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Smart Locks Global Market Report 2022

·4-min read

Major players in the smart locks market are Allegion PLC, Assa Abloy AB, August Home, Cansec Systems Ltd, Dorma + Kaba Holding AG, Gantner Electronic GmbH, HAVENLock, Honeywell International Inc, Master Lock Company LLC, Onity Inc, Salto Systems, Samsung Electronics Co Ltd, Schlage, Spectrum Brands Holdings Inc, UniKey Technologies Inc, U-tec Group Inc, Vivint Inc, Yale Locks & Hardware (ASSA ABLOY AB), Avent Security, Goji, SDS Smart Locks, Mul-T-Lock, and Panasonic Corporation.

New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Smart Locks Global Market Report 2022" -

The global smart locks market is expected to grow from $1.81 billion in 2021 to $2.16 billion in 2022 at a compound annual growth rate (CAGR) of 19.1%. The smart locks market is expected to grow to $3.87 billion in 2026 at a compound annual growth rate (CAGR) of 15.7%.

The smart lock market consists of sales of smart locks by entities (organizations, sole traders, and partnerships) that are used for locking and unlocking doors using different technologies such as Wi-Fi and Bluetooth.Smart locks are keyless door locks that allow the door to be opened without the use of a physical key.

These locks can be connected to the home’s Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock.

The main types of products in the smart lock market are deadbolts, lever handles, padlocks, and others.A padlock refers to a lock that is used for fastening two things together.

The different communications technologies include Wi-Fi, Z-Wave, and Zigbee, and involve various authentication methods such as biometric, pin code, and RFID cards. It is used in residential, hospitality, enterprise, critical infrastructure, and other applications.

North America was the largest region in the smart locks market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The smart locks market research report is one of a series of new reports that provides smart locks market statistics, including smart locks industry global market size, regional shares, competitors with a smart locks market share, detailed smart locks market segments, market trends and opportunities, and any further data you may need to thrive in the smart locks industry. These smart locks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward.Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes.

Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies. For instance, according to the Office of National Statistics, a UK-based government department, the monthly construction output increased by 3.5% in volume in November 2021. In addition, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the increase in the number of residential and commercial projects is driving the growth of the smart locks market.

Technological advancements are a key trend gaining popularity in the smart locks market.Major companies operating in the smart locks sector are focused on developing new technological solutions to meet consumer demand.

For instance, in January 2019, Allegion plc, an Ireland-based provider of security products for homes and businesses, introduced the Schlage EncodeTM Smart WiFi Deadbolt.Under one of its major brands, Schlage, it is the first-ever WiFi-enabled lock for usage with Key by Amazon and Ring devices.

This provides a simple access management solution that doesn’t require a camera or hub to use.

In September 2021, Assa Abloy, a Sweden-based manufacturing company acquired Kwikset and Baldwin for a deal amount of $4.3 billion. The acquisition is expected to bring together four of the five top brands in the smart door locks category sold through the professional installation channel. Kwikset is a US-based manufacturer of residential locksets, and smart locks. Baldwin is a US-based designer and manufacturer of door hardware products.

The countries covered in the smart locks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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