Asia Pacific Smart Locks Market

Asia Pacific Smart Locks Market Size (2024 to 2032):

The size of the Asia Pacific smart locks market was worth USD 408 million in 2023. The market is anticipated to grow at a CAGR of 10.87% from 2024 to 2032 and be worth USD 1030 million by 2032 from USD 450 million in 2024. 

MARKET SCENARIO

Smart Lock system is an electromechanical locking system that is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a protocol that is wireless and cryptographic key for executing the authorization process. These smart locks monitor access and send alerts for different events that it follows, and some other critical events related to the status of the device.

MARKET DRIVERS AND RESTRAINTS

The significant growth of the smart locks market in the Asia Pacific region is attributed to the large smartphone consumer base coupled with the ease in availability of the internet in the emerging economies in this region, especially in India, China, and Japan.

The primary factor that is integrated with these smart locks is the Internet of Things (IoT), which is for establishing a connection between objects. The rapid growth in the usage of smartphones has further propelled the connectivity of objects, which is a primary internet connection for home objects like door locks, fans, and lights, among others.

The significant surveys that are done by global societies, like the United Parcel Service (UPS) and the United States' consumer technology association, show that smart cities possess the potential to become a major global development sector in the Asia Pacific region. At the same time, this region is enabled with major technological advancements, urban needs, and government support, which are essential requirements in the rapid development of smart cities for the smart locks market in this region. The Asia-Pacific smart locks market is mostly witnessing traction in China and India owing to the rapidly growing regions in the Asia-Pacific smart locks market.

The well-established technological infrastructure, high awareness among consumers, rising concerns about security, increased support from the governments in China, India, & Japan, and the high investment from major IoT players further drive the growth of the smart lock market in the Asia-Pacific region. 

Increasing urbanization & growing net household disposable income, rising awareness regarding automated solutions, rapid adoption of internet-based services, developments in communication technology & broadband services, and early adoption of the concept of the smart home in both the Indian and Chinese markets are the major growth factors of the demand for smart locks in this region.

REPORT COVERAGE

GEOGRAPHICAL ANALYSIS

The smart locks market in the Asia Pacific is likely to witness significant growth during the forecast period. The growth of the target market in this region is attributed to the rapid urbanization coupled with the increase in the net household disposable income, rapid adoption of internet-based services, advancements in communication technology & broadband services, and widespread adoption of the concept of the smart home in both India and China.

The smart lock market in Japan has been growing at a steady pace for the past few years and is to continue at the same rate during the forecast period.

Penetration of the Internet of Things and rapid adoption of innovative technologies in this country account for leveling up the growth rate of the market. The Internet of Things was quietly integrated with the smart locks where voice assistant features like Amazon Alexa and Google Assistant work indefinitely. Also, the growing popularity of biometric authentication methods instead of key locking systems in every place is prompting the market growth rate.  

The Singapore smart lock market is anticipated to witness a lucrative CAGR in the coming years owing to the growing demand from the tourism industry.

The Tourism Industry focuses on the safety of short-term guests, and many residents use various applications to rent their properties. Smart locks are used to improve the convenience of check-ins and check-out by the guests. Along with this, growing disposable income and increasing spending on the construction of smart homes are likely to fuel the demand for the market in Singapore. Smart locks are in favor of the customer choice as they are available in varied styles and complete the well-designed home solutions, which is escalating the market share.

The South Korean smart lock market is gaining traction and is expected to grow at a healthy CAGR owing to the increasing investments in construction activities.

South Korean people are highly advanced in using varied applications that can control smart locks using smartphones. Government support for the development of innovative products through investments and growing awareness through social media are lavishing the South Korean market growth.

KEY PLAYERS IN THE ASIA PACIFIC SMART LOCKS MARKET

The key players of the smart locks market in Asia-Pacific include Honeywell International, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Assa Abloy AB, Unikey Technologies Inc., HRG Group (Spectrum Brands, Inc.), Vivint, Inc., Allegion (Schlage), DAHUA Technology Co Ltd., Dormakaba Holdings AG, Hangzhou Hikvision Digital Technology Co., Ltd., Be-Tech Asia LTD., Shenzhen Vians Electric Lock Co., Ltd., Schlage, and Unikey Technologies Inc., and Others.

RECENT HAPPENINGS IN THE ASIA PACIFIC SMART LOCKS MARKET

• Spectrum Brands Holdings, Inc., a global consumer products company that offers a broad portfolio of leading brands and focuses on driving innovation and exceptional customer service, completed the acquisition of HRG Group, Inc., which was announced earlier.
• BRIEF-Dormakaba Holding, a global security group that employs around 16,000 people in over 50 countries, has announced that it is selling GMT Hardware Co. Ltd. to Argus Holdings.

SEGMENTATION OF THE ASIA PACIFIC SMART LOCKS MARKET INCLUDED IN THIS REPORT

This europe smart locks market research report has been segmented and sub-segmented into the following categories.

By Lock Type

• Deadbolts
• Lever Handles
• Padlocks
• Other Locks

By Type

• Bluetooth
• Wi-Fi
• Zigbee
• Z-Wave
• Thread
• NFC
• Other Protocols

By Verticals

• Commercial
• Residential
• Institution & Government
• Industrial

By Country

• China
• India
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Indonesia
• Philippines
• Vietnam
• Singapore
• Rest of APAC