The North America smart door lock market is expected to grow from US$ 904.89 million in 2023 to US$ 2,061.53 million by 2028. It is estimated to grow at a CAGR of 17.9% from 2023 to 2028.

Get a sample PDF of the report – https://www.businessmarketinsights.com/sample/BMIRE00028537?utm_source=Blog&utm_medium=10640

The burgeoning development of smart cities is a key driver for the North American smart door lock market. Governments are making significant investments in infrastructure upgrades that leverage IoT capabilities, thereby creating a fertile ground for smart solutions like smart door locks.

For example, the US government, as part of the Smart America Challenge, announced in February 2022 an investment of approximately US$ 41 trillion by 2042 to enhance its infrastructure through IoT integration. Similarly, India's Ministry of Housing and Urban Affairs (MoHUA) reported in February 2023 that a substantial portion of its Smart Cities Mission (SCM) projects were complete. Specifically, 5,246 out of 7,804 projects (67.22%), valued at US$ 12.12 billion, had been finished as of January 2023. The remaining 2,558 projects (32.77%), valued at US$ 10.12 billion, were slated for completion by June 2023.

These considerable resource investments by governments globally in their smart city initiatives are expected to stimulate demand for smart solutions such as smart door locks. The increasing adoption of smart locks, coupled with ongoing smart city investments, is prompting North American smart door lock manufacturers to offer innovative products. A notable example is Yale Home's September 2022 unveiling of the Yale Assure Lock 2. This device features integrated Bluetooth for local control, Wi-Fi for remote management, Z-Wave compatibility for Ring Alarm and Samsung SmartThings users, and a Matter Smart Module, making it the first Matter-compatible smart lock. Consequently, with the rising adoption of IoT-connected devices in smart homes, the market for smart door locks presents substantial opportunities in the coming years.

Get Full Report: https://www.businessmarketinsights.com/reports/north-america-smart-door-lock-market

North America Smart Door Lock Market Overview

The US, Canada, and Mexico are the major contributors to the North America smart door lock market in North America. The availability of efficient infrastructure in developed countries such as the US and Canada enables manufacturing companies to explore the limits of science, technology, and commerce. The US is characterized by the acceptance of modern technology, a high standard of living, the availability of well-developed infrastructure, and many other aspects of being a developed nation. Technological advancements have led to a highly competitive market across North America. To sustain this competition, key players in the North America smart door lock market focus on innovation, new product launches, partnerships, and collaborations. For instance, in March 2023, KoreLock Inc, a US-based company, started offering turnkey smart lock solutions patented for a Wi-Fi- and radio-enabled control of the on and off state of a lock, delivering advanced intelligence and power savings. This power-saving feature is predicted to play an essential role in extending the battery life of locking devices.

Further, Wi-Fi-enabled intelligent door lock systems are gaining popularity in North America due to the well-established internet infrastructure and high internet penetration. As a result, several smart lock manufacturers are launching Wi-Fi-enabled locks to attract new customers. In January 2023, Schlag, one of the prominent providers of home security and access solutions, launched Schlage Encode Smart Wi-Fi Lever. This Wi-Fi-enabled smart lock can seamlessly integrate with other smart home technologies, Google Home, and Amazon Alexa. Developed countries such as US and Canada are the prominent revenue generators as the population is aware of the connected ecosystem and are capable of owning a premium system for security, comfort, and convenience. Thus, the growing adoption of Internet-based security solutions, increasing demand for smart homes, and rising urbanization are some of the other significant factors contributing to the growth of the market.

The North America smart door lock market is experiencing robust growth, driven by increasing demand for enhanced security, convenience, and the proliferation of smart home technologies. The market is segmented across various categories:

1. Product Segmentation:

• Electronic Cipher Locks: This segment held the largest share in the North America smart door lock market in 2023. These locks typically rely on keypads for code entry.
• Fingerprint Locks (Biometric): While not the largest share in 2023, biometric locks are gaining significant traction due to their advanced security features and user convenience, leveraging technologies like fingerprint, facial, palm, and iris recognition.
• Remote Locks: These locks allow for remote management and monitoring, often via smartphone applications.

2. Technology Segmentation:

• Bluetooth: In 2023, the Bluetooth segment held the largest share in the North America smart door lock market. This is attributed to its widespread compatibility, low energy consumption, and seamless connectivity with smartphones.
• Wi-Fi: Wi-Fi enabled locks are experiencing high growth due to their robust connectivity, enabling integration with broader home automation systems and cloud-based platforms, offering remote access and real-time monitoring.
• Z-Wave: This technology also plays a role in smart door lock connectivity, offering mesh networking capabilities.
• Others: This category includes other emerging technologies used in smart door locks.

3. End-User Segmentation:

• Commercial: The commercial segment registered a larger share in the North America smart door lock market in 2023, indicating significant adoption in businesses, hospitality, and other commercial establishments.
• Residential: The residential segment also shows strong growth, driven by increasing smart home adoption and consumer demand for enhanced home security and convenience.

4. Country Segmentation:

• US: The United States dominated the North America smart door lock market in 2023, accounting for the largest share. This dominance is attributed to high technological acceptance, developed infrastructure, and a strong market for smart home devices.
• Canada: Canada is also a significant contributor to the market.
• Mexico: Mexico is experiencing growing interest in smart security solutions due to security concerns and a rising middle class with increased disposable income for home automation.

Key Market Players: Leading companies operating in the North America smart door lock market include:

• ADEL Marketing (M) Sdn Bhd
• Allegion Plc
• Assa Abloy AB
• Honeywell International Inc
• Master Lock Company LLC
• MIWA LOCK Co Ltd
• Spectrum Brands Holdings Inc

North America Smart Door Lock Strategic Insights

Strategic insights for the North America Smart Door Lock 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.

North America Smart Door Lock Regional Insights

The geographic scope of the North America Smart Door Lock 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.

About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights