According to the new research report on "Smart Door Lock Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 6,309.13 million by 2028; it is estimated to grow at a CAGR of 18.2% from 2023 to 2028.
Millions of break-in and burglary incidents are reported worldwide every year, creating a legitimate fear among people living in urban and rural areas. For example, according to the Metropolitan Police Department of Washington, D.C., 1,050 burglary incidents were reported in 2022. Thus, growing security concerns have raised the demand for locking devices enabled with modern technologies such as biometric sensors, Bluetooth, and Wi-Fi to safeguard properties, fueling the growth of smart door lock market. Smart locks also confer owners a remote control over access to their properties. Thus, they can lock or unlock the door from anywhere using their smartphones, boosting the smart door lock market growth. Users having children or pets at home can use a remote access feature to let them in or out of the house without giving them a key.
Thieves can easily compromise conventional locks with a set of tools, including a screwdriver or a hammer, to break into a house. Moreover, with these locking systems, owners come to know about the theft only when they return home or when neighbors notice the incident. In contrast, if houses are protected by smart door locks, owners receive notifications on their mobile apps regarding the intrusion. This feature helps owners file a complaint against a burglary attempt, further accelerating the process of catching perpetrators. In addition, as there is no need for physical keys, the owner will not be concerned about the key being stolen or forgotten somewhere. Thus, along with rising security concerns, reliable features of smart locks drive the smart door lock market growth.
The US is one of the early adopters of advanced technologies, owing to its well-established infrastructure. In September 2022, Hampton Products International Corp (Array), an American company that offers cloud- and app-enabled smart home security devices, launched Connected Door Lock. The newly launched door lock can be connected to the Hampton app, which allows users to remotely control access. In September 2020, Spectrum Brands Holdings Inc launched the Halo Touch Wi-Fi Smart lock under its Kwikset brand. It is a Wi-Fi-enabled smart lock with a one-touch, fingerprint locking and unlocking feature. Thus, the presence of the key players, such as Honeywell International Inc, Yale, Motion Industries Inc, and Spectrum Brands Holdings Inc, in the US results in easy access to high-tech home automation solutions across the country.
A stable economy, developed infrastructure, and high technology adoption rate in Canada make it a potential market for any technology industry. The Canadian government implements favorable policies to boost the technological adoption of the country. For instance, in the budget FY 2021, the government of Canada allocated US$ 4 billion for the Canada Digital Adoption Program (CDAP) to encourage technology adoption in small and medium-sized enterprises (SMEs). As a result, many vendors operating in the technology domain perceive Canada as a suitable destination for their business expansion goals. In September 2022, Wi-Charge, an Israel-based company that designs and develops wireless power transmission solutions, and Alfred International, a leading provider of smart locks, launched their first over-the-air wirelessly charged smart locks. Thus, all the above factors are driving the growth of smart door lock market in Canada.
The smart door lock market size is segmented into product, technology, and end user. Based on platform, the smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. Based on technology, the smart door lock market is categorized into Wi-Fi, Bluetooth, Z wave, and others. In terms of end user, the smart door lock market is segmented into commercial and residential.
Key Findings of Study:
North America region held the largest smart door lock market share (33.18%) in 2022 owing to the growing adoption of internet-based security solutions, increasing demand for smart homes, and rising urbanization. Major companies in the market are highly inclined toward market strategies to expand their businesses and customer base. New product development strategies help companies to stay competitive in the smart door lock market. North America is at the forefront of adopting and implementing smart locks solutions. In the US, smartphone adoption has increased rapidly in the last few years; as per Consumer Technology Association, smartphone penetration hit 87% of homes in the country in 2018. A large-scale smartphone adoption led to favorable conditions for the adoption of remote-controlled smart door locks. These locks can be configured or enabled to detect the presence of a paired smartphone in vicinity to activate automatic lock or unlock. Lockitron Company offers smart locks that fit directly over the deadbolt on the back of the door. The lock can be operated with a smartphone app, which enables lock and unlock on a tap. Further, Schlage, a smart lock manufacturer, allows consumers to manage locks via smartphones. APAC, Europe, and MEA ranked the second, third, and fourth in the smart door lock market, in terms of smart door lock market share, in 2022.
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