The smart locks market in 2020, was worth US$ 2.3 billion, and it is expected to grow at a CAGR of 18 percent over the next five years, reaching a value of US$ 14.9 billion by 2030. Smart lock sales are projected to soar as homeowners are drawn to the convenience of not having to carry along mechanical keys. The need for smart locks is growing around the world, thanks to smart home architecture that incorporates features like remote access, voice control, and seamless communication. Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety are some of the communication technologies driving demand for smart locks, and all of these technologies are occasionally bundled into a single device.
What Causes Fluctuations in the Smart Locks Market?
The increased popularity of smart home services along with smartphone penetration, which is predicted to reach saturation points in the next two to three years, are the main factors driving demand for smart locks. Furthermore, lower costs of ubiquitous mobile internet and cloud infrastructure have aided in increased sales of smart locks by allowing customers to easily monitor and operate any device, whether it’s a smart lock or a smart thermostat, from afar. Smart locks’ multiple advantages, such as allowing users to permit others access to their locks straight from their phones, are some of the other factors influencing demand. Smart lock sales are increasing due to the convenience of being able to walk up to a door and have it instantly unlocked without having to reach for one’s keys, among other factors.
Which Region Holds Dominance in the Smart Locks Market?
North America is now predicted to be the world’s largest smart lock market. Customers’ considerable spending power in the region, along with rising security concerns, especially in critical infrastructure and residential applications, has created a favorable regulatory climate for smart lock sales. The growth of key companies in the U.S. smart lock market to other regions, particularly in European countries, as well as their plans to increase their smart lock market share, are likely to enhance smart lock sales.
Who are the Major Players in the Smart Locks Market?
AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co., and HAVEN are just a few of the companies in the worldwide smart locks industry. The smart lock market is consolidated since it is still in its early stages, with few adoptions around the world and companies vying for market dominance. The smart locks market provides smart lock providers with a multitude of growth prospects due to the increased need for home and building security.