The Asia Pacific Smart Locks Market would witness market growth of 16.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 2,783.8 thousand units, showcasing a growth of 15.7% (2019-2022).
The trend towards ecosystem integration continues, with smart lock manufacturers forging partnerships with other smart home device manufacturers. This collaboration results in interoperable solutions that offer users a unified and cohesive smart home experience. Integrating energy-efficient features and sustainable materials is gaining prominence in the market. Manufacturers are investigating eco-friendly designs and power-saving systems to align with the increasing consumer preference for sustainable technology.
Furthermore, these locks are revolutionizing the hospitality sector by providing a seamless and secure guest experience. Hotels and short-term rental properties increasingly adopt these locks to streamline check-in processes. Guests can use digital keys on their smartphones, enhancing convenience and eliminating the hassle of physical keycards. Additionally, hotel management benefits from the ability to monitor and manage room access remotely, improving operational efficiency. Healthcare facilities incorporate these locks to enhance security and regulate access to sensitive areas such as patient rooms, laboratories, and pharmaceutical storage. Integrating biometric authentication ensures that only authorized personnel can access restricted zones, safeguarding patient privacy and maintaining a secure environment for medical resources.
According to the report titled Cities as Engines of Growth, published in 2022 by the Government of India, the population of urban areas in India is projected to have increased approximately fourfold, from 109 million in 1970 to 460 million in 2018. The country is projected to experience an additional 416 million inhabitants in its urban areas by 2050, resulting in a 50 percent urban population share. It is already the second-largest urban community globally. All these factors will uplift the regional market’s expansion in the coming years.
The China market dominated the Asia Pacific Smart Locks Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $517.6 Million by 2030. The Japan market is registering a CAGR of 15.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 16.7% during (2023 - 2030).
Based on Technology, the market is segmented into Wi-Fi and Bluetooth. Based on Product, the market is segmented into Deadbolts, Lever Handles, Padlocks and Others. Based on End User, the market is segmented into Commercial and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Smart Locks Market is Predict to reach $6.4 Billion by 2030, at a CAGR of 15.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Zhejiang Dahua Technology Co., Ltd., Samsung Electronics Co., Ltd. (Samsung Group), Assa Abloy AB, Unikey Technologies Inc., Vivint Smart Home, Inc. (NRG Energy, Inc.), Allegion Plc, HavenLock Inc. and Salto Systems, S.L.
By Technology (Volume, Thousand Units, USD Billion, 2019-2030)
By Product (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 