Wilmington, Delaware , Nov. 08, 2023 (GLOBE NEWSWIRE) -- 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:
Factors such as a rise in demand for smart locks, an increase in concern for safety and security, an increase in demand for smartphone connectivity, and a surge in the popularity of the Internet of Things (IoT) for smart homes is driving the global smart door locks market. In addition, rapid urbanization and industrialization in emerging economies are likely to provide new opportunities for the growth of the market. However, high investment costs are expected to hamper 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 |
The Bluetooth segment to maintain its leadership status throughout the forecast period-
On the basis of technology, the Bluetooth segment accounted for 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 trail throughout the forecast period. This is attributed 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. The Wi-Fi segment, on the other hand, is estimated to grow at the fastest CAGR of 17.9% from 2020 to 2032, owing to rising popularity of smart home technologies and the growing market for connected devices.
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The deadbolts segment to Lead the Trail throughout the forecast period-
On the basis of product type, the deadbolts segment contributed to the highest market share in 2020, holding nearly half of the global smart door locks market revenue, and is registered to maintain its leadership status throughout the forecast period, as it offers various features including remote access control, PIN code entry, and integration with smart home systems. However, the lever handles segment is estimated to witness the fastest CAGR of 17.9% during the forecast period, owing to rising adoption of smart devices and technological advancements.
The single-family segment to maintain its lead position during the forecast period-
On the basis of end-user, 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. However, the single-family segment held the largest share in 2022, holding nearly three-fifths of the global smart door locks market revenue, and is estimated to lead during the forecast period. The growth is due to the growing market for smart home technologies and the increasing adoption of connected devices in single-family homes.
Asia-Pacific to maintain its dominance by 2032-
On the basis of region, the Asia-Pacific region held the highest market share in 2020, contributing to nearly half of the global smart door locks market revenue, and is likely to dominate during the forecast period. The same region would exhibit the fastest CAGR of 18.7% during the forecast period. This is attributed to rise in government initiatives, construction activities, and smart city developments.
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Leading Market Players: -
- Haven Lock Inc.
- Salto Systems
- Schlage
- Spectrum Brands Holdings Inc.
- Samsung Group
- Vivint Smart Home Inc
- Xiaomi Corporation
- Panasonic Corporation
- ASSA ABLOY Group
- Honeywell International Inc.
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