Chinese Smart Lock Market Anticipated to Grow at a CAGR of 44% by 2023

“Radiant Insights,Inc”
The report has been prepared based on the synthesis, analysis, and interpretation of information about the Chinese Smart Lock market collected from specialized sources.

The Chinese smart lock market is anticipated to expand at phenomenal CAGR over the forecast period (2018 to 2023), according to a report available on Radiant Insights, Inc. Growing requirement for advanced security systems in residential and commercial buildings is anticipated to propel demand for smart locks. These smart locks are likely to offer advanced security solutions and reduce risk of theft.

Growing adoption of connected home solutions among consumers is predicted to fuel growth of market. Rising demand for connectivity across all electronic devices in consumer’s home owing to increasing penetration of smart homes can augment market growth. Increasing adoption of smartphones can also fuel demand for smart locks owing to easy and remote access. This, in turn can stimulate growth of market in next few years.

Continual development and implementation of various advanced technologies including Bluetooth low energy (BLE), new field communication, and Z-wave to access locking functions can spur market growth. Reducing cost of mobile broadband and cloud infrastructure is expected to provide convenience to users to monitor and control various electronic devices remotely. Rising adoption of back-end cloud services, smartphones, and low-energy communication can establish ecosystem, which is likely to work in favor of market. This, in turn can foster growth of market over the forecast period (2018 to 2023).

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To cater to rising demand for smart locks, most companies are likely to invest in R&D activities to develop advanced products. For instance, August recently launched its 3rd generation smart lock that can controlled using Alexa. It can be installed easily in less than 10 minutes using a screwdriver. The best part is that it only replaces the inside portion of deadbolt, so user can still use same key user is expected to use otherwise to lock the door. It is likely to work using Alexa, a voice control software. It is expected to be secure and keyless entry for consumer’s smart home. In addition, users can grant access of this lock to anyone for specific time including few weeks, few hours, and even few minutes. It can get locked automatically when user leaves and unlock when user arrives.

Lack of awareness among consumers regarding availability of product can restrict market growth. In addition, price sensitivity associated with smart locks can also obstruct growth of market during the forecast period. However, growing adoption of niche technology products among consumers in China can create lucrative opportunities for market over the forecast period.

The Chinese smart lock market can be segregated on the basis of application and region. Based on application, the market can be categorized into residential and commercial. Smart locking is expected to be novel technology introduced and commercialized in recent past. Initially, electronic locks were limited to commercial and enterprise applications. However, they had been growing in importance in high-end residential applications during past few years.

The residential segment accounted for largest market share in past years and is likely to grow well during the forecast period. Rising penetration of intelligent homes globally can fuel growth of market. Homeowners are likely to find technologically advanced security tools such as door opening and window sensors, motion detectors, and remote door locking. Such favorable trends are expected to encourage adoption of these locking systems in residential applications.

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Regional segmentation of Chinese smart lock market includes North China, Northeast China, Southwest China, South Central China, Northwest China, and East China.

Some of the leading companies offering smart locks are Panasonic, Samsung, Hutlon, Yun Ding Network Technology, and Guangdong Archie Hardware.

Table of Contents

Part 1. Summary

Part 2. Report Methodology
2.1 Methodology
2.2 Data Source
2.3 Disclaimer

Part 3. Market Overview
3.1 General Information
3.2 Segmentation by Application
3.2.1 Overview
3.2.2 Chinese Smart Lock Market by Application
3.3 Regional Smart Lock Market Size (Status & Prospect)

Part 4. Competitive Landscape
4.1 Chinese Smart Lock Sales & Share by Company (2013-2018)
4.2 Chinese Smart Lock Revenue & Share by Company (2013-2018)
4.3 Price Trends
4.4 Competitive Trends

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