Press release
Smart Door Locks Market to Reach $12.5 Billion Globally by 2032, Growing at a CAGR of 17.6%
Allied Market Research published a report, titled, "Smart Doors Locks Market by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Bluetooth and Wi-Fi), and End-User (Single Family and Multi-Family): Global Opportunity Analysis and Industry Forecast, 2020-2032." According to the report, the global smart door locks industry generated $1.8 Billion in 2020, and is anticipated to generate $12.5 Billion by 2032, witnessing a CAGR of 17.6% from 2023 to 2032.Download PDF Sample: https://www.alliedmarketresearch.com/request-sample/67519
Prime Determinants of Growth:
Factors such as a rise in demand for smart locks, an increase in concern for safety and security, an increase in demand for smartphone connectivity, and a surge in the popularity of the Internet of Things (IoT) for smart homes is driving the global smart door locks market. In addition, rapid urbanization and industrialization in emerging economies are likely to provide new opportunities for the growth of the market. However, high investment costs are expected to hamper the growth of the market.
Report Coverage & Details:
Report Coverage Details
Forecast Period 2020 - 2032
Base Year 2020
Market Size in 2020 $1.8 Billion
Market Size in 2032 $12.5 Billion
CAGR 17.6 %
No. of Pages in Report 242
Segments Covered Product Type, Technology, End User, and Region
Drivers An increase in concern for safety and security
A rise in demand for smart locks
A surge in the popularity of the Internet of Things (IoT) for smart homes
An increase in demand for smartphone connectivity
Opportunities Technological advancements
Restraints High initial investments
High-security threats
The Bluetooth segment to maintain its leadership status throughout the forecast period-
On the basis of technology, the Bluetooth segment accounted for the highest market share in 2020, contributing to nearly three-fifths of the global smart door locks market revenue, and is expected to maintain its leadership trail throughout the forecast period. This is attributed to the increasing adoption of Bluetooth smart door locks, which offer convenience, keyless entry, proximity-based unlocking, guest access management, integration capabilities, enhanced security, energy efficiency, and affordability. The Wi-Fi segment, on the other hand, is estimated to grow at the fastest CAGR of 17.9% from 2020 to 2032, owing to rising popularity of smart home technologies and the growing market for connected devices.
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The deadbolts segment to Lead the Trail throughout the forecast period-
On the basis of product type, the deadbolts segment contributed to the highest market share in 2020, holding nearly half of the global smart door locks market revenue, and is registered to maintain its leadership status throughout the forecast period, as it offers various features including remote access control, PIN code entry, and integration with smart home systems. However, the lever handles segment is estimated to witness the fastest CAGR of 17.9% during the forecast period, owing to rising adoption of smart devices and technological advancements.
The single-family segment to maintain its lead position during the forecast period-
On the basis of end-user, the multi-family segment is expected to portray the largest CAGR of 17.8% from 2023 to 2032, due to the rise in the global population. However, the single-family segment held the largest share in 2022, holding nearly three-fifths of the global smart door locks market revenue, and is estimated to lead during the forecast period. The growth is due to the growing market for smart home technologies and the increasing adoption of connected devices in single-family homes.
Asia-Pacific to maintain its dominance by 2032-
On the basis of region, the Asia-Pacific region held the highest market share in 2020, contributing to nearly half of the global smart door locks market revenue, and is likely to dominate during the forecast period. The same region would exhibit the fastest CAGR of 18.7% during the forecast period. This is attributed to rise in government initiatives, construction activities, and smart city developments.
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Leading Market Players: -
Haven Lock Inc.
Salto Systems
Schlage
Spectrum Brands Holdings Inc.
Samsung Group
Vivint Smart Home Inc
Xiaomi Corporation
Panasonic Corporation
ASSA ABLOY Group
Honeywell International Inc.
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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.
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