Global Smart Locks Market Projected to Touch US$2.7 Bn by 2025 - QY Research
LOS ANGELES and HAMBURG, Germany, April 24, 2019 /PRNewswire/ -- QY Research has announced the release of a new research study that digs deep into critical aspects of the global smart locks market, including competition, key growth factors, sales channels, manufacturing, and segmentation. Carrying the title "Global Smart Locks Market Report, History and Forecast 2014-2025."
The report also offers thorough analysis of important regional markets, gross margin, production, value, volume, and other vital factors. The global market is foretold to touch US$2.7 Bn by 2025 while rising at a moderate CAGR of 5.2% during the forecast period 2019-2025. In 2018, the value of the global market reached US$1.9 Bn.
Global Smart Locks Market: Market Dynamics
Increasing penetration of smart homes and growing adoption of connected home solutions are expected to fuel the demand in the global smart locks market. Another powerful growth driver of the global market could be the rising need for connectivity across all home electronic devices. The emergence of innovative locking technologies and integrated connectivity and high use of smartphones are anticipated to further increase the global market growth.
However, price sensitivity and lack of awareness among consumers in emerging countries are foreseen to pull back the growth of the global market.
Global Smart Locks Market: Segmentation
The global smart locks market is segmented according to type of product and application. The report includes a dedicated segmentation study on products such as remote locks, electronic cipher locks, fingerprint locks, and others. It also includes deep analysis of three application segments, viz. commercial, household, and others.
The rising demand for smart locks in the household application is anticipated to bode well for the global market. Nonetheless, the importance of using smart locks is also increasing in the commercial domain.
Global Smart Locks Market: Regional Study
The report includes regional analysis of Asia Pacific, Europe, the MEA, South America, and North America. As per the analysis provided in the report, Europe and the US have major as well as leading players of the global smart locks market. On the other hand, China houses manufacturers that are immature in terms of technology.
The China market is relatively large and there is a massive price gap between local and global companies. As the production technology in the country continues to develop, China is projected to improve its share of the global market. This is expected to gradually increase the global market competitiveness.
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Global Smart Locks Market: Key Manufacturers
The analysts say August could be a strong competitor in the smart locks market, even though it is a new company operating in the US. However, Master Lock (Fortune Brands), Kwikset (Spectrum Brands), and Allegion are leading players of the US market. In order to collect more share of the global market, Allegion is continuing to acquire peer companies, just as Assa Abloy. After analyzing emerging markets, the authors of the report say MIWA Lock holds an absolute share of the Japan market. If the Korea market is concerned, Assa Abloy and Samsung are among the key market players.
Apart from the companies mentioned earlier, the report includes company profiling of Guangdong Level Intelligent Lock, Probuck, Locstar, Tenon, Jiangmen Keyu Intelligence, Honeywell, Adel, and Guangdong Be-Tech.
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Wi-Fi Smart Lock Market: https://www.qyresearch.com/index/detail/1023615/global-wifi-smart-lock-market
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