The North America Smart Lock Market is valued at USD 846.7 Mn in 2019 and is estimated to grow at a CAGR of 11.72% over the forecast period to reach USD 2129.13 Mn by 2027.
North America holds 35.15% of market share in 2019, and is expected to reach 39% by 2027, for the Global Smart Lock Market. The collective revenue of Smart Lock by North America is expected to generate USD 11671.97 Mn by 2026.
The North America Market consists of the US, Canada and Mexico regions. The North America region is dominating the global smart lock market owing to the rising adaptability of smart home solutions and growing demand for connected IoT devices coupled with increasing disposable income spending by people in countries such as the USA and Canada. The rising adaptability of smart home solutions in the US has spurred the demand for smart locks owing to their superior privacy and security advantages. According to a research survey by Metova, an American smart home solutions provider, 90% of the US residents own some form of smart home device.
Furthermore, 58% of the people are more concerned about privacy and security. 78% of the respondents of this survey stated that smart home solutions are the future of IoT devices.
Furthermore, according to the Canadian Consumer connected Mobility and Connected home devices Install base in 2017, the total percentage of volume of home security and monitoring increased from 15% in 2016 to 16% in 2017. Regional companies are adopting competitive strategies such as new product launches and partnerships to improve their market growth rate and contribute to the growth of their entities. For instance, in January 7th 2019, Yale expanded its portfolio of Assure lock line through launch of Assure lever, a new lever lock designed for single hole doors from side entries, garage basements, interior rooms, and others. Moreover, in August 2017, Code locks launched CL5520 which offers flexibility, convenience, and uses wireless technology giving the users ability to connect remotely and choose various entry options including pushbutton code, smartcard, and smartphone access. Owing to these factors, the North American smart lock market is expected to remain as the dominating region in the future.
Increasing Urbanisation Rates
- Growing urbanization rates is a major factor boosting the growth of the residential construction industry.
- According to the statistics published by the World Bank, the global urbanization rate increased steadily from 54.38% in 2016 to 54.83% in 2017 finally reaching 55.28%.
- The growing urbanization rates have led to the development of smart cities across the world and this is a major attributing factor for the growth of the global smart lock market.
- Moreover, rising security and privacy concerns amongst the people is another factor propelling many people to adopt to smart lock devices.
- Owing to these factors, the global smart lock market is expected to grow at a healthy pace in the future.
- Companies are focusing on competitive strategies such as mergers and acquisitions to improve their market growth rate and contribute to the growth of their entities.
- For instance, in March 2018, Amazon acquired ring, a maker of internet-connected doorbells and cameras, for an estimated $1 billion.
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