Wireless door locks are systems used to lock and unlock doors without the need of electrical wiring. They are usually powered with internal battery support systems. All non-door applications have not been considered in the scope of research.
The global wireless door lock market is estimated to be valued at US$ 857.2 Mn by 2018 end and is expected to reach US$ 1,799.3 Mn by the end of 2026, expanding at a CAGR of 9.7% over the forecast period. The global wireless door lock market is anticipated to represent an incremental opportunity of US$ 942.0 Mn between 2018 and 2026.
Factors Influencing the Global Wireless Door Lock Market
The demand for smart homes has increased significantly in developed regions over the past five years, owing to the increasing use of smartphones and other smart devices. Residential security is a major concern for people living in multifamily apartments. Smart home applications include advanced security aspects such as security alarms, sensors, electronic locks and cameras along with other smart features. People are adopting systems with advanced security features embedded in their smart homes and considering it as a value added service for better quality of living. These factors are encouraging electronic lock vendors to innovate their locking solutions, which in turn is accelerating the growth of the wireless door lock market.
Residential & non-residential construction industries represent potential growth opportunities for the manufacturers of wireless door locks. Construction and industrialization is increasing across the globe, which in turn is accelerating the growth of the security solutions market and impacting the sales of wireless door locks.
The wireless door lock market is dominated by a few well-known brands that are more reliable in offering better security assurance. However, these systems have high installation and maintenance costs, which hampers the adoption of wireless door locks on a mass scale by consumers in under-developed or developing economies.
Global Wireless Door Lock Market Segmentation and Forecast
The global wireless door lock market has been segmented on the basis of connectivity, end use and region. On the basis of connectivity, the global wireless door lock market is segmented into Bluetooth & Wi-Fi, RFID, Keypads, Scanners and Others. On the basis of end use, it is segmented into residential, commercial, government and industrial. Significant regions covered in the report include North America, Latin America, Europe, SEA & Pacific, China, Japan and Middle East & Africa.
Global Wireless Door Lock Market Analysis by Connectivity
RFID, Bluetooth & RFID segments are projected to account for a 26.4% volume share in the global wireless door lock market by 2026 end, increasing with a double-digit growth rate over the forecast period.
Global Wireless Door Lock Component Market Overview
The wireless door lock market is also segmented on the basis of components including scanners, battery, transceiver, locks and others. The wireless door lock components market is analyzed and has also been validated from wireless door lock (system) perspective.
Global Wireless Door Lock Market Analysis by Region
From a region perspective, North America & Europe are estimated to hold more than 60% of the market volume share in 2018. The global wireless door lock market is expected to increase at a volume CAGR of 9.4% in terms of volume over the forecast period. Growth of the wireless door lock market in Latin America is expected to grow from 9% to 11% between 2016 and 2026, in term of volume. The India wireless door lock market is expected to witness high growth with a CAGR of 14.5% as compared to the global average between 2018 and 2026.
Key Players Dominating the Global Wireless Door Lock Market
Some of the key market participants reported in this study of the global wireless door lock market include ASSA Abloy, Dormakaba Holding AG, Allegion PLC, Salto Systems S.L., Centurion Systems. Sentrilock LLC, Hanman International Pte Ltd, Honeywell International, Inc., Robert Bosch GmbH, Godrej Locking Solutions & Systems, Stanley Black & Decker Inc, Spectrum Brands Holdings, Inc. and Johnson Control International Inc., among others.
Persistence Market Research (PMR) analyzes the wireless door lock market in its new publication titled ‘Wireless Door Lock Market Global Industry Analysis 2013–2017 and Forecast 2018–2026’. This study provides data for 2018 along with a forecast for the period (2018–2026). The main objective of the wireless door lock report is to identify dynamics in the market and provide recent updates and insights affecting the various segments of the global wireless door lock market. To provide a better understanding of the wireless door lock market, the report also includes the analysis of drivers, restraints and trends on all seven regions/countries, namely North America, Latin America, Europe, SEA & Pacific, China, Japan and MEA, which influence the current wireless door lock market scenario as well as future status of the global wireless door lock market over the forecast period.
To understand and assess the wireless door lock market opportunities and trends, the global wireless door lock market report has been categorically split into different sections based on market segmentation – by connectivity, by end use and by region. The wireless door market report starts with the market overview and provides market definition and taxonomy along with value chain, pricing analysis, drivers, restraints and trends in the market. The sections that follow include the global wireless door lock market analysis by connectivity, by end use and by region level analysis. Moreover, the wireless door market is also analyzed on the basis of components including scanners, batteries, transceivers, locks and others on a global level. All the above sections evaluate the market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global wireless door lock market. To give a brief idea about revenue opportunities from the connectivity, end use and region segments, the report also provides the market value, absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018–2026).
In the final section of the report, we have provided the global wireless door lock market structure and a detailed competition landscape with company market share and performance, to provide report audiences with a dashboard view of key players operating in the global wireless door lock market along with their business strategies. This would enable clients to assess strategies deployed by wireless door lock market leaders and help them develop effective strategies accordingly.
For the wireless door lock market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and a forecast made for 2018–2026. To calculate the market size, the report considers the weighted average price of wireless door locks based on connectivity such as Bluetooth & Wi-Fi, RFID, keypads, scanners & others across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (‘000 Units) of the global wireless door lock market. To deduce market value size, the cost of each connectivity has been considered. In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global wireless door lock market is expected to develop in the future. The critical market data, including the base number and segment splits, has been devised through in-depth secondary and primary research. This data is then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the various regional markets along with the primary interviews of manufacturers and industry experts operating in the global wireless door lock market. Moreover, the wireless door lock component market has been analyzed and validated with reference to the systems market. The forecast presented in the report evaluates the actual connectivity cost of wireless door locks and the cost by brands in the global wireless door lock market over the forecast period.
We have also analyzed the different segments of the global wireless door lock market in terms of basis point share (BPS) to understand every individual segments’ relative contribution to market growth. This detailed level of information is important for identifying the various key trends governing the global wireless door lock market. The report also analyses the global wireless door lock market on the basis of the absolute dollar opportunity. This usually overlooked while estimating the market forecast. However, from a sales perspective, it is essential to identify the potential resources in the wireless door lock market.
PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global wireless door lock market. This market attractiveness index would help clients identify real market opportunities in the global wireless door lock market.
Small and Fragmented Wireless Door Lock Market:
The final report is a collection of crucial information fetched through extensive research. The primary and the secondary research play a crucial part in gauging the evolving market behavior within the forecast period. The market for wireless door locks is dependent on various factors such as manufacturing, purchasing power parity, industrialization, urbanization and population & employment growth rate across the globe.