Smart Door Locks Market Expected to Reach USD12.5 Billion by 2032, CAGR of 17.6% from 2023 to 2032

The global smart door locks market has experienced robust growth over the past decade, driven by increased consumer awareness regarding security and convenience, particularly among single-family and multi-family households. This trend is projected to continue throughout the forecast period. Additionally, key industry players are expanding their global presence, capitalizing on a growing customer base, optimizing operations, and enhancing their product portfolios, which is expected to further propel market growth.

According to a new report by Allied Market Research, titled "Smart Door Locks Market," the market was valued at $1.8 billion in 2020 and is projected to reach $12.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 17.6% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲:
https://www.alliedmarketresearch.com/request-sample/A67044

A smart door lock is a smart home device that connects via Wi-Fi or Bluetooth, allowing doors to be locked or unlocked without a traditional key. These locks can be controlled using smartphone apps, voice commands, or keypads, offering keyless entry through fingerprint recognition, remote fobs, or code entry, and come in various styles.

The growing adoption of smartphones worldwide has accelerated the use of smart door locks. Mobile applications for these locks provide real-time notifications, enabling users to control access and grant entry remotely. The rise in app-based locks across residential and commercial sectors is expected to drive the market. Smart door locks offer secure, reliable identity verification compared to traditional security measures like mechanical locks or passwords, addressing limitations such as lost or broken keys. Additionally, rising crime rates and privacy concerns have increased demand for enhanced security solutions, with smart door locks offering more robust protection than conventional locks, which are susceptible to tampering. Despite high initial costs and security concerns posing challenges, advanced smart lock technology has boosted adoption.

In 2022, the Asia-Pacific region dominated the global market in revenue. The LAMEA region is expected to experience the highest CAGR due to increasing safety concerns, construction growth, and government initiatives for smart city developments. Countries like China, India, and Japan are heavily investing in smart city infrastructure, encouraging the adoption of smart home technologies, including smart door locks, through supportive policies and incentives.

Leading manufacturers, such as Assa Abloy, Spectrum Brands Holdings Inc., and Vivint Smart Homes Inc., offer a wide range of smart door locks for residential and non-residential applications. For example, Schlage introduced the EncodeTM Smart Wi-Fi Lever in January 2023, designed to expand smart lock access to more home areas by fitting standard single bore-hole doors.

The market currently faces challenges from global economic factors, including inflation resulting from the Ukraine-Russia conflict and pandemic-related economic measures. Volatile raw material and energy costs are particularly affecting Europe, Latin America, and North America, though markets in India and China are performing comparatively well.

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂:
https://www.alliedmarketresearch.com/smart-door-locks-market-A67044

Key Benefits for Stakeholders
Comprehensive analysis of current and emerging trends and dynamics in the smart door locks market.
In-depth market estimations and analysis across key segments from 2022 to 2032.
Detailed competitive landscape, highlighting top competitors and product positioning.
Regional analysis to identify opportunities across different markets.
Market forecast for 2023 to 2032, with detailed profiles and strategy analysis of key industry players, offering insight into the competitive landscape.

Construction news https://steemit.com/@vijayanalytics/posts
Construction Trending https://www.quora.com/profile/Vijay-Conma/posts
Construction blog https://vijayanalytics.blogspot.com/

Contact Us:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry

This release was published on openPR.