Global Smart Door Lock Market Analysis & Opportunity Outlook 2027
Global Smart Door Lock Market Analysis & Opportunity Outlook 2027
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Global Smart Door Lock Market Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart door locks are the automatic locks installed on the doors, which can be used through various apps on smartphones. They are generally keyless locks which can be operated by wifi and Bluetooth. Smart locks can provide real time information about the individual's access through doors. They can be also operated by using biometric and electromagnetic sensors. The technological development in door locks helps to limit the particular entries in office or houses.
Global smart door locks market is valued at USD 0.9 Billion in 2017 and is anticipated to reach USD 3.6 Billion by the end of 2027. Moreover, the smart door locks market is expected to flourish at a CAGR of 20% over the forecast period i.e. 2017-2027. Smart door locks are used in both residential and commercial sectors. Increasing urbanized population coupled with high demand for the door locks in various end user industries is expected to fuel the market growth of smart door locks.
The global smart door locks market is segmented into product type, connectivity technology, end users, distribution channel and geography. In terms of regional platform, North America is the largest market for smart door locks..
Asia-Pacific region is expected to be the fastest growing region in global smart door locks smart door locks market owing to rapid urbanization and rising disposable income of consumers in countries such as China and India.
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Our-in depth analysis of global smart door locks market which includes the following segments:
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The commercial and hotel industry plays a prominent role in the smart doors lock market due to the growing corporate sector .The growth of hospitality industry in developing countries is the key opportunity for global smart doors locks market. The technological developments such as digitalization and rising demand for smart phones are the major reason for the consumers to adopt smart door locks. across the globe.
Various features including wifi, sensors, and biometric identification are the major key factors that are expected to increase the demand for the smart door locks market over the forecast period
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