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The Asia Pacific Smart Locks Market Size is anticipated to experience to register a CAGR of 21.9% during the forecast period (2017 - 2023).
Electronic locks which can be managed with the help of different apps on a smartphone are called as smart locks. Wi-Fi, Bluetooth or sometimes both technologies are used to operate smart locks.
The growing concern over safety, security and privacy, significant advancements in the wireless communication technology, a significant rise in disposable income among the consumers, rapid urbanization, and growing need to establish connectivity across all the electronic equipment in a house have contributed to the growth of the smart locks market. Asia Pacific would witness significant growth during the forecast period.
Rapid urbanization & growth in the net household disposable income, growing awareness about automated solutions, rapid adoption of internet-based services, advancements in communication technology & broadband services, and widespread adoption of the smart homes concept in both the Indian and Chinese market would drive the demand for smart locks in the region. Based on End Users, the market is segmented into Commercial and Residential.
Based on Technologies, the market is segmented into Bluetooth and Wi-Fi. Based on Product Types, the market is segmented into Deadbolts, Lever Handles, Padlocks, and Others. Based on Country, Smart Locks market is segmented into China, Japan, India, South Korea, Singapore, Australia and Rest of Asia Pacific. China remained the dominant Country in the Asia Pacific Smart Locks market in 2016. Australia and India would witness promising CAGR during the forecast period (2017-2023).
The report covers the analysis of key stake holders of the Smart Locks market. Key companies profiled in the report include Honeywell International, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Assa Abloy AB, Unikey Technologies Inc., HRG Group (Spectrum Brands, Inc.), Vivint, Inc., and Allegion (Schlage).