Smart Door Locks Market to Reach $12.5 Billion, Globally, by 2032 at 17.6% CAGR: Allied Market Research

PORTLAND, Ore., Aug. 4, 2023 /PRNewswire/ -- 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.

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Prime Determinants of Growth:

The global smart door locks market is driven by several factors, such as 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, and an increase in demand for smartphone connectivity. However, high investment costs are restraining the growth of the market. On the contrary, rapid urbanization and industrialization in emerging countries are expected to offer lucrative opportunities for 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

COVID-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the global smart door locks market, owing to a downfall in construction activities during the lockdown.

Not only the smart door locks market but also the production of other types of smart products and traditional locks had been hampered due to the closure of manufacturing units across the world during the pandemic.

However, as the global situation has improved, the production of smart door locks is growing rapidly.

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The deadbolts segment to maintain its leadership status throughout the forecast period-

Based on product type, the deadbolts segment held the highest market share in 2020, accounting for nearly half of the global smart door locks market revenue, and is expected to maintain its leadership status throughout the forecast period. Because it is designed to replace traditional deadbolt locks and provide keyless entry options. It also offers various features such as PIN code entry, remote access control, and integration with smart home systems. However, the lever handles segment is projected to manifest the highest CAGR of 17.9% during the forecast period. Growth in the adoption of smart devices and technological advancements are expected to further supplement the growth of lever-handle smart door locks in the market.

The Bluetooth segment to maintain its leadership status throughout the forecast period-

Based on technology, the Bluetooth segment held 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 status throughout the forecast period. Owing 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, it is anticipated to boost the growth of the market during the forecast period. However, the Wi-Fi segment is projected to manifest the highest CAGR of 17.9% from 2020 to 2032. The increasing popularity of smart home technologies and the growing market for connected devices have also contributed to the adoption of smart Wi-Fi door locks.

The single-family segment to maintain its lead position during the forecast period-

Based on end-user, the single-family segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global smart door locks market revenue, and is projected to maintain its lead position during the forecast period. The growing market for smart home technologies and the increasing adoption of connected devices in single-family homes are expected to boost the smart door locks market. However, 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, residential building construction is a major driving factor for the smart door locks market.

Asia-Pacific to maintain its dominance by 2032-

Based on region, Asia-Pacific held the highest market share in 2020, accounting for nearly half of the global smart door locks market revenue, and is likely to maintain its dominance during the forecast period. The same region would also exhibit the fastest CAGR of 18.7% during the forecast period. The rise in construction activities, government initiatives, and smart city developments are driving the growth of the market. In addition, several countries in the Asia-Pacific region, such as China, India, and Japan, are actively investing in smart city development and promoting the adoption of smart technologies. These initiatives often include incentives and policies that encourage the use of smart home technologies, including smart door locks.

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Leading Market Players: -

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

The report provides a detailed analysis of these key players in the global smart door locks market. These players have adopted different strategies to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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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.

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