing region due to the rising number of smart city projects in India, Japan, China, South Korea, ASEAN, Oceania, and others. According to the publisher Analysis, Smart Lock Market Size will reach US$ 2.3 Billion by 2021.

Key Industry Players:


The Global Smart Lock Market is consolidated as the market is still in its nascent stage with fewer adoptions across the globe. However, the market poses various growth opportunities to the smart lock providers due to the increasing need for home and building security. Hence, the market players are consistently innovating to provide innovative products to gain maximum market traction in the forecast period. The major players covered in our report include Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group.

This latest research report “Smart Lock Market, Global Forecast by Type (Deadbolt, Lever Handles, Padlock, Others), Product Type (Pin Code, Biometric, RFID Cards), Technology (Wi-Fi, Bluetooth, Others), Application (Residential, Hospitality, Enterprise, Critical Infrastructures, Others), Regions (North America, Europe, Asia - Pacific and ROW), Companies (Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group)” provides a detailed analysis of Smart Lock Industry.

Type - Market has been covered from 4 viewpoints:


  • Deadbolt
  • Lever Handles
  • Padlock
  • Others

Product Type - Market has been covered from 3 viewpoints:


  • Pin Code
  • Biometric
  • RFID Cards

Technology - Market has been covered from 3 viewpoints:


  • Wi-Fi
  • Bluetooth
  • Others

Application - Market has been covered from 5 viewpoints:


  • Residential
  • Hospitality
  • Enterprise
  • Critical Infrastructures
  • Others

Regions - Market has been covered from 4 viewpoints:


  • North America
  • Europe
  • Asia - Pacific
  • ROW

Company Insights:


  • Overview
  • Recent Development
  • Revenue

Company Analysis:


  • Assa Abloy
  • Allegion Plc
  • DormaKaba Holding AG,
  • Spectrum Brands
  • Samsung Electronics Co Ltd
  • Avent Security
  • Fortune Brands Inc.
  • Amadas Inc.
  • Panasonic Corp.
  • Midea Group
Frequently Asked Questions about the Global Smart Lock Market

What is the estimated value of the Global Smart Lock Market?

The Global Smart Lock Market was estimated to be valued at $2.3 Billion in 2021.

What is the growth rate of the Global Smart Lock Market?

The growth rate of the Global Smart Lock Market is 16.7%, with an estimated value of $5.8 Billion by 2027.

What is the forecasted size of the Global Smart Lock Market?

The Global Smart Lock Market is estimated to be worth $5.8 Billion by 2027.

Who are the key companies in the Global Smart Lock Market?

Key companies in the Global Smart Lock Market include Assa Abloy, Allegion Plc, DormaKaba Holding AG,, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp. and Midea Group.

Table of Contents

1. Introduction2. Research & Methodology3. Executive Summary
4. Market Dynamics
4.1 Growth Driver
4.2 Challenges
5. Global Smart Lock Market
6. Market Share - Global Smart Lock Market
6.1 By Type
6.2 By Product Type
6.3 By Technology
6.4 By Application
6.5 By Regions
7. Type - Global Smart Lock Market
7.1 Deadbolt
7.2 Lever Handles
7.3 Padlock
7.4 Others
8. Product Type - Global Smart Lock Market
8.1 Pin Code
8.2 Biometric
8.3 RFID Cards
9. Technology - Global Smart Lock Market
9.1 Wi-Fi
9.2 Bluetooth
9.3 Others
10. Application - Global Smart Lock Market
10.1 Residential
10.2 Hospitality
10.3 Enterprise
10.4 Critical Infrastructures
10.5 Others
11. Regions - Global Smart Lock Market
11.1 North Americ
11.2 Europe
11.3 Asia - Pacific
11.4 ROW
12. Merger & Acquisitions
13. Porters Five Forces
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14. Company Analysis
14.1 Assa Abloy
14.1.1 Overview
14.1.2 Recent Development
14.1.3 Revenue
14.2 Allegion Plc
14.2.1 Overview
14.2.2 Recent Development
14.2.3 Revenue
14.3 DormaKaba Holding AG,
14.3.1 Overview
14.3.2 Recent Development
14.3.3 Revenue
14.4 Spectrum Brands
14.4.1 Overview
14.4.2 Recent Development
14.4.3 Revenue
14.5 Samsung Electronics Co Ltd
14.5.1 Overview
14.5.2 Recent Development
14.5.3 Revenue
14.6 Avent Security
14.6.1 Overview
14.6.2 Recent Development
14.6.3 Revenue
14.7 Fortune Brands Inc.
14.7.1 Overview
14.7.2 Recent Development
14.7.3 Revenue
14.8 Amadas Inc.
14.8.1 Overview
14.8.2 Recent Development
14.8.3 Revenue
14.9 Panasonic Corp.
14.9.1 Overview
14.9.2 Recent Development
14.9.3 Revenue
14.10 Midea Group
14.10.1 Overview
14.10.2 Recent Development
14.10.3 Revenue
List of Figures
Figure 01: Global - Smart Lock Market (Million US$), 2016 - 2021
Figure 02: Global - Forecast for Smart Lock Market (Million US$), 2022 - 2027
Figure 03: Type - Deadbolt Market (Million US$), 2016 - 2021
Figure 04: Type - Forecast for Deadbolt Market (Million US$), 2022 - 2027
Figure 05: Type - Lever Handles Market (Million US$), 2016 - 2021
Figure 06: Type - Forecast for Lever Handles Market (Million US$), 2022 - 2027
Figure 07: Type - Padlock Market (Million US$), 2016 - 2021
Figure 08: Type - Forecast for Padlock Market (Million US$), 2022 - 2027
Figure 09: Type - Others Market (Million US$), 2016 - 2021
Figure 10: Type - Forecast for Others Market (Million US$), 2022 - 2027
Figure 11: Product Type - Pin Code Market (Million US$), 2016 - 2021
Figure 12: Product Type - Forecast for Pin Code Market (Million US$), 2022 - 2027
Figure 13: Product Type - Biometric Market (Million US$), 2016 - 2021
Figure 14: Product Type - Forecast for Biometric Market (Million US$), 2022 - 2027
Figure 15: Product Type - RFID Cards Market (Million US$), 2016 - 2021
Figure 16: Product Type - Forecast for RFID Cards Market (Million US$), 2022 - 2027
Figure 17: Technology - Wi-Fi Market (Million US$), 2016 - 2021
Figure 18: Technology - Forecast for Wi-Fi Market (Million US$), 2022 - 2027
Figure 19: Technology - Bluetooth Market (Million US$), 2016 - 2021
Figure 20: Technology - Forecast for Bluetooth Market (Million US$), 2022 - 2027
Figure 21: Technology - Others Market (Million US$), 2016 - 2021
Figure 22: Technology - Forecast for Others Market (Million US$), 2022 - 2027
Figure 23: Application - Residential Market (Million US$), 2016 - 2021
Figure 24: Application - Forecast for Residential Market (Million US$), 2022 - 2027
Figure 25: Application - Hospitality Market (Million US$), 2016 - 2021
Figure 26: Application - Forecast for Hospitality Market (Million US$), 2022 - 2027
Figure 27: Application - Enterprise Market (Million US$), 2016 - 2021
Figure 28: Application - Forecast for Enterprise Market (Million US$), 2022 - 2027
Figure 29: Application - Critical Infrastructures Market (Million US$), 2016 - 2021
Figure 30: Application - Forecast for Critical Infrastructures Market (Million US$), 2022 - 2027
Figure 31: Application - Others Market (Million US$), 2016 - 2021
Figure 32: Application - Forecast for Others Market (Million US$), 2022 - 2027
Figure 33: North America - Smart Lock Market (Million US$), 2016 - 2021
Figure 34: North America - Forecast for Smart Lock Market (Million US$), 2022 - 2027
Figure 35: Europe - Smart Lock Market (Million US$), 2016 - 2021
Figure 36: Europe - Forecast for Smart Lock Market (Million US$), 2022 - 2027
Figure 37: Asia - Pacific - Smart Lock Market (Million US$), 2016 - 2021
Figure 38: Asia - Pacific - Forecast for Smart Lock Market (Million US$), 2022 - 2027
Figure 39: Rest of World - Smart Lock Market (Million US$), 2016 - 2021
Figure 40: Rest of World - Forecast for Smart Lock Market (Million US$), 2022 - 2027
Figure 41: Assa Abloy - Global Revenue (Million US$), 2016 - 2021
Figure 42: Assa Abloy - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 43: Allegion Plc - Global Revenue (Million US$), 2016 - 2021
Figure 44: Allegion Plc - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 45: DormaKaba Holding AG, - Global Revenue (Million US$), 2016 - 2021
Figure 46: DormaKaba Holding AG, - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 47: Spectrum Brands - Global Revenue (Million US$), 2016 - 2021
Figure 48: Spectrum Brands - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 49: Samsung Electronics Co Ltd - Global Revenue (Million US$), 2016 - 2021
Figure 50: Samsung Electronics Co Ltd - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 51: Avent Security - Global Revenue (Million US$), 2016 - 2021
Figure 52: Avent Security - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 53: Fortune Brands Inc. - Global Revenue (Million US$), 2016 - 2021
Figure 54: Fortune Brands Inc. - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 55: Amadas Inc. - Global Revenue (Million US$), 2016 - 2021
Figure 56: Amadas Inc. - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 57: Panasonic Corp. - Global Revenue (Million US$), 2016 - 2021
Figure 58: Panasonic Corp. - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 59: Midea Group - Global Revenue (Million US$), 2016 - 2021
Figure 60: Midea Group - Forecast for Global Revenue (Million US$), 2022 - 2027
List of Tables
Table 01: Global - Smart Lock Market Share by Type (Percent), 2016 - 2021
Table 02: Global - Forecast for Smart Lock Market Share by Type (Percent), 2022 - 2027
Table 03: Global - Smart Lock Market Share by Product Type (Percent), 2016 - 2021
Table 04: Global - Forecast for Smart Lock Market Share by Product Type (Percent), 2022 - 2027
Table 05: Global - Smart Lock Market Share by Technology (Percent), 2016 - 2021
Table 06: Global - Forecast for Smart Lock Market Share by Technology (Percent), 2022 - 2027
Table 07: Global - Smart Lock Market Share by Application (Percent), 2016 - 2021
Table 08: Global - Forecast for Smart Lock Market Share by Application (Percent), 2022 - 2027
Table 09: Global - Smart Lock Market Share by Regions (Percent), 2016 - 2021
Table 10: Global - Forecast for Smart Lock Market Share by Regions (Percent), 2022 - 2027

Companies Mentioned

  • Assa Abloy
  • Allegion Plc
  • DormaKaba Holding AG,
  • Spectrum Brands
  • Samsung Electronics Co Ltd
  • Avent Security
  • Fortune Brands Inc.
  • Amadas Inc.
  • Panasonic Corp.
  • Midea Group

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

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