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Please breakdown the US market of "smart lock", "smart card reader" and digital key by B2C (home) (i.e., the number of smart door lock selling, the number of users who use smart key, market growth, etc. as available). Looking for info for past year and forecast for this and next year.
Hello and thank you for your question in regards to the breakdown of the US market of smart locks, smart card readers, and digital keys by B2C. In short, the smart lock market was at $404.1 million in 2015 with approximately 2.02 million units sold. In 2017, revenue from smart homes in the US is expected to be at $14.649 million with an annual growth rate of 21.8%. Smart home household penetration is expected to reach 60.7% in 2021. Family safety and overall convenience are the two major drivers in adapting smart technologies and smart locks in the US.
METHODOLOGY
To accurately address the request, I have ensured to limit my research to recent and reputable sources that include August Smart Lock site, Grand View Research, Statista, Markets and Markets, Business Insider, and Global News Wire. I was unable to find data specific to 2016 without the purchase of reports; this was also the same case for the current number of users. However, I was indeed able to find future projections of the number of users. In terms of units sold, there was no information available. As such, I have determined the average cost of a smart lock in order to find an approximate figure for the number of smart locks sold. The majority of information available on the topic in further detail than mentioned in my findings required the purchase of reports.
FINDINGS
In 2015, the smart lock market in the US was at $404.1 million. Growth within this market is due to the increase in smart homes and the need to create connectivity throughout the home's devices. Based on an average cost of $200, approximately 2.02 million smart locks were sold in 2015. On a global level, the smart lock market is expected to reach $24.20 billion by 2024 with North America dominating 60% of the market. Demand for smart locks is seen from households, office buildings, and hotel businesses.
In 2017, revenue from smart homes including smart locks in the US will amount to $14.649 million, with an annual growth rate of 21.8% from 2017-2021. The market is expected to reach $32.191 million in 2021. Overall, household penetration in the US is currently at 32.5% and is expected to increase to 60.7% in 2021. On average, the revenue per smart home is at $353.03 with the average smart lock costing $170-$250.
Within the next year, 30 million US households are expected to add smart technologies to their homes. The highest percentage lies with adding connected cameras at 40%, video doorbells at 26%, connected light bulbs at 19%, and smart locks at 13%. The most desired security features for smart homes and smart locks are video monitoring at 64% and smartphone control systems at 62%.
63% of US homes stated that family safety is a major driver to using smart home technology, while 54% are adding smart technology for convenience. Other contributing factors to the market's growth include the increasing need for energy saving as well as advancements in technology.
Some of the major companies in smart home and smart lock technologies in the US include Honeywell International Inc., Johnson Controls Inc., Acuity Brands, Inc., United Technologies Corporation, Nest Labs, Inc, and Crestron Electronics, Inc.
INDUSTRY DEMAND
As discussed earlier, demand for smart lock and smart keypad readers are mainly due to the need for increased security. Increasing crime levels have increased the adaption of these technologies. Furthermore, the hospitality industry is one of the major sectors contributing to the growth of the smart lock technologies market. As such, the projected growth of the hospitality industry will contribute to the increase in sales of smart locks for enhanced security. Additionally, features such as keyless access devices are expected to increase.
Residential demand is projected to remain dominant in the industry's growth over the next eight years. One of the reasons as to why include having smart technologies such as locks, monitors, motion detectors, window sensors, and door opening sensors become more affordable to home owners.
CONCLUSION
To summarize, the smart lock market was at $404.1 million in 2015 with approximately 2.02 million units sold. In 2017, revenue from smart homes in the US is expected to be at $14.649 million with an annual growth rate of 21.8%. Smart home household penetration is expected to reach 60.7% in 2021. Furthermore, family safety and overall convenience are the two major drivers in adapting to smart technologies and smart locks.
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