Smart Locks Market Growth Outlook Through 2024-2033

Overview and Scope
Smart locks refer to a mechanical and electrical lock that may be opened wirelessly with authentication from authorized users by connecting to the home’s Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock to enhance security.

Sizing and Forecast
The smart locks market size has grown rapidly in recent years. It will grow from $2.39 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to increased product affordability, evolving design and aesthetics, growing residential and commercial construction, smartphone penetration, consumer demand for convenience..

The smart locks market size is expected to see rapid growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to government initiatives and regulations, expansion of e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, growing interest in smart access control for businesses.. Major trends in the forecast period include customization and aesthetics, energy-efficient design considerations, smart locks for rental properties, focus on user-friendly installation, biometric authentication advancements..

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Segmentation & Regional Insights
The smart locks market covered in this report is segmented –

1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications

North America was the largest region in the smart locks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward. Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes. Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies. For instance, according to the Office of National Statistics, a UK-based government department, the monthly construction output increased by 3.5% in volume in November 2021. In addition, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the increase in the number of residential and commercial projects is driving the smart locks market growth.

Key Industry Players
Major companies operating in the smart locks market report are Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.

The smart locks market report table of contents includes:

1. Executive Summary
2.Smart Locks Market Characteristics
3.Smart Locks Market Trends And Strategies
4.Smart LocksImpact Of COVID-19
5.Smart Locks Market Size And Growth
6.Smart Locks Segmentation
7.Smart Locks Regional And Country Analysis
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27.Smart LocksCompetitive Landscape And Company Profiles
28.Smart Locks Key Mergers And Acquisitions
29.Smart Locks Future Outlook and Potential Analysis

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