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Smart Locks Market Booms As Demand Spikes: An Insight Into Performance, Key Players, and Forecast
Smart Locks Market
Rising Smart Locks Market Projections: A Peek into the Future
• From its size of $2.66 billion in 2024, the smart locks market is projected to grow to $3 billion in 2025, realizing a compound annual growth rate (CAGR) of 12.7%. This rapid growth can be attributed to factors such as increasing product affordability, evolving design and aesthetics, growth in residential and commercial constructions, smartphone penetration, and rising consumer demand for convenience.
• The smart locks market is set to witness even more rapid growth in the coming years, targeting a market size of $5.35 billion in 2029 at a CAGR of 15.6%. This growth can be linked to initiatives and regulations of governments, expansion in e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, and increasing interest in smart access control for businesses.
What Is Driving The Growth In The Smart Locks Market?
The smart locks market is experiencing substantial growth, driven largely by an increase in residential and commercial projects. These projects, which involve construction of buildings used for residential purposes or lent out for business, have seen increasing adoption of smart locks due to their promise of safety offered through various technologies. According to the UK government's Office of National Statistics, total new work in 2023 rose by £18,161 million, marking growth in both private and public sectors by 16.8% and 13.1%, respectively. This increase in the number of residential and commercial projects has contributed significantly to the growth of the smart locks market.
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Who Are the Key Players Driving Smart Locks Market Growth?
Key players operating in the smart locks market include:
• 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.
What Are The Key Trends In The Smart Locks Market?
Main trends driving the market in the forecast period include:
• Customization and aesthetics
• Energy-efficient design considerations
• Smart locks for rental properties
• Focus on user-friendly installation
• Advancements in biometric authentication
What Are The Segments Of The Global Smart Locks Market?
The smart locks market covered in this report is segmented by:
1) Product: Deadbolts, Commercial, Padlocks, Other Products
2) Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) Authentication Method: Biometric, Pin Code, RFID Cards
4) Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
Which Region Leads The Smart Locks Market?
In 2024, North America was the largest region in the smart locks market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The smart locks market report covers the regions of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Smart Locks Market Global Market Report?
• Market Size Analysis: Analyze the Smart Locks Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Smart Locks Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Smart Locks Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Smart Locks Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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