The Smart Locks Market has witnessed a significant transformation owing to growing awareness among consumers regarding security and convenience needs. Smart locks provide advanced security with remote access and control functionality along with automated features. Users can monitor and lock-unlock doors using smartphones based applications from anywhere.
This is of great help for elderly population and people with disabilities. The market offers a range of options in terms of connectivity including Wi-Fi, Bluetooth, Z-Wave and others. Implementation of latest connectivity technologies like internet of things (IoT) has further enhanced the capabilities of smart locks.
The global Smart Locks Market is estimated to be valued at US$ 2.5 Billion in 2024 and is expected to exhibit a CAGR of 12.1% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the Smart Locks Market are Assa Abloy, Allegion, dormakaba Group, Samsung SDS and Godrej. Assa Abloy dominates the market with its leading brands like Yale, August Home and others. Allegion is another prominent player offering innovative offerings under brands like Schlage and SimonsVoss.
Growing demand:
Rising safety concerns coupled with increasing preference for automation and convenience are driving the Smart Locks Demand Market globally. Growing disposable income and rapid urbanization are also supporting their adoption across residential and commercial sectors.
Global expansion:
Leading manufacturers are expanding their international footprint through strategic partnerships and mergers & acquisitions to capitalize on lucrative opportunities. Assa Abloy acquired several regional players to strengthen presence across Asia Pacific and Europe in recent years.
Market key trends
Connectivity through IoT is a major trend in the Smart Locks Market. Most manufacturers are integrating their products with smart home platforms and virtual voice assistants for remote access through smartphones. This is improving overall user experience and convenience. Furthermore, implementation of biometric technology for secure access without keys or smartphones is gaining traction. Finger and facial recognition features offer higher level of safety.
Porter's Analysis
Threat of new entrants: Smart Locks Market require high initial investments and established distribution channels which make it difficult for new companies to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power in Smart Locks Market due to availability of substitutes however established brand loyalty provides advantage to few companies.
Bargaining power of suppliers: Component suppliers have low to moderate bargaining power due to availability of substitute components and focus of companies on in-house manufacturing.
Threat of new substitutes: Threat of substitution is moderate to high with emergence of alternate security locking solutions like fingerprint sensors, facial recognition locks etc.
Competitive rivalry: Smart Locks Market is highly competitive with presence of global as well as local players. Market players compete on the basis innovative features, pricing and brand positioning.
Geographical Regions
North America dominates the Smart Locks Market currently due to high smartphone and IoT penetration and increasing consumer preference towards smart home automation solutions for safety and convenience.
Asia Pacific is fastest growing market for smart locks globally due to rapid urbanization, rising living standards and growing disposable incomes in countries like China and India resulting in increased adoption of technologically advanced security and home automation products.
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About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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