Asia-Pacific Smart Locks Market to Grow at a CAGR of 16.4% to reach US$ 1,188.2 Million from 2020 to 2027

The Asia-Pacific Smart Locks market was valued at US$ 360.4 million in 2019 and is projected to reach US$ 1,188.2 million by 2027; it is expected to grow at a CAGR of 16.4% from 2020 to 2027

Smart locks provide wireless connectivity, which can send security alerts to the user on smartphones, allowing them to monitor the systems remotely. Smart locks integrated with IoT sensors help to collect valuable information into smartphones; the data collected helps to reduce risks and possibilities of any burglary or theft. Hence, huge adoption of smartphone across all the regions are fueling the growth of the Asia-Pacific smart locks market.

Companies in the market are introducing advanced smart locks, which can be accessed via user’s smartphone at anytime, anywhere. The growing smartphone penetration across the world is empowering smart locks manufacturers to offer wireless connected solutions to their customers and is likely to drive the Asia Pacific smart locks market. Asia Pacific is a crucial region in terms of manufacturing and industrial growth and any disruptions may negatively impact the growth of various industries dependent on the region for business growth revenues. The governments of various countries of this region are taking drastic measures to reduce the effects coronavirus outbreak by announcing lockdowns, travel and trade bans. All these measures are expected to have a negative impact on the adoption and growth of smart locks especially in construction sector in 2020 and 2021.

The detailed reports include inventory and volume analysis, top-selling items, revenue and profit margin optimization, and staffing needs. With these features and technologies, vendors can attract new customers and expand their footprints in emerging markets. The Asia-Pacific Smart Locks market is expected to grow at a good CAGR during the forecast period from 2020 to 2027.

Asia-Pacific Smart Locks Market–Segmentation

Asia-Pacific Smart Locks Market, by Type

• Padlocks
• Deadbolt
• Lever Handle
•  Others

Asia-Pacific Smart Locks Market, by Communication Technology

• Wi-Fi
• Bluetooth
•  NFC
• Others

Asia-Pacific Smart Locks Market, by Application

• Residential
• Commercial
• Industrial

Asia-Pacific Smart Locks Market, by Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Asia-Pacific Smart Locks Market-Companies Mentioned

• GANTNER Electronic GmbH
• Schlage
• Wyze Labs, Inc.
• Samsung
• Honeywell International Inc.
• AMADAS Inc.

Asia-Pacific Smart Locks Market Report Scope

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