News-Global Smart Door Lock Market Overview 2021
The Global Smart Door Lock Market Size was estimated at USD 1,172.5 million in 2020 and is projected to reach USD 4,449.2 million by 2027, exhibiting a CAGR of 18.4% during the forecast period– BSResearch.com
The Global Smart Door Lock Market Size was estimated at USD 1,172.5 million in 2020 and is projected to reach USD 4,449.2 million by 2027, exhibiting a CAGR of 18.4% during the forecast period. The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are also responsible for the growing smart lock demand. Industry players focus on offering commercially viable products and developing advanced techniques, including remote locking/unlocking of entrances, doors, and windows. Moreover, since the number of households with voice assistants is continuously increasing, manufacturers are integrating their offerings with such devices, enabling the locks to be voice-controlled. Such innovations are expected to result in considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures.
The number of individuals using a smartphone in 2020 has witnessed a significant surge of approximately 10% compared to that in 2019. This ever-increasing adoption has resulted in considerable dependency on smartphones and mobile apps to accomplish crucial tasks. Prominent market players incorporate various innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.
Figure Global Smart Door Lock Market Size
Source: BSR, 2021
Global Smart Door Lock Market: Forecast by Application
The residential segment dominated the smart lock market in 2020, capturing over 65% of the revenue share. It is expected to retain its dominance over the next seven years. Its high revenue generation can primarily be attributed to the rising global smart home penetration as well as an increasing number of new and renovation projects across the sector over the past few years. Additionally, increased affordability of advanced security tools, including door and window opening sensors, motion detectors, and remote door locking/unlocking, is expected to further drive the adoption of these devices. The development of locks compatible with technologies such as ZigBee, Z-Wave, and BLE technologies, specifically for mass-market residential purposes, is at the forefront, thereby attracting a large customer base.
Global Smart Door Lock Market: Competitive Landscape
The industry is undergoing rapid transformation and moving toward consolidation over the past few years, with leading companies constantly striving to capture a dominating market share. Numerous companies are taking up initiatives such as partnerships, acquisitions, and R&D investments to differentiate their portfolio from their competitors and strengthen their market presence.
IoT implementation to develop touchless lock technologies has gained immense traction during the ongoing pandemic, as a result of which prominent companies are introducing solutions that involve minimal human contact. In March 2020, Kwikset launched its expanded line of products featuring the Microban SilverShield technology, which helps to mitigate the bacterial growth on door hardware. The company is also focusing on expanding its partnership with Microban for introducing keyless entry and advanced smart locks by the end of 2021.
Companies such as ASSA ABLOY, Allegion, Dormakaba Group, Spectrum Brands, Samsung are the top players. ASSA ABLOY AB designs and manufactures door lock opening solutions. The company also offers electromechanical and mechanical locking solutions, entrance automation, identification technology, access control systems, and security door solutions. It has increased its R&D investment by 2016 since 2006, reaching around USD 280 million in 2016. It is currently focusing on completing various mergers and acquisitions.
Global Smart Door Lock Market Share by Company
Source: BSR, 2021
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