Smart Lock Market Size was valued at US$ 1.87 Bn. in 2021 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.
Market Scope:
The market for Smart Lock is expected to expand at the fastest rate between 2022 and 2029. The Maximize Market Research (MMR) report examines costs, prices, shares, volumes, sales, and gross profits in addition to analysing supply and demand trends. This MMR data collection examines each company’s manufacturing unit, production capacity, factory price, market price, and market share.
Smart Lock Market Overview:
The Maximize Market Research Report looks at a number of elements that promote market growth. The research covers market trends, opportunities, difficulties, and elements that either benefit or harm the market. The several industries and applications that can affect the market throughout the course of the expected time frame are also covered in this section. This data is based on both current and historical patterns. A summary of the production for each species from 2022 to 2029 is also included in this section. In this section, the regional output from 2022 to 2029 is studied. Prices for each category, each region, and the entire world range from 2022 to 2029.
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Smart Lock Market Segmentation :
By Lock Type, In 2021, the deadbolts market segment had the largest market share. The expansion of this market is being driven by the expanding applications in different industries and simplicity of installation. One of the most popular styles of exterior home locks is the deadbolt. The expansion of this market is being driven by its low installation costs, excellent durability, and efficient defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry leaders like Kwikset are expanding their selection of high-tech deadbolts with integrated features like low battery warning, one-touch locking, and personalised user codes, drawing in a sizable user base.
By Vertical, Residential locks accounted for 65.7% of the revenue share in 2021, dominating the smart lock industry. A growing number of new and renovation projects across the industry during the projection year, as well as a rise in the global smart home penetration, are mostly to blame for the market expansion. The use of smart locks in the residential sector is also anticipated to be aided by the increasing availability of sophisticated security equipment like motion detectors, door and window opening sensors, and remote door locking and unlocking.
Smart Lock Market Key Players:
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)
Regional Analysis:
The MMR study covers every nation in North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa. In this study, MMR takes into account key market segments, sub-segments, and sectors. The MMR analysis analyses market size, proportion, and volume to determine how creatively a country has grown domestically. Numerous other approaches exist for expressing numbers, including volume, area, sales, market chain structures, and trends.
COVID-19 Impact Analysis on Smart Lock Market:
The COVID-19 Regulation will significantly affect societal, commercial, and labour goals between 2020 and 2021. COVID-19 urgently needs the assistance and innovation of the business community since it has the ability to destroy our civilization and way of life. COVID-19 has caused problems for foreign labourers in India. Millions of migrant workers have suffered negative effects from the embargo, including job losses, food shortages, and fear about the future.
The major objective of this MMR study is to comprehend the contemporary economy, COVID-19, and its impacts on the economy. Across all divisions, disciplines of study, and areas of competence, MMR is keeping an eye on COVID-19. Comparable data from the Maximize Market Research Report can be utilised to assess how COVID-19 has affected industry losses and growth.
Key Questions answered in the Smart Lock Market Report are:
- Which product segment grabbed the largest share in the Smart Lock market?
- How is the competitive scenario of the Smart Lock market?
- Which are the key factors aiding the Smart Lock market growth?
- Which region holds the maximum share in the Smart Lock market?
- What will be the CAGR of the Smart Lock market during the forecast period?
- Which application segment emerged as the leading segment in the Smart Lock market?
- Which are the prominent players in the Smart Lock market?
- What key trends are likely to emerge in the Smart Lock market in the forecast period?
- What is the expected Smart Lock market size by 2029?
- Which company held the largest share in the Smart Lock market?
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