Smart Door Lock Market
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The global smart lock market size was valued at usd 1 2 billion in 2019 and is expected to register a cagr of 18 5 from 2020 to 2027.
Smart door lock market. More than 7 0 million units of smart locks were sold in 2019. The increasing demand for smart locks is one of the major factors driving the market. How big is the north america market. The global hotel induction smart door lock market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period 2020 2026.
Smart door lock market scope. The global smart door lock market was valued at us 491 2 mn in 2018 and is projected to increase significantly at a cagr of 17 8 from 2019 to 2028. The worldwide market for smart door lock smart locks is expected to grow at a cagr of roughly 13 2 over the next five years will reach 3930 million us in 2024 from 1870 million us in 2019. Based on product type the smart lock market is segmented into deadbolts lever handles padlocks and others.
The others segment include footplate locks rim latch and wall mounted locks. The growing trend of internet of things iot along with rising security and privacy concerns has propelled the penetration of smart home security devices globally.
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