Smart lock industry is projected to witness a CAGR of 12.7% during the period 2024-2032. This growth can be attributed to integration of enhanced features with traditional lock systems.
Selbyville, Delaware, June 03, 2024 (GLOBE NEWSWIRE) —
Smart Lock Market size is projected to record more than USD 50.2 billion by the end of 2032. The increasing adoption of smart home automation and IoT technologies is driving the demand for convenient and secure access control solutions.
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The rising concerns about home security and the desire for remote monitoring capabilities is fueling the adoption of smart locks offering features like remote locking and unlocking via smartphones. According to the data from Pew Research Center, in 2022, the FBI recorded 1,954.4 property crimes per 100,000 individuals in the U.S. This increasing rate of property crimes is augmenting the deployment of smart locks to prevent home theft and burglaries.
Furthermore, the growing popularity of short-term rental properties and sharing economy is driving the need for smart locks with programmable access codes and guest management features. Significant advancements in wireless communication protocols and biometric authentication technologies are enhancing the functionality and security of smart locks, subsequently accelerating their adoption in residential and commercial applications.
Lever handles to record preference
The lever handle products segment of the smart lock market is estimated to witness substantial gains from 2024 to 2032. The growth is due to the increasing demand for aesthetically pleasing and user-friendly access control solutions in both residential and commercial settings. The integration of advanced security features and wireless connectivity is increasing the appeal and functionality of lever handle smart locks. The convenience offered by lever handle smart locks, particularly for individuals with mobility issues or disabilities is also driving their adoption.
Z-wave connectivity segment to grow at significant rate
The Z-wave connectivity segment is anticipated to account for sizeable share of the smart lock market by 2032. This can be attributed to the interoperability and compatibility offered by Z-wave technology with a wide range of smart home devices. The robust security features and encryption protocols associated with Z-wave connectivity are enhancing consumer trust and adoption. The growing ecosystem of Z-wave compatible products and the ease of installation are further increasing the popularity of Z-wave-enabled smart locks.
Europe to attain sizeable market share
Europe smart lock market is estimated to depict substantial growth between 2024 and 2032. The increasing adoption of smart home technology and IoT devices is fueling the demand for convenient and secure access control solutions. The rising concerns about home security and burglary are driving the adoption of smart locks with advanced features like remote monitoring and integration with home security systems. The rise in supportive government initiatives for promoting energy efficiency and home automation across the region will also influence the market expansion.
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Smart Lock Market Participants
Some of the leading firms operating in the smart lock industry include Allegion plc, Assa Abloy, Avent Security, August Home Inc., Cansec Systems Ltd., Dormakaba, Honeywell International Inc., Onity Inc., Salto Systems S.L., Schlage, Spectrum Brands, Inc., U-tec Group Inc., UniKey Technologies, Inc., and Yale Locks.
These market players are implementing diverse corporate expansion tactics, including mergers & acquisitions, partnerships, and product launches to expand their market presence. For instance, in February 2024, Indian Industrial IoT startup Proxgy (Everywhere as a Service Private Limited) launched its ‘Made in India’ product, the Lockator smart lock designed for the transportation and logistics sector handling wagons and containers.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Smart lock market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Unlocking mechanism trends
2.6 Connectivity type trends
2.7 Price range trends
2.8 End user trends
2.9 Distribution channel trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Connectivity type analysis
3.3 Key news and initiatives
3.3.1 Partnership/Collaboration
3.3.2 Merger/Acquisition
3.3.3 Investment
3.3.4 Product launch & innovation
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Consumer buying behavior analysis
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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