With 18.4% CAGR, Global Smart Door Lock Market Size Worth USD 4,449.2 Million in 2027

According to Fortune Business Insights, the global Smart Door Lock Market Size is projected to reach USD 4,449.2 Million in 2027, at CAGR of 18.4% during forecast period; Initiatives by Governments & Companies to Surge Sales amid COVID-19 to Aid Growth; Development of Connected Door Locks Solutions to Aid Growth:

Pune, India, June 01, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global smart door lock market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, to Reach USD 4449.2 Million by 2027, from USD 1172.5 Million in 2019. The global smart door lock market is expected to gain impetus from the rising adoption of novel connecting technologies, namely, Zigbee, 5G network, Z-wave, and Bluetooth. This information is published by Fortune Business Insights™ in a new study, titled, “Smart Door Lock Market Size, Share & COVID-19 Impact Analysis, By Type, By Product, By Connecting Technology, By Application and Regional Forecast, 2020-2027.”

Industry Development:

  • August 2020: Assa Abloy successfully acquired Access-IS to reinforce its pre-existing product portfolio within extended access technologies. At the same time, it will deliver growth opportunities to the former.
  • September 2020: Latch announced the launch of LatchOS to allow users to integrate the app with other devices in a building, as well as to manage the doors. These integrations include Leviton & Jaso lights switches, ecobee & Honeywell thermostats, and Sonos speakers.

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Report Scope:

Report Coverage Details
Forecast Period 2020-2027
Forecast Period 2020 to 2027 CAGR 18.4%
2027 Value Projection USD 4,449.2 Million
Base Year 2020
Smart Door Lock Market Size in 2020 USD 1,172.5 Million
Historical Data for 2016-2018
No. of Pages 160
Segments covered By Type; Product; Connecting Technology and Application
Market Growth Drivers Rising Demand from Commercial & Residential Sectors to Bolster Growth
Lack of Awareness about Intelligent Door Locks to Impede Adoption

Drivers & Restraints-

Increasing Governmental Investment in Smart City Projects to Propel Growth

Governments of various countries are investing hefty amounts of money in the upcoming smart city projects across the globe.  Prominent companies, such as Godrej Group, Google LLC, August, and Assa Abloy AB are currently aiming to introduce new connected door locks solutions for government, commercial, and residential applications. These factors are expected to bolster the Smart door lock market growth in the near future. However, the lack of awareness about these door locks may hamper their demand.

Regional Analysis-

Surging Demand for Novel Smart Door Locks to Favor Growth in North America

Geographically, in 2019, North America procured USD 499.4 million in terms of revenue. This growth is attributable to the rising demand for advanced smart door locks across Mexico, Canada, and the U.S. According to a survey conducted by IFSEC Global and Assa Abloy, in North America, approximately, 61% of households have at least one smart home system installed in their residences.

Asia Pacific, on the other hand, is set to grow at the highest pace backed by the increasing number of smart city projects in countries, namely, South Korea, China, and India. Europe is set to exhibit a significant CAGR fueled by the increasing investments by regulatory bodies in developing these door locks for critical infrastructure spaces.

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Deadbolt Segment Held 52.1% Share in 2019 Owing to High Demand from Residential Sector

Based on type, the deadbolt segment earned 52.1% in terms of market share in 2019. It is set to hold the maximum share throughout the forthcoming years because of the high demand for door locks from the residential sector.

By product, the market is Divided into smart card door locks, biometric door locks, electric strike door locks, and others. Based on technology, the Intelligent Door Lock Market is Divided into as Bluetooth, Wi-Fi, Zigbee, and others.

Based on the application, the Smart Door Lock Market is divided into hospitality, residential, commercials, government, and others

COVID-19: Investments by Companies to Restore Growth will Impact Market Positively

The COVID-19 pandemic has resulted in the surging investments by reputed smart door lock manufacturers, such as Yale, Yale, and Samsung Group in restoring the market growth back to normal. The Singapore Government Technology Agency (GovTech) declared in June 2020 that it is likely to invest around USD 3.50 billion for the development of numerous monitoring and security tools for smart cities. We are providing elaborate research reports for clients to help them understand the current situation.

This Report Answers the Following Questions:

  • What are the growth drivers, dynamics, and obstacles?
  • What are the opportunities and challenges in the global Smart Door Lock Market?
  • Which region is set to remain at the forefront in terms of share?
  • Which segment is expected to dominate the Digital Door Lock Market in terms of revenue?

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Competitive Landscape-

Key Players Focus on Launching New Products & Acquisition Strategy to Intensify Competition

The market for smart door locks is fragmented with the presence of a large number of prominent manufacturers. Some of them are focusing on adopting the strategy of merger & acquisition, while the others are aiming to introduce new features in their existing smart door lock ranges. Below are the latest industry developments:

Companies Covered in Smart Door Lock Market Report:

  • ASSA ABLOY (Stockholm, Sweden)
  • Samsung Group (Seoul, South Korea)
  • Panasonic Corporation (Osaka, Japan)
  • Guangdong Be-Tech Security Systems (Guangdong Province, China)
  • Honeywell International, Inc. (North Carolina, United States)
  • DESSMANN (Hangzhou, China)
  • The Chamberlain Group, Inc. (LiftMaster, Chamberlain, Merlin and Grifco) (Illinois, United States)
  • Kaadas (Australia)
  • Masterlock (Wisconsin, United States)
  • August Home (California, United States)
  • Kwikset (California, United States)
  • Techlicious LLC. (United States)
  • Godrej Group (Mumbai, India)
  • Adel Marketing (M) Sdn. Bhd. (Malaysia)
  • SCHLAGE (California, United States)
  • HavenLock, Inc. (Tennessee, United States)
  • YALE (Tennessee, United States)
  • Xiaomi Corporation (Beijing, China)
  • Latchable, Inc. (New York, United States)

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Major Point of TOC:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix
    • Global Smart Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
      • By Type (Value)
        • Deadbolt
        • Lever Handles
        • Padlock
        • Others (Knob, etc.)
      • By Products (Value)
        • Biometric Door Locks
          • Face Recognition
          • Palm Recognition
          • Iris Recognition
          • Fingerprint Recognition
          • Others (Voice Recognition, etc.)
        • Smart Card Door Locks
        • Electric Strike Door Locks
        • Others (Keypad Door Lock, etc.)
      • By Connecting Technology (Value)
        • Wi-Fi
        • Bluetooth
        • Zigbee
        • Other (Z wave, etc.)
      • By Application (Value)
        • Residential
        • Hospitality
        • Commercials
        • Government
        • Other (Critical Infrastructure, etc.)
      • By Region (Value)
        • North America
        • South America
        • Europe
        • Middle East & Africa
        • Asia Pacific
    • North America Smart Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

TOC Continued…!

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