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.
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The smart lock market has experienced significant growth in recent years, primarily driven by the increasing global penetration of smartphones. This surge is attributed to the enhanced benefits offered by smart locks, such as user-friendly interfaces and greater convenience. Key factors fueling this market expansion include growing awareness of home security solutions, continuous advancements in smart devices like smartphones, rising consumer disposable incomes, and the proliferation of internet services.
North America, with its concentration of manufacturing and technology companies, faced a substantial negative impact on its smart lock market growth due to the COVID-19 pandemic in 2020 and likely into 2021. The critical situation in the US specifically affected the region's market for several quarters.
Smart locks offer comfort and convenience through their integration with communication technologies such as Bluetooth, Wi-Fi, and NFC. The widespread adoption of smartphones in emerging economies, as users leverage these devices to simplify daily routines, is further propelling the growth of the smart lock market in the North America region throughout the forecast period of 2020-2027.
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North America smart Locks Market Segmentation
North America Smart Locks Market, by Type
- Padlocks
- Deadbolt
- Lever Handle
- Others
North America Smart Locks Market, by Communication Technology
- Wi-Fi
- Bluetooth
- NFC
- Others
North America Smart Locks Market, by Application
- Residential
- Commercial
- Industrial
By Country
- US
- Canada
- Mexico
Company Profiles
- Havenlock Inc
- Honeywell International Inc
- August Home
- Wyze Labs, Inc.
- Samsung
- Honeywell International Inc.
- U-tech Group Inc
- Schlage
- Gantner Electronic GmbH
North America Smart Locks Strategic Insights
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.
North America Smart Locks Regional Insights
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.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
