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31st May 2023 Issue no. 658
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App based Smart Locks to drive global Smart Locks market to reach US$1.01BN by 2024: TMR
According to a new market report published by Transparency Market Research the global Smart locks market is expected to reach a value of US$ 1.01 Bn by 2024.
The market is projected to expand at a CAGR of 18.3% during the forecast period from 2016 to 2024. 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.
Geographically, North America dominated the global smart locks market in 2015, with majority share of revenue and is expected to continue its dominance over the forecast period from 2016 to 2024. In North America, the U.S and Canada are anticipated to drive the growth of smart locks market. This is owing to the growing trend of smart homes along with the presence of large number of smart lock vendors and deeper penetration of internet based services.
Europe comes second to North America, in particular the Western European region which includes countries such as the U.K., France and Germany, has shown significant growth in the recent years. The Asia Pacific region, with its fast growing economies and improving standard of living, is forecast to grow at a significant rate. Asia Pacific countries, in particularly China and India, are driving the growth in the region owing to growing security concerns. Upcoming infrastructure projects including Indian government plan for developing smart cities is anticipated to drive demand for Smart Locks market in the region. Asia Pacific region has also witnessed intensified demand for smart locks mainly from growing industrial and commercial sectors.
In 2015, the majority revenue share in the global smart locks market was held by deadbolt type, which is anticipated to witness steady growth during the forecast period from 2016 to 2024. This trend is attributed to their low installation costs and high durability. Whereas, the lever/knob smart locks segment is projected to expand at a slower rate compared to the deadbolt type. The residential sector is expected to not only contribute major revenue share in the global smart locks market but projected to expand at a significant pace during the forecast period from 2016 to 2024.
The residential sector in the developed economies like the U.S. and major European countries shows a faster growth rate due to the higher adoption rate of smart home services in the region. In the developing regions of Asia Pacific and Middle East and Africa the residential sector is expected to grow at a comparatively slower rate, thus affecting the overall Smart locks market growth. The commercial smart locks market is anticipated to show substantial growth over the forecast period, due to new upcoming technological advancements and rise in security concerns especially in the developing regions. Other factors leading to the growth of the smart locks are rapid urbanization, growing disposable income, changing government norms for energy conservation and greater widespread of internet and IoT.
The key players operating 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).
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR's syndicated reports strive to provide clients to serve their overall research requirement.
Browse the full report at www.transparencymarketresearch.com
Request to View PDF Brochure at www.transparencymarketresearch.com
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24th January 2018