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 is an electromagnetic lock that act as a replacement to the key and is used beyond the purpose for locking and unlocking the door. It can be used to remotely unlock the door if the friends or family members or any other person have ringed the smart door bell. Moreover, it visually confirms the identity of the person via the smart door bell and then, let them in.
The smart door locks work via connecting the smartphone to the Bluetooth. The person needs to pair the smartphone Bluetooth with deadbolt to lock or unlock the keys. The person just needs to tap the deadbolt for the opening of the door. It comes handy in the situation when the person has lost the keys. Further, it also gives freedom from carrying the bunch of the keys. Moreover, the family members and the friends do not have to wait at home if the person is not at home. The e-keys can be sent to them via the mobile app to let them in. The smart door lock system can detect the presence, if the key has been accidentally left inside or outside the home. It also ensures high security by preventing the incidents of burglary. It makes it impossible for any stranger to break into the home as it is without any keys. Their mechanism is based on the security protocols deployed in bank system. It means that their digital encryption mode cannot be duplicated or broken. In this way, burglars are unable to pick or dump the system. Moreover, the smart door locks has made the life of the senior citizens and disabled people convenient as they can be opened with a smartphone without the struggle to go near to door to open it.
The Indian smart door locks market is flourishing due to the rapid infrastructural development. The various cities such as Kolkata, Delhi and Bengaluru are witnessing the demand for building smart homes. As a result, the adoption of the smart security systems is rising due to the ease of security and services in house.
The market is expected to expand at a CAGR of 38.9% during the forecast period of 2016-2023. The market growth will be driven by the rise in the burglaries, larceny-thefts, and motor vehicle thefts. According to the National Crime Reports Bureau, the thefts constituted 30% of the total crime in India. Further, the rising concerns among the consumers regarding the safety and security of the office premises and the other private premises will expand the market growth. Moreover, the private and government corporate agencies are upgrading their security installation systems which will lead to the increase in the growth of the market.
Our in-depth analysis of the India Smart Door market includes the following segments:
By Unlock Mechanism
By End User
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The growth of the market is primarily driven by the rise in the security concerns among the Indian population. The rise in identity frauds has led to the installation of the smart door locks systems in the residential and commercial premises. Further, the rise in the criminal activities including burglary and theft has led the people to shift from mechanical door locks systems to the smart door lock systems, thus propelling the growth of the smart door locks market. Moreover, the rapid pace in real estate growth has led to the expansion of the market. The growth in the hospitality industry and increasing competition in order to provide better services will encourage the hotel room owners to install the smart door technology, which in turn will lead to the expansion of the India smart door locks market. The introduction of the land acquisition bill by the Government of India will speed up the process for industrial corridors and development of smart cities. These rising investments in infrastructural facilities would lead to the installation of the smart door lock system. Moreover, the technological advancements have paved the way for the development of smart door locks across the India. The smart door locks include the digital technology with easy user interface. The user can operate the smart door locks by using their smart phones. The users can generate the e-key through their mobile and can keep a track of who is going in or out. Moreover, the introduction of the hybrid smart locks with multiple locks systems will lead to the expansion of the market. The growth of the market is further fueled by the introduction of the product on the e-commerce platforms such as Amazon, Flipkart and others by the various manufacturing companies. The availability of the high speed internet services and increasing technological population has increased the demand for the mobile-app based smart door lock systems.
However, the market growth is hindered by the increased rate of cybercrime in the country and the poor quality smart door locks available in the market. The security pins feeded by the customer to the keypad door locks are prone to the risk of hacking. Further, less trust among the customers on the application based smart door locks are hampering the growth of the market. Moreover, the smart door locks are too expensive that act as a restraint to the market growth. People are reluctant to expensive door locks due to the availability of modular and attractive door locks through the various distribution channels.