Rockville , Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global wireless door lock system market is estimated at US$ 1,552.0 million in 2024 and is projected to grow steadily with a 9.8% CAGR through 2034. The market is projected to account for valuation of US$ 3,952.9 million by 2034.
The increasing trend toward smart homes and connected devices has significantly contributed to the growth of wireless door lock systems. With rising security threats, there was a growing inclination toward more secure and sophisticated locking systems. Homeowners seek convenience, security, and remote accessibility, making smart locks an integral part of their connected living spaces.
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The growing emphasis on security, both residential and commercial users are opting for advanced door lock systems driving the demand for wireless door lock system market growth during the forecast period. The advanced features of wireless door lock system like biometric authentication, keyless entry, and remote monitoring provide heightened security measures compared to traditional lock-and-key systems.
The growing urbanization and new construction projects drive the incorporation of smart security solutions, including wireless door lock systems. Increased awareness among consumers about the benefits of wireless door lock systems, including energy efficiency, ease of use, and advanced security features, is driving demand for these systems.
Ongoing technological innovations, such as improved connectivity protocols (Bluetooth, Wi-Fi, Zigbee), integration with smart home ecosystems, and the use of artificial intelligence and machine learning, continually enhance the capabilities and appeal of wireless door lock systems.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3,952.9 Million |
| Growth Rate (2024-2034) | 9.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from Market Study
- The global wireless door lock system market is projected to expand at a CAGR of 9.8% through 2034.
- The North America wireless door lock system market is expected to grow at a remarkable CAGR of 9.9% through 2034.
- The wireless door lock system industry in the United States holds a dominant share of 56.5% in 2024.The United States dominates the global wireless door lock system market, valued at US$ 261.3 million in 2024.
- The wireless door lock system industry in China is expected to rise at a CAGR of 9.5% through 2034.
- Based on the end-use, residential segment hold a 38.5% market share in 2024.
- The Bluetooth & wifi segment dominates IP rating with a 42.5% share in 2024.
“The continuous technological advancement, rising security concern and growing inclination toward more secure and sophisticated locking systems, stimulating demand for wireless door lock system ,” remarks an analyst at Fact.MR.
Key Companies Profiled in This Report
- ASSA ABLOY Group
- Robert Bosch GmbH
- Godrej Locking Solutions & Systems
- Johnson Controls Plc
- Centurion Systems
- Honeywell International, Inc.
- Salto Systems K.S
- Dormakaba Holding AG
- SentriLock, LLC
- Hanman International Pte Ltd. (Samsung)
- Spectrum Brands Inc. (Kwikset)
Competitive Landscape
Leading players prioritize seamless integration with popular smart home platforms, voice assistants, and IoT devices. Compatibility and easy connectivity with diverse systems enhance the appeal and functionality of their door lock solutions. Market players are also focused on offering a range of product options, including retrofit solutions, standalone smart locks, and models with various access control methods, caters to different consumer needs and installation requirements.
- Honeywell offers smart home security solutions, including wireless door lock systems equipped with connectivity features for remote access and control. Their focus on home automation and security has been influential in the market.
- Schlage (Allegion Brand) has been a key player in providing high-quality smart locks with a range of connectivity options and innovative features, focusing on both residential and commercial markets.
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Country-wise Insights
Based on projected growth, the wireless door lock system market in North America is expected to reach a phenomenal compound annual growth rate (CAGR) of 9.9% by 2034. The main cause of the spike is thought to be rising demand in important nations like the US and Canada. With a projected 56.5% market share in 2024, the US will lead the wireless door lock system industry.
The market for wireless door lock systems in East Asia is expected to grow significantly, with a 10.1% compound annual growth rate projected through 2034. China emerges as the dominant participant in the East Asian wireless door lock system market, with a substantial 52.2% share in 2024.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global wireless door lock system market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024-2034.
The study reveals essential insights on the basis Connectivity ( Bluetooth & Wi-Fi, RFID, Keypads, Scanners, Others) by End-use(Residential, Commercial, Government, Industrial) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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About Fact.MR:
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