Kenneth Research, in its repository of market research reports, have recently added a report on Smart Lock Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Lock Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Smart Lock Market was valued at USD 1.24 Billion in the year 2017. Global Smart Lock Market is further estimated to grow at a CAGR of 11.96% from 2017 to reach USD 3.07 Billion by the year 2025. North America region holds the highest Market share in 2017 and Asia Pacific Market is considered as the fastest growing Market in the forecasted period. At country level China, Japan and India are projected to grow strongly in the coming years.
The major players in Smart Lock Market are Honeywell International Inc., Panasonic Corporation, August Home, Friday Smart Lock, Onity Inc., Gantner Electronic GmbH, Dorma+Kaba Holding AG, Salto Systems S.L., Cansec Systems Ltd., Master Lock Company LLC, Haven Lock Inc., Shenzhen Vians Electric Lock Co. Ltd.. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
SWOT Analysis of Smart Lock Market
Strength
Increasing adoption of Smartphone and other connecting devices.
Weakness
Initial Cost is high
Opportunities
Implementing IoT Technology
Threats
Risk for Cyber-attacks
The Global Smart Lock Market is segmented by application, by type, by vertical industry, and by region. Along with it, the major shares of the Market comes from the vertical industry segment, Residential Sector in Global Smart Lock Market. On the other hand, by application, Wi-Fi sector for this Market is expected to grow at highest CAGR during the year 2018-2025.
Smart Lock Market Overview By Type
Padlock
Deadbolt
Lever Handles
Other Locks
Smart Lock Market Overview By Vertical Market
Residential
Commercial
Industrial
Institution & Government
Smart Lock Market Overview By Application
Bluetooth
Wi-Fi
Others
Smart Lock Market Overview By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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