Press release
Smart Door Lock Market Report Survey 2021 with Top Countries Data Industry Size, Share, Business Growth, Revenue, Trends | With Covid 19 Analysis
COVID-19: Investments by Companies to Restore Growth will Impact Market Positively
The COVID-19 pandemic has resulted in the surging investments by reputed smart door lock manufacturers, such as Yale, Yale, and Samsung Group in restoring the market growth back to normal. The Singapore Government Technology Agency (GovTech) declared in June 2020 that it is likely to invest around USD 3.50 billion for the development of numerous monitoring and security tools for smart cities. We are providing elaborate research reports for clients to help them understand the current situation.
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Drivers & Restraints-
Increasing Governmental Investment in Smart City Projects to Propel Growth
Governments of various countries are investing hefty amounts of money in the upcoming smart city projects across the globe. Prominent companies, such as Godrej Group, Google LLC, August, and Assa Abloy AB are currently aiming to introduce new connected door locks solutions for government, commercial, and residential applications. These factors are expected to bolster the smart door lock market growth in the near future. However, the lack of awareness about these door locks may hamper their demand.
Segment-
Deadbolt Segment Held 52.1% Share in 2019 Owing to High Demand from Residential Sector
Based on type, the deadbolt segment earned 52.1% in terms of Smart Door Lock Market share in 2019. It is set to hold the maximum share throughout the forthcoming years because of the high demand for door locks from the residential sector.
Regional Analysis-
Surging Demand for Novel Smart Door Locks to Favor Growth in North America
Geographically, in 2019, North America procured USD 499.4 million in terms of revenue. This growth is attributable to the rising demand for advanced smart door locks across Mexico, Canada, and the U.S. According to a survey conducted by IFSEC Global and Assa Abloy, in North America, approximately, 61% of households have at least one smart home system installed in their residences.
Asia Pacific, on the other hand, is set to grow at the highest pace backed by the increasing number of smart city projects in countries, namely, South Korea, China, and India. Europe is set to exhibit a significant CAGR fueled by the increasing investments by regulatory bodies in developing these door locks for critical infrastructure spaces.
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Competitive Landscape-
Key Players Focus on Launching New Products & Acquisition Strategy to Intensify Competition
The market for smart door locks is fragmented with the presence of a large number of prominent manufacturers. Some of them are focusing on adopting the strategy of merger & acquisition, while the others are aiming to introduce new features in their existing smart door lock ranges. Below are the latest industry developments:
August 2020: Assa Abloy successfully acquired Access-IS to reinforce its pre-existing product portfolio within extended access technologies. At the same time, it will deliver growth opportunities to the former.
September 2020: Latch announced the launch of LatchOS to allow users to integrate the app with other devices in a building, as well as to manage the doors. These integrations include Leviton & Jaso lights switches, ecobee & Honeywell thermostats, and Sonos speakers.
List Of Key players operating in Smart Door Lock Market:
ASSA ABLOY (Stockholm, Sweden)
Samsung Group (Seoul, South Korea)
Panasonic Corporation (Osaka, Japan)
Guangdong Be-Tech Security Systems (Guangdong Province, China)
Honeywell International, Inc. (North Carolina, United States)
DESSMANN (Hangzhou, China)
The Chamberlain Group, Inc. (LiftMaster, Chamberlain, Merlin and Grifco) (Illinois, United States)
Kaadas (Australia)
Masterlock (Wisconsin, United States)
August Home (California, United States)
Kwikset (California, United States)
Techlicious LLC. (United States)
Godrej Group (Mumbai, India)
Adel Marketing (M) Sdn. Bhd. (Malaysia)
SCHLAGE (California, United States)
HavenLock, Inc. (Tennessee, United States)
YALE (Tennessee, United States)
Xiaomi Corporation (Beijing, China)
Latchable, Inc. (New York, United States)
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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