At 15.4% CAGR, the South America Smart Door Lock Market is projected to be worth US$ 201.04 million by 2028, says Business Market Insights

According to Business Market Insights research, the South America smart door lock market was valued at US$ 98.34 million in 2023 and is expected to reach US$ 201.04 million by 2028, registering a CAGR of 15.4% from 2023 to 2028. Emergence of smart cities and technological advancements in smart door locks are the critical factors attributed to the South America smart door lock market expansion.               

The increased adoption of smart locks, coupled with ongoing investments in smart cities, is pushing the South America smart door lock market players to provide innovative solutions. For instance, in September 2022, Yale Home unveiled Yale Assure Lock 2, integrated with Bluetooth for at-home control and Wi-Fi to manage the lock remotely. It is also integrated with Z-Wave for Ring Alarm and Samsung SmartThings customers, and a Matter Smart Module, making it the first Matter-compatible smart lock. Thus, with growing adoption of IoT connected devices in smart homes the market holds significant opportunity in coming years.  

On the contrary, high cost of smart door locks hurdles the growth of South America smart door lock market.

Based on product, the South America smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. The electronic cipher locks segment held 58.0% share of South America smart door lock market in 2023, amassing US$ 57.04 million. It is projected to garner US$ 122.79 million by 2028 to expand at 16.6% CAGR during 2023–2028.

Based on technology, the South America smart door lock market is segmented into wi-fi, Bluetooth, Z wave, and others. The Bluetooth segment held 36.8% share of South America smart door lock market in 2023, amassing US$ 36.19 million. It is projected to garner US$ 72.92 million by 2028 to expand at 15.0% CAGR during 2023–2028.

Based on end user, the South America smart door lock market is bifurcated into commercial and residential. The commercial segment held 61.2% share of South America smart door lock market in 2023, amassing US$ 60.20 million. It is projected to garner US$ 119.72 million by 2028 to expand at 14.7% CAGR during 2023–2028.  

Based on country, the South America smart door lock market is segmented into Brazil, Argentina, the Rest of South America. Our regional analysis states that Brazil captured 66.4% share of South America smart door lock market in 2023. It was assessed at US$ 65.27 million in 2023 and is likely to hit US$ 137.70 million by 2028, exhibiting a CAGR of 16.1% during the forecast period.  

Key players profiles in the South America smart door lock market report Assa Abloy AB, Honeywell International Inc, Master Lock Company LLC, and Spectrum Brands Holdings Inc, among others.

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