The North America Smart Locks Market would witness market growth of 14.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 2,595.8 thousand units, showcasing a growth of 14.3% (2019-2022).
Smart locks are keyless electronic locks that communicate with other electronic devices within a household through Wi-Fi or Bluetooth connectivity. The locks can be opened with an electric fob or by installing the smart lock app for a smartphone. The user can transmit temporary keys to people, granting them entry to the residence for a set period. Smart lock technology is also distinctive and simpler to operate than conventional methods. Using ID numbers, passwords, mechanical locks, code words, and paper slips are some outdated technologies used before these locks. These methods are difficult to maintain. IoT connectivity enables these locks to synchronize access control with a user's smartphone.
These locks use digital access methods, such as smartphone connectivity, PIN codes, or biometric authentication, instead of physical keys. Convenience is increased by this keyless entry, which also enables users to grant service providers or guests temporary access remotely. The locks seamlessly integrate with broader smart home ecosystems, enabling users to create automated routines. For instance, unlocking the front door can trigger the lights to turn on and the thermostat to adjust to a preset temperature. Many locks are equipped with sensors and cameras that provide real-time monitoring of door activity. Users receive instant smartphone alerts, informing them about who is entering or leaving their premises, enhancing overall security awareness.
Mexico faces security challenges, including high crime rates and concerns about property theft. As a result, there is a growing interest in advanced security solutions such as these locks in Mexico. The growth of the middle class in Mexico has increased disposable incomes for many households. As people have more financial resources in Mexico, they are more likely to invest in home automation and security solutions, including these locks. Consumers are increasingly interested in creating interconnected and automated living spaces in Mexico. These locks, integral to smart home security, are adapted to fit into these ecosystems, allowing users to control and monitor their homes in Mexico remotely. Due to the above-mentioned factors, the market will grow significantly in this region.
The US market dominated the North America Smart Locks Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,568.9 Million by 2030. The Canada market is experiencing aCAGR of 17% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 16% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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)
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