The Worldwide Smart Locks Industry is Expected to Reach $4.2 Billion by 2027 - ResearchAndMarkets.com

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DUBLIN, December 09, 2021--(BUSINESS WIRE)--The "Smart Locks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Smart Locks estimated at US$1.8 Billion in the year 2020, is projected to reach a revised size of US$4.2 Billion by 2027, growing at a CAGR of 12.5% over the analysis period 2020-2027.

Deadbolts, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$2.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lever Handles segment is readjusted to a revised 12.4% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Smart Locks market.

The U.S. Accounts for Over 29.5% of Global Market Size in 2020, While China is Forecast to Grow at a 12% CAGR for the Period of 2020-2027

The Smart Locks market in the U.S. is estimated at US$544.3 Million in the year 2020. The country currently accounts for a 29.53% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$730.4 Million in the year 2027 trailing a CAGR of 11.9% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 10.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$730.4 Million by the year 2027.

Padlocks Segment Corners a 16.7% Share in 2020

In the global Padlocks segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$246.5 Million in the year 2020 will reach a projected size of US$453.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$494.6 Million by the year 2027.

Select Competitors (Total 96 Featured) -

  • Allegion PLC

  • Assa Abloy AB

  • Cansec Systems Ltd.

  • dormakaba International Holding AG

  • Master Lock Company LLC

  • Onity, Inc.

  • SALTO Systems SL

  • Spectrum Brands Holdings, Inc.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights

  • World Market Trajectories

  • Impact of Covid-19 and a Looming Global Recession

  • Consumer IoT Provides the Foundation for the Growth of Smart Locks in the Residential Sector

  • Industrial IoT & Smart Factory Also Push Up the Need for Smart Locks in the Industrial Sector

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rising Security & Safety Concerns Drives Demand for Locks

  • Burglaries by Point of Entry, Method of Entry, and Location: Ranked in Order of Occurrence

  • Implementation of Anti-Burglary Good Practices Spur the Need for Smart Lock Solutions

  • Rising Demand for Biometric-based Smart Locks

  • Select Popular Biometric Door Locks

  • Smart Cards and Locks Replace Keys and Magnetic Stripe Cards in the Industrial Sector

  • Minimizing Touch Points and Lowering the Risk of Spreading of Germs: Key Driver for Smart Lock in Healthcare Setups

  • Technology Improvements Remain Critical for Sustained Market Growth

  • Wi-Fi & Bluetooth Emerge as Attractive Technologies for Smart Lock

  • Wi-Fi vs Bluetooth vs Z-Wave vs ZigBee

  • Narrowband Internet of Things (NB-IoT) Smart Lock Grow in Popularity

  • AI Makes a Huge Impact on Access Control Connectivity Functions & Capability

  • As the World Heads Towards an Imminent Recession in 2020, Housing Market Outlook to Leave the Market Jittery Over the Short-Term Period

  • Concerns Over Smart Lock Security Breach: The Red Hot Issue

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/53zyzx

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005484/en/

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