Surging adoption of connected devices to drive smart locks market
The global smart lock market demand is expected to reach 41.9 million units by 2028, registering a CAGR of 21.4% from 2021 to 2028, according to a new report by Grand View Research. Rising awareness among consumers regarding the benefits and convenience offered by smart home security solutions and surging adoption of connected devices are primarily driving the industry growth, according to the research.
In addition, the hospitality sector has witnessed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly relying on them to ensure security and accessibility to both customers and owners.
The rising global smartphone penetration has further opened new growth prospects for industry participants due to their continuous efforts to launch apps to manage the locking/unlocking procedures. Furthermore, prominent market players are incorporating various innovative techniques, such as Wifi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, in their smart lock models. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.
Retrofittable locks
Major companies in the marketplace, such as August Home Inc., are developing retrofittable locks that effectively cater to the customers’ demands. Such locks allow users to retain the same design as before with minute details refined and have embedded advanced features.
According to the analysts at Grand View, it is the residential segment that is expected to account for the highest revenue share of approximately 60% by the end of 2028. The rising number of renovation and new construction projects have led to increased installation of such locks, thereby positively impacting the industry potentially over the next seven years.
Geographically, the research suggests that Asia Pacific is poised to exhibit the highest CAGR of over 22% over the next seven years due to the rising number of modernisation activities across the hospitality and residential sectors, along with the rising awareness regarding advanced security solutions across emerging economies such as India and Korea.
