Rising Penetration of Smart Technology Across Modern Homes to Push the Smart Lock Sales by 16%

NEW YORK, February 23, 2022 / PRNewswire / – According to an exhaustive poll conducted by Fact.MR, the global market for smart locks is expected to reach 4.31 billion US dollars in 2022 and is projected to exceed $ 19 billion by the end of 2032.

The growing prevalence of crimes such as theft, burglary and burglary has led to high demand for security devices. For example, according to a report by the US Department of Justice, nearly 2.5 million burglaries are reported in the United States each year, more than half of which are home burglaries.

As smart locks help increase home security, they are increasingly being used in the residential and commercial sectors, which in turn is boosting the market. It is expected that this will lead to an increase in sales of smart locks by 16% CAGR for the forecast period 2022-2032.

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In addition to this, the trend of growing smart homes and increasing penetration of smart technologies such as smart lighting, smart kitchen appliances, in modern homes, especially in the US, UK, Japanand others stimulate the sale of smart locks.

According to the study, smart locks remain the most popular locks, accounting for more than 46% of revenue by 2022. The increasing deployment of locks with shutters in the residential sector due to their robust locking mechanism and ease of use accelerates growth in the segment.

“It is expected that the introduction of new technologies such as artificial intelligence (AI), integrated into smart locking systems with innovative features such as biometric, voice control, keyless and others, will increase sales in the market,” says analyst Fact.MR.

Key takeaways

  • It is assumed that the US dominates the market North Americawhich accounts for more than 62% of global smart lock sales by 2032.
  • Germany is projected to account for a significant share of demand Europe market, due to the growing trend of smart homes across the country.
  • China Growth between 2022 and 2032 is expected to be a high CAGR due to an increase in the number of home burglaries and thefts.
  • Based on the application, the residential applications segment is projected to have a maximum revenue share that will increase 2.7 times over the evaluation period.
  • Depending on the type smart locks with lever handles are expected to occupy a significant share, showing a 17% increase in CAGR from 2022 and 2032.

Key drivers

  • It is expected that increasing government attention to digitizing and improving the security of public and private sector infrastructure will promote growth.
  • Integrate advanced ultra-wideband (UWB) technology into new smart locks to provide increased security, accuracy and real-time localization capabilities to boost market sales.

Key limitations

  • The high cost of smart locks, such as bolts and smart padlocks, can hinder market sales.
  • The growing risk of smart lock burglary based on advanced cloud technologies is holding back the growth of the smart lock lock market.

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Competitive landscape

Leading players in the global smart locks market are focused on developing and launching new smart locks to expand their product portfolio. In addition, some companies are looking to collaborate, mergers and acquisitions to expand their customer base.

For example,

  • У August 2021ASSA Abloy, Swedish security solutions provider, announces acquisition of 93% stake leading manufacturers of automatic door systems AGTA Record. This will help the company strengthen its product portfolio and market share Europe.
  • У February 2021, Allegion Plc., An Irish security supplier, has announced the launch of a new line of smart locks, Schlage Ease ™. These locks are available in versions with an entry lock or with a shutter with easy to install and use functions. These locks provide a comfortable, affordable and increased level of security for functionality in modern homes.

Some of the key players in the market profiled by Fact.MR:

  • Assa Abloy AB
  • Allegion Plc.
  • Dorma + Kaba Holding AG
  • Spectrum Brands Holdings Inc.
  • Salto Systems SL
  • Onity Inc.
  • Cansec Systems Ltd.
  • Gantner Electronic GmbH
  • Master Lock Company LLC
  • MIWA Lock Co.
  • Samsung Electronics Co. Ltd.
  • Amadas Inc.
  • Ltd. Sentrilock
  • Avent Security
  • Dessman

More valuable information about A clever castle The market

A comprehensive study published by Fact.MR offers a detailed analysis of the global smart lock market with an analysis of statistical forecasts for the 2022-2032 evaluation period. The study also offers sales forecasts for the smart lock market with detailed segmentation based on:

  • Type
    • Smart Deadbolt Locks
    • Smart locks with lever handle
    • Smart padlocks
    • Other smart locks
  • Application
    • Applications for living spaces
    • Hospitality industry
    • Corporate smart locks
    • Critical infrastructure
    • Other Smart Locks programs
  • Region
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania
    • the Middle East & Africa

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Key issues addressed in A clever castle Market report

  • The market survey also shows the projected growth in sales in the market of smart locks in the period from 2022 to 2032
  • The report offers an insight into the outlook for smart castles demand for 2022-2032
  • Analyze the market share of reasonable blocking of key companies in the industry and cover strategies such as mergers and acquisitions, cooperation or partnerships, and others.
  • Smart Lock Market Analysis identifies key growth factors, constraints, and other forces that influence prevailing trends and assess current market size, forecast, and technological advances in the industry

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