The India Smart Door Lock Market to Expand with Notable Revenue of USD 652.04 Million by 2023

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The India Smart Door Lock Market to Expand with Notable Revenue of USD 652.04 Million by 2023

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Increasing crime rate in India is increasing, due to which consumers are getting more concerned about their security and are driven towards adopting technologically advanced security devices. Further, the rapid growth in urbanization and construction of smart infrastructure to build smart cities and a fierce competition in providing better services are believed to encourage more owners to adopt the smart door lock technology, which in-turn is likely to propel the growth of the smart door lock market in India. In addition to that, the digitization wave is creating enormous potential for smart security, connected door opening solutions, access management and control in homes and workplaces.

The India smart door lock market accounted for USD 75.19 Million in 2016 and is expected to reach significant market valuation of USD 652.04 Million, expanding at a CAGR of 36.15% between the period 2016 and 2023.

In terms of market segmentation, the India smart door lock market is segmented into application based door locks, end-user, distribution channel, biometric type and by unlock mechanism. Among these segments, the distribution channel is further divided into online distribution channel and offline distribution channel, out of which, the offline distribution channel is anticipated to be the most attractive distribution channel over the period 2016-2023, owing to growing sales of smart door locks through offline distribution channels such as home décor shops, hardware stores and others.

The India smart door lock market is segmented by end-user into government facilities, commercial facilities (excluding hotels & hospitals), hotels & hospitals, industrial facilities and residential facilities, out of which, the residential facilities segment held the dominant share during 2016 and is believed to expand with dominant growth over the forecast period by holding around than 60% of the total market share in 2023. The growth in residential sector and government housing schemes in India are likely to exhibit a green growth in this sector. The increasing number of residential apartments in tier I cities such as Delhi, Mumbai, Chandigarh, Bangalore and others are further fuelling the demand for smart door locks. The rising working class population in metro cities, growing concern towards safety and security of their premises when they are away from their home are the major factors which are propelling the demand for the smart door locks in India.

 The report titled “India Smart Door Lock Market: Industry Demand Analysis & Opportunity Assessment 2016–2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

This report also studies existing competitive scenario of some of the key players of the India smart door lock market which includes profiling of Samsung Smart Homes, Yale, Godrej, Kwikset, Lockitron, Haven, Schlage, Sentrilock and August.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “India Smart Door Lock Market 2023”, analyses the overall smart door lock industry in India to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the India smart door lock market in the near future. To know more about this research        

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