Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Lock Market" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Lock Market is set for remarkable growth, forecasted to expand from US$ 6.33 billion in 2023 to US$ 13.14 billion by 2030, progressing at a CAGR of 11.7%. In terms of volume, the market recorded 24.02 million units in 2023, highlighting a rising trend in smart security solutions.
The market's robust growth is primarily driven by the growing trend of the Internet of Things (IoT) and rising consumer awareness about the benefits of advanced security systems. Smart locks are becoming increasingly popular for their convenience and enhanced security features. However, the market faces challenges due to the high costs associated with smart locks, which could impede its widespread adoption.
The smart lock market is segmented by lock mechanism, technology, application, and region.
By Lock Mechanism
- Deadbolts
- Lever Handles
- Padlocks
- Other Locks
- Knob Locks
- Rim/Mortise Locks
- Rim Latch Locks
By Technology
- Keypad
- Smart Card
- Biometric
- Wireless (includes Smartphone/App-based)
By Application
- Commercial
- Industrial
- Residential
- Government Institution
- Others
Deadbolts dominate with over 36% share in 2023, while Lever Handles are witnessing the fastest growth. In terms of technology, Smart Card technology leads, holding more than 38% market share. The Residential sector emerges as a significant application area, generating revenue exceeding US$ 2.3 billion in 2023. Geographically, North America holds the largest market share of over 34%, while Asia Pacific displays the highest CAGR of 13.45%.
Regional Overview
North America, with its robust technological infrastructure and high consumer spending power, leads the market. The US, Canada, and Mexico are key contributors in this region. Asia Pacific, led by countries like China, India, and Japan, is the fastest-growing region, showing a high adoption rate of smart lock technologies due to increasing security concerns and technological advancements
Competitive Landscape
The market comprises major players like Allegion plc, ASSA ABLOY AB, Samsung Electronics Co., Ltd., and Spectrum Brands Holdings, Inc. These companies, among others, play a pivotal role in shaping market trends through innovations and strategic developments. Below are the list of companies profiled in this report:
- Allegion plc
- ASSA ABLOY AB
- Aventsecurity
- Cansec Systems Ltd.
- GANTNER Electronic GmbH
- Haven Lock, Inc.
- Master Lock Company LLC
- MIWA Lock Co.
- Mul-T-Lock
- Okidokeys
- Onity, Inc.
- Salto Systems S.L.
- Samsung Electronics Co. Ltd.
- SDS Smart Locks
- SentriLock
- Shenzhen Vians Electric Lock Co. Ltd.
- Spectrum Brands Holdings, Inc.
- UniKey Technologies Inc.
- Weiser
- Wyze Labs, Inc
- and other prominent players
For more information about this report visit https://www.researchandmarkets.com/r/ervt6u
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