Press release
Smart Door Locks Market Growing at a CAGR of 17.6% from 2023 to 2032 | Product Type Deadbolts Lever Handles Padlocks
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Key Factors Driving Market Growth:
Several critical factors are propelling the global smart door locks market forward. Increased concern for safety and security, coupled with growing demand for smart locks, is a significant driver. The rising popularity of the Internet of Things (IoT) and smart home technologies further boosts demand. Additionally, the growing need for smartphone connectivity to control home security systems plays a vital role. Despite these positive factors, the high initial investment costs and concerns regarding cybersecurity present some challenges. Nevertheless, technological advancements and increased urbanization in developing regions offer lucrative growth opportunities for market expansion.
The COVID-19 pandemic negatively impacted the smart door locks market due to a temporary halt in construction activities during lockdowns worldwide. The manufacturing sector, including the production of smart and traditional locks, faced disruptions due to factory closures. However, with the gradual easing of restrictions and recovery in the construction sector, the market has witnessed significant growth, with increased production of smart door locks and related technologies.
Product Type Insights:
Deadbolts Segment:
Based on product type, the deadbolts segment dominated the market in 2020, capturing nearly half of the total revenue. Deadbolts are increasingly popular due to their ability to replace traditional locks and offer keyless entry options. With features such as PIN code access, remote control, and integration with smart home ecosystems, deadbolts are expected to maintain their leadership position. Meanwhile, the lever handles segment is anticipated to grow at the highest CAGR of 17.9% during the forecast period, driven by technological advancements and growing adoption of smart home devices.
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Technology Insights:
Bluetooth Segment:
By technology, the Bluetooth segment held the largest market share in 2020, contributing nearly three-fifths of the total revenue. The popularity of Bluetooth smart door locks is attributed to their convenience, energy efficiency, and cost-effectiveness. These locks offer keyless entry, proximity-based unlocking, and easy integration with existing smart home systems. In contrast, the Wi-Fi segment is projected to record the highest CAGR of 17.9% from 2020 to 2032. The increasing adoption of smart home technologies and connected devices is expected to drive demand for Wi-Fi-enabled smart locks, offering enhanced connectivity and remote access.
End-User Insights:
Single-Family Segment:
In terms of end-user, the single-family segment led the market in 2022, accounting for nearly three-fifths of the total revenue. The adoption of smart home technologies in single-family residences has surged, driven by the increasing availability of connected devices. On the other hand, the multi-family segment is expected to exhibit the highest CAGR of 17.8% during the forecast period. With rapid urbanization and increasing population, the demand for smart locks in multi-family residential buildings is on the rise.
Regional Insights:
Asia-Pacific:
Geographically, the Asia-Pacific region accounted for the largest market share in 2020, generating nearly half of the total revenue. The region is expected to maintain its dominance throughout the forecast period and exhibit the fastest CAGR of 18.7%. The growth can be attributed to rapid urbanization, rising construction activities, and government initiatives promoting smart city development. Countries such as China, India, and Japan are heavily investing in smart technologies, which is further driving market expansion in the region.
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Leading Market Players:
Key players in the smart door locks market are focusing on product innovation, strategic partnerships, and mergers & acquisitions to strengthen their market presence. Major players include:
ASSA ABLOY Group
Honeywell International Inc.
Haven Lock Inc.
Panasonic Corporation
Samsung Group
Salto Systems
Schlage
Spectrum Brands Holdings Inc.
Vivint Smart Home Inc.
Xiaomi Corporation
These companies are investing in R&D to introduce advanced features and improve the user experience of smart locks. The report offers detailed insights into their business performance, product portfolio, and strategic initiatives.
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