Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||939507|
|Published||Content info||328 Pages
Delivery time: 1-2 business days
|Published: May 1, 2021||Content info: 328 Pages||
Global Smart Locks Market to Reach US$4.2 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Smart Locks estimated at US$1.8 Billion in the year 2020, is projected to reach a revised size of US$4.2 Billion by 2027, growing at a CAGR of 12.5% over the analysis period 2020-2027.Deadbolts, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$2.3 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lever Handles segment is readjusted to a revised 12.4% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Smart Locks market.
The U.S. Accounts for Over 29.5% of Global Market Size in 2020, While China is Forecast to Grow at a 12% CAGR for the Period of 2020-2027
The Smart Locks market in the U.S. is estimated at US$544.3 Million in the year 2020. The country currently accounts for a 29.53% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$730.4 Million in the year 2027 trailing a CAGR of 11.9% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 10.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$730.4 Million by the year 2027.
Padlocks Segment Corners a 16.7% Share in 2020
In the global Padlocks segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$246.5 Million in the year 2020 will reach a projected size of US$453.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$494.6 Million by the year 2027.
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