Wi-Fi-based Smart Locks Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Wi-Fi-based smart locks used to lock and unlock doors without the need of electrical wiring. They are usually powered with internal battery support systems. All non-door applications have not been considered in the scope of research. Residential & non-residential construction industries represent potential growth opportunities for the manufacturers of wireless door locks. Construction and industrialization is increasing across the globe, which in turn is accelerating the growth of the security solutions market and impacting the sales of Wi-Fi-based smart locks.

MARKET SCOPE

The "Global Wi-Fi-based Smart Locks Market Analysis to 2031" is a specialized and in-depth study of the electronics and semiconductor industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Wi-Fi-based smart locks market with detailed market segmentation by type, category, distribution channel, and geography. The report provides key statistics on the market status of the leading Wi-Fi-based smart locks market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on type, the global Wi-Fi-based smart locks market is segmented into induction lock, remote control lock, other
  
•   On the basis of application, the market is segmented into household, commercial, other
  

MARKET DYNAMICS

Drivers

•   The demand for smart homes has increased significantly in developed regions over the past five years, owing to the increasing use of smartphones and other smart devices.
  
•   Residential security is a major concern for people living in multifamily apartments which is another factor driving the growth of the market.
  

Restraints

•   The systems have high installation and maintenance costs, which hampers the adoption of Wi-Fi-based smart locks on a mass scale by consumers in under-developed or developing economies.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Wi-Fi-based smart locks market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Wi-Fi-based smart locks market in these regions.

IMPACT OF COVID-19 ON WI-FI-BASED SMART LOCKS MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the Wi-Fi-based smart locks market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Wi-Fi-based smart locks market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Wi-Fi-based smart locks market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   August Home
  
•   HavenLock, Inc.
  
•   ASSA ABLOY
  
•   Tuya Inc
  
•   RemoteLock
  
•   UniKey Technologies
  
•   Spectrum Brands (Kwikset)
  
•   Lockitron Bolt
  
•   Danalock ApS
  
•   CANDY HOUSE, Inc
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Wi-Fi-based Smart Locks Report Scope