The North America Smart Locks market was valued at US$ 529.7 million in 2019 and is projected to reach US$ 1282.5 million by 2027; it is expected to grow at a CAGR of 11.9% from 2020 to 2027.
Smart locks offer wireless connectivity, which can send security alerts to the user on smartphones, allowing them to monitor the systems remotely. The smart locks offer comfort in their usage along with the integration of communication technology such as Bluetooth, Wi-Fi, and NFC. The usage of smartphones has become an integral part of today's routines across emerging economies, as large number of users are acquiring these smart devices to ease their daily routines, this factor is further contributing to the growth of the North America smart locks market at a significant pace. North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak
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 smart locks market
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 Europe Smart Locks market is expected to grow at a good CAGR during the forecast period from 2020 to 2027.
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Europe Smart Locks Market–Segmentation
Europe Smart Locks Market, by Type
- Padlocks
- Deadbolt
- Lever Handle
- Others
Europe Smart Locks Market, by Communication Technology
- Wi-Fi
- Bluetooth
- NFC
- Others
Europe Smart Locks Market, by Application
- Residential
- Commercial
- Industrial
Europe Smart Locks Market, by Country
- US
- Canada
- Mexico
Europe Smart Locks Market-Companies Mentioned
- Havenlock Inc
- Honeywell International Inc
- August Home
- Wyze Labs, Inc.
- Samsung
- Honeywell International Inc.
- U-tech Group Inc
- Schlage
- Gantner Electronic GmbH
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Communication Technology, Application, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Smart Locks Market – By Type
1.3.2 Smart Locks Market – By Communication Technology
1.3.3 Smart Locks Market – By Application
1.3.4 Smart Locks Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Smart Locks Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 FiRa and CCC keys as future technology
5. Smart Locks Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Usage of Smartphone
5.1.2 Increase in Usefulness for Home Automation
5.2 Market Restraints
5.2.1 Lack of Awareness of Smart Locks
5.3 Market Opportunities
5.3.1 Rise in Adoption of IoT in Security Systems
5.4 Future Trends
5.4.1 Voice-Controlled Technology Combination in Smart Locks for Enhanced Capabilities
5.5 Impact Analysis of Drivers and Restraints
6. Smart Locks Market – North America Analysis
6.1 Smart Locks Market – Revenue and Forecast to 2027 (US$ Billion)
7. Smart Locks Market Analysis – By Component
7.1 Overview
7.2 Smart Locks Market Breakdown, by Component, 2019 & 2027
7.3 Padlocks
7.3.1 Overview
7.3.2 Padlocks: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
7.4 Deadbolts
7.4.1 Overview
7.4.2 Deadbolts: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Lever Handle
7.5.1 Overview
7.5.2 Lever Handle: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
8. Smart Locks Market Analysis – By Communication Technology
8.1 Overview
8.2 Smart Locks Market Breakdown, by Communication Technology, 2019 & 2027
8.3 Wi-Fi
8.3.1 Overview
8.3.2 Wi-Fi: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
8.4 Bluetooth
8.4.1 Overview
8.4.2 Bluetooth: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
8.5 NFC
8.5.1 Overview
8.5.2 NFC: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
9. Smart Locks Market Analysis – By Application
9.1 Overview
9.2 Smart Locks Market Breakdown, by Application, 2019 & 2027
9.3 Residential
9.3.1 Overview
9.3.2 Residential: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial: SMART LOCKS Market –Revenue and Forecast to 2027 (US$ Million)
9.5 Industrial
9.5.1 Overview
9.5.2 Industrial: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
10. Smart Locks Market –Country Analysis
10.1.1 North America: Smart Locks Market, by Key Country
10.1.1.1 US: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.1.1 US: Smart Locks Market, by Type
10.1.1.1.2 US: Smart Locks Market, by Communication Technology
10.1.1.1.3 US: Smart Locks Market, by Application
10.1.1.2 Canada: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.2.1 Canada: Smart Locks Market, by Type
10.1.1.2.2 Canada: Smart Locks Market, by Communication Technology
10.1.1.2.3 Canada: Smart Locks Market, by Application
10.1.1.3 Mexico: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.3.1 Mexico: Smart Locks Market, by Type
10.1.1.3.2 Mexico: Smart Locks Market, by Communication Technology
10.1.1.3.3 Mexico: Smart Locks Market, by Application
11. Impact of COVID-19 Pandemic on Smart Locks Market
11.1 Overview
11.2 North America
12. North America Smart Locks Market-Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
13.1 HavenLock, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Honeywell International Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 August Home
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Samsung
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Vivint Smart Home, Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Wyze Labs, Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 U-tec Group Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Schlage
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 GANTNER Electronic GmbH
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. US: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$ Million)
Table 3. US: Smart Locks Market, by Communication Technology –Revenue and Forecast to 2027 (US$ Million)
Table 4. US: Smart Locks Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 5. Canada: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$ Million)
Table 6. Canada: Smart Locks Market, by Communication Technology –Revenue and Forecast to 2027 (US$ Million)
Table 7. Canada: Smart Locks Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 8. Mexico: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$ Million)
Table 9. Mexico: Smart Locks Market, by Communication Technology –Revenue and Forecast to 2027 (US$ Million)
Table 10. Mexico: Smart Locks Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 11. List of Abbreviation
LIST OF FIGURES
Figure 1. Smart Locks Market Segmentation
Figure 2. Smart Locks Market Segmentation – By Country
Figure 3. North America Smart Locks Market Overview
Figure 4. Deadbolts Segment Holds the Largest Market Share
Figure 5. Residential Segment Holds the Largest Market Share
Figure 6. North America – PEST Analysis
Figure 7. Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. Smart Locks Market Impact Analysis of Drivers and Restraints
Figure 10. Smart Locks Market – Revenue and Forecast to 2027 (US$ Billion)
Figure 11. Smart Locks Market Breakdown, by Component (2019 and 2027)
Figure 12. Padlocks: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Deadbolts: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
Figure 14. Lever Handle: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
Figure 15. Others: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
Figure 16. Smart Locks Market Breakdown, by Communication Technology (2019 and 2027)
Figure 17. Wi-Fi: Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
Figure 18. Bluetooth Market Revenue and Forecast to 2027 (US$ Million)
Figure 19. NFC: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 20. Others: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 21. Smart Locks Market Breakdown, by Application (2019 and 2027)
Figure 22. Residential: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 23. Commercial: SMART LOCKS Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Industrial: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. North America: Smart Locks Market Revenue Share, By Key Country (2019 and 2027)
Figure 26. US: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 27. Canada: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 28. Mexico: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in North American Country Markets
- Havenlock Inc
- Honeywell International Inc
- August Home
- Wyze Labs, Inc.
- Samsung
- Honeywell International Inc.
- U-tech Group Inc
- Schlage
- Gantner Electronic GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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