Europe Smart Locks Market is expected to reach US$ 1208.7 Mn by 2027

In terms of type, deadbolt segment to Dominate Europe Smart Locks Market during 2020–2027

According to our new market research study on “Europe Smart Locks Market to 2027 – Regional Analysis and Forecast by Technology, Type, Communication Technology, and application,” the market is expected to reach US$ 1208.7 Mn by 2027 from US$ 401.9 Mn in 2019; it is estimated to grow at a CAGR of 15.1% 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 Europe smart locks market.

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. Due to COVID-19, the electronics and telecommunications industry is also witnessing a slowdown as the European electronic manufacturers rely on China-based suppliers for providing raw material and other components has seen a sharp decline in European countries is expected to be under stress in 2020 and it will require time to stabilize.

Gantner Electronic GmbH, Schlage, Wyze Labs Inc, are among the leading companies in the Europe 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.

Europe : Smart Locks Market, By Country, 2019 and 2027

The report segments the Europe Smart Locks market as follows:

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

By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe