North America Smart Locks Market
The smart locks provide comfort in their usage along with the combination of communication technology such as Bluetooth, Wi-Fi, and NFC. The rise in usage of smartphones has become an integral part of today's routines across emerging economies, as large number of users are acquiring these smart devices to relax their daily routines, this aspect is further boosting to the growth of the smart locks market in North America region during forecast period from 2020-2027.
Strategic insights for the North America Smart Locks provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 529.7 Million |
| Market Size by 2027 | US$ 1,282.5 Million |
| Global CAGR (2020 - 2027) | 11.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Smart Locks refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America Smart Locks market is projected to reach US$ 1,282.5 Mn by 2027 from US$ 529.7 Mn in 2019; it is expected to grow at a CAGR of 11.9% from 2020 to 2027. Increase in the number of smartphone users across the globe is further boosting the deployment of smart locks in the last few years owing to enhanced benefits such as easy user interface and convenience to the users. The ever-increasing awareness related to secure home solutions, the constant development of smart devices such as smartphones, rising disposable income of consumers, and booming internet services are some of the foremost factors driving the growth of the smart locks market. . North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the smart locks market growth of North America region in a negative manner for the next few quarters.
In terms of type, the deadbolt segment accounted for a larger share of the North America Smart Locks market in 2019. Bluetooth market segment held the largest share of the market, based on communication technology, in 2019.By application, residential accounted for a larger share of the North America Smart Locks market in 2019.
A few major primary and secondary sources referred to for preparing this report on the Smart Locks market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. A few of the major companies listed in the report are Gantner Electronic GmbH, Schlage, Wyze Labs, Inc, Samsung, Honeywell International Inc, ,among others.
The North America Smart Locks Market is valued at US$ 529.7 Million in 2019, it is projected to reach US$ 1,282.5 Million by 2027.
As per our report North America Smart Locks Market, the market size is valued at US$ 529.7 Million in 2019, projecting it to reach US$ 1,282.5 Million by 2027. This translates to a CAGR of approximately 11.9% during the forecast period.
The North America Smart Locks Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Smart Locks Market report:
The North America Smart Locks Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Smart Locks Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Smart Locks Market value chain can benefit from the information contained in a comprehensive market report.
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