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.
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
The Smart Locks market, by type, is segmented into padlocks, deadbolt, lever handle, and others. Deadbolt locks are thicker and heavier than spring bolt lock and are usually made up of bronze, steel, or brass. Deadbolt locks are fixed deeper into the door frame generally about one inch deeper compared to spring latches. The deadbolt locks are equipped with a turn knob or a key with which the automated motor is connected to operate this keyless device.
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North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the smart locks market growth of North America region in a negative manner for the next few quarters.
Gantner Electronic GmbH, Schlage, Wyze Labs Inc, are among the leading companies in the North America Smart Locks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. In 2019, HavenLock Inc. partnered with announced a partnership with Terminix, a leading provider of termite and pest control services. Under this partnership, the companies will create unique home defense.
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.
Europe Smart Locks Market–Segmentation
Europe Smart Locks Market, by Type
- Lever Handle
Europe Smart Locks Market, by Communication Technology
Europe Smart Locks Market, by Application
Europe Smart Locks Market, by Country
Europe Smart Locks Market-Companies Mentioned
- Havenlock Inc
- Honeywell International Inc
- August Home
- Wyze Labs, Inc.
- Honeywell International Inc.
- U-tech Group Inc
- Gantner Electronic GmbH
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