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The Europe Smart Locks Market Size would grow at 18.6% CAGR of 18.6% 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, 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.
Widespread adoption of Internet of Things (IoT), integrated connectivity & smart lock access via smartphones, advanced technologies such as near-field communication (NFC), low-power Bluetooth, and Z-waveZigBee, etc. would add to the market attractiveness during the forecast period. The ease of use and the operational simplicity make the smart locks an effective alternative to traditional locks. With a growth in the smartphone adoption, the demand for smart devices would also grow.
The need for secure home solutions, growing smart devices, rise in the net household disposable income, and widespread popularity of Internet of Things are some of the leading factors contributing to the growth of the smart locks market. 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 Germany, UK, France, Russia, Spain, Italy and Rest of Europe. Germany remained the dominant Country in the Europe Smart Locks market in 2016. Russia and France would witness promising CAGR during the forecast period (2017-2023). The report covers the analysis of key stakeholders 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).