Report : North America Smart Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Padlocks, Deadbolt, Lever Handle, Others), Communication Technology (Wi-Fi, Bluetooth, NFC, Others), Application (Residential, Commercial, Industrial), and Country
According to our new market research study on “North America Smart Locks Market to 2027 – Regional Analysis and Forecast by Technology, Type, Communication Technology, and application,” the market is expected to reach US$ 1282.5 Mn by 2027 from US$ 529.7 Mn in 2019; it is estimated to grow at a CAGR of 11.9% from 2020 to 2027. Smart locks offer 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 North America 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.
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.
Gantner Electronic GmbH, Schlage, Wyze Labs Inc, are among the leading companies in the North America 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.
North America: Smart LocksMarket, By Country, 2019 and 2027