The global Smart Lock Market demand is expected to reach 41.9 million units by 2028, registering a CAGR of 21.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. Rising awareness among consumers regarding the benefits and convenience offered by smart home security solutions and surging adoption of connected devices are primarily driving the industry growth. Besides, the hospitality sector has witnessed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly relying on them to ensure security and accessibility to both customers and owners.
The rising global smartphone penetration has further opened new growth prospects for industry participants due to their continuous efforts to launch apps to manage the locking/unlocking procedures. Furthermore, prominent market players are incorporating various innovative techniques, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, in their smart lock models. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.
The COVID-19 pandemic had momentarily hindered the growth of new smart lock installations over the initial couple of quarters of 2020. The dramatic changes, such as restrictions in cross-border trade, economic instability, stringent norms mandating temporary shutdowns of manufacturing sites, and stay-at-home orders for the general populace, created a challenging situation for the industry during the past year. Nevertheless, strategies such as incorporating touchless technologies into their products, creating mobile apps for carrying out procedures, and offering products at reduced prices on the available modes have helped companies to intensify their ROI during these critical lockdown scenarios.
Related Press Release @ Smart Lock Market Report
Smart Lock Market Report Highlights
- The prominent industry participants are adopting aggressive strategies such as partnerships, R&D investments, and mergers and acquisitions to capture higher market share and enhance their smart security solutions portfolio
- Major companies in the marketplace, such as August Home Inc., are developing retrofittable locks that effectively cater to the customers’ demands. Such locks allow users to retain the same design as before with minute details refined and have embedded advanced features
- The residential segment is expected to account for the highest revenue share of approximately 60% by the end of 2028. The rising number of renovation and new construction projects have led to increased installation of such locks, thereby positively impacting the industry over the next seven years
- Asia Pacific is poised to exhibit the highest CAGR of over 22% over the next seven years owing to a rising number of modernization activities across the hospitality and residential sectors, along with the rising awareness regarding advanced security solutions across emerging economies such as India and Korea