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How large in the US is the size of "smart lock", "smart card reader" and digital key market? (i.e., the number of smart door lock selling, the number of users who use smart key, market growth, etc.). Looking for info for past year and forecast for this and next year.
Hey! Thank you for your question about the size of the US smart lock market in the US.
METHODOLOGY
I researched for reports analyzing this market and its growth and summarized my findings.
RESULTS
PAST YEAR DATA
According to this research report, the size of them North American smart lock market was $404M in size as of 2015.
Given this current price list of popular smart locks brands in the US, I was able to calculate an average price per unit of $185/unit.
Using this average unit price we can see that as of 2015, about 2.2M units were sold annually.
Given that this research estimated the North American market to be about $8.5B in size by 2024, I calculated a compound average growth rate of 35.60% in the 2015-2024 period.
Using this CAGR, the current (2017) market for smart locks in North America should be about $742M/year with about 4M units sold/year.
In terms of growth, by 2024, the market will be worth about $8.5B/year. If we assume the price per unit will slightly decrease to $150/unit, we will see about 56M units sold/year.
In addition, we can learn from this analysis, that the most popular application would be residential, followed by hospitality, enterprise, and critical infrastructure.
Another great reference for your meeting would be this research released by August Smart Locks. This report shows that 30 million American Households would adopt some smart-home technology in the next 12 months (it was published ten months ago) and that 13% of them are interested in smart locks.
This support the current annual installation rate - as 13% of 30 million households are 3.9M.
While the main research report is for North America, the US is likely responsible for the majority of this market at about 90% ( I estimate that Mexico smart lock market is virtually nonexistent. Canada population is roughly 10% of the U.S.).
SUMMARY
I have provided you with data about the size of the North American smart lock market, as well as its expected growth.
I also pointed you out to a recent research released by one of this market-leading players, that estimate future growth for this market.
Thank you for using Wonder! If you have any additional questions, don't hesitate!