DUBLIN – (BUSINESS WIRE) – Dec. 9 2021–
The “Smart Locks – Global Market Trajectory and Analysis” the report was added to ResearchAndMarkets.comoffer.
Amid the COVID-19 crisis, the global smart lock market, estimated at US $ 1.8 billion in 2020, is expected to reach a revised size of US $ 4.2 billion by 2027, with growth at a CAGR of 12.5% over the analysis period 2020-2027.
Deadbolts, one of the segments analyzed in the report, is expected to grow at a CAGR of 13.6% to reach $ 2.3 billion by the end of the analysis period. After an initial analysis of the business implications of the pandemic and the induced economic crisis, the growth of the lever handles segment is readjusted to a revised CAGR of 12.4% for the next 7 year period. This segment currently accounts for a 25.7% share of the global smart lock market.
The United States accounts for over 29.5% of the global market size in 2020, while China is expected to grow at a CAGR of 12% for the period 2020-2027
The smart lock market in the United States is estimated at US $ 544.3 million in 2020. The country currently accounts for 29.53% of the global market share. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 730.4 million in 2027, behind a CAGR of 11.9% through 2027. Other notable geographies include Japan and Japan. Canada, each predicted to grow at 11% and 10.5% respectively over the period 2020-2027. In Europe, Germany is expected to grow by around 9% CAGR while the rest of the European market (as defined in the study) will reach $ 730.4 million by 2027.
Coins Segment Padlock one of 16.7% in 2020
In the global padlock segment, the United States, Canada, Japan, China and Europe will lead the estimated 9.1% CAGR for this segment. These regional markets representing a combined market size of US $ 246.5 million in 2020 will reach a projected size of US $ 453.9 million by the end of the analysis period. China will remain among the fastest growing countries in this group of regional markets. Led by countries such as Australia, India and South Korea, the Asia-Pacific market is expected to reach $ 494.6 million by 2027.
Selected Competitors (Total 96 featured) –
- PLC allegion
- Assa Abloy AB
- Cansec Systems Ltd.
- dormakaba International Holding AG
- Master Lock LLC Company
- Onity, Inc.
- SALTO Systems SL
- Spectrum Brands Holdings, Inc.
Main topics covered:
1. MARKET OVERVIEW
- Overview of the influencer market
- Global market trajectories
- Impact of Covid-19 and an impending global recession
- Consumer IoT lays foundation for the growth of smart locks in the residential sector
- Industrial IoT and smart factory are also increasing the need for smart locks in the industrial sector
2. FOCUS ON CERTAIN PLAYERS
3. MARKET TRENDS AND DRIVERS
- Growing Safety and Security Concerns Driving Demand for Locks
- Burglaries by point of entry, method of entry and location: listed in order of occurrence
- The implementation of Anti-Intrusion Good Practices Spur the need for Smart Lock Solutions
- Growing demand for smart locks based on biometrics
- Select popular biometric door locks
- Smart cards and locks replace keys and magnetic stripe cards in the industrial sector
- Minimize points of contact and reduce the risk of spreading germs: key factor for Smart Lock in healthcare facilities
- Technological improvements remain essential for sustained market growth
- Wi-Fi and Bluetooth emerge as attractive technologies for Smart Lock
- Wi-Fi vs Bluetooth vs Z-Wave vs ZigBee
- Narrowband Internet of Things (NB-IoT) smart lock is gaining popularity
- AI Has Huge Impact on Access Control Connectivity Functions and Capabilities
- As the world heads into a looming recession in 2020, the outlook for the housing market will leave the market nervous in the near term
- Smart Lock Security Breach Concerns: The Burning Issue
4. WORLD MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/53zyzx
View source version on businesswire.com:https://www.businesswire.com/news/home/20211209005484/en/
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INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 12/09/2021 06:05 / DISC: 12/09/2021 06:06
Copyright Business Wire 2021.