Report : Asia-Pacific Smart Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Padlocks, Deadbolt, Lever Handle, and Others), Communication Technology (Wi-Fi, Bluetooth, NFC, and Others), Application (Residential, Commercial, and Industrial), and Country
In terms of type, deadbolt segment to Dominate Asia-Pacific Smart Locks Market during 2020–2027
According to our new market research study on “Asia-Pacific Smart Locks Market to 2027 – Regional Analysis and Forecast by Technology, Type, Communication Technology, and application,” the market is expected to reach US$ 1188.2 Mn by 2027 from US$ 360.4 Mn in 2019; it is estimated to grow at a CAGR of 16.4% from 2020 to 2027. The ever-increasing IoT based security solutions, growing home monitoring from remote locations, and an increase in consumer awareness associated with the availability of security solutions are propelling home automation systems. The adoption of home automation is rising due to the development of the residential sector. The building owners and homeowners are more aware of the effectiveness of automated controls in their premises; hence they are inclined toward implementing smart locks, which can be managed through smartphones within their premises for security measures.
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. 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.
Gantner Electronic GmbH, Schlage, Wyze Labs Inc, are among the leading companies in the Asia-Pacific 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, Wyze Labs, Inc. raised US$ 20 million in Series A funding led by Norwest Venture Partners. This investment would help the company to strengthen its market position.
The report segments the Asia-Pacific Smart Locks market as follows:
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
By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC