United States Smart Lock Market Size

US Smart Locks Market Analysis

The United States Smart Lock Market is expected to reach a CAGR of 11.2% during the forecast period (2021 - 2026). COVID-19 pandemic scenario has led to a nosedive in the investments in the ICT industry, particularly in the Internet of Things, 5G technologies, and other emerging technologies. Players in the smart lock market are forced to restrict their operational expenses. They have witnessed a reduction in hiring and capital budgets as well. Moreover, discretionary consumer spending in this scenario has also lowered the sales of smart locks. The scenario for this market looks bleak, and it is expected to witness a slowdown, which is projected to continue until the second quarter of 2021.

• The adoption of smart locks is still not prevalent in the United States in comparison with the adoption of other smart homes devices. According to a recent study conducted by the Consumer Technology Association (CTA), about 69% (translates to 83 million households) of US households now own at least one smart home device. Of which, the adoption of smart speakers in the country is high, with a rate of 28%, whereas the adoption of smart locks is only 10%-statistics such as these highlights the opportunity for market players by following proper marketing strategies.
• The expansion of the key players in the US market to other regions, especially in European nations, is also expected to provide a strong impetus for market growth. For instance, at CES 2020, August Inc. and Yale Locks (smart lock manufacturers based out of United States) announced new smart locks in their product portfolios and the availability of their products for new and existing owners of Yale Smart Lock in the EMEA region under the name 'Yale Access module.'
• The new product 'Wi-Fi Smart Lock' from August Inc. mandates two-factor authentication and two-layer encryption and can be remotely managed through their App and cloud. Similarly, the new Linus Smart Lock from Yale is equipped with DoorSense technology that can monitor the lock/unlock position of the door and notify. It also supports the unlocking of doors via smartphones.
• New product launches in the market could have a significant impact on both the occurrence and nature of competitive reactions. For instance, in November 2020, EZVIZ, a global vendor in home intelligence having headquarters in California, has expanded its innovative smart home product range to include fingerprint locks. The newly launched L2 Smart Lock inherits EZVIZ's core competency in security. The lock features four methods for unlocking a door and serves as a doorbell at the same time. More importantly, it helps protect the household against potential forced entry through a bundle of security features that includes auto-locking and anti-tamper alarms.