Lever smart locks offer advanced security and convenience for various applications. They find use in residential, commercial, and hospitality sectors to enhance access control. Key features include keyless entry, remote access via smartphone and integration with smart home systems. Lever smart locks allow authorized users to lock or unlock doors with ease and grant temporary access to guests. They provide real-time activity monitoring, improving security and enabling seamless management of access privileges, making them indispensable components of modern access control solutions.
According to Data Bridge Market Research, the Global Lever Smart Lock Market accounted for USD 2,394.2 million by 2021 and is expected to reach USD 6,056.18 million by 2029. The market is expected to grow with a CAGR of 12.30% in the forecast period of 2022 to 2029.
“Increasing security concerns among consumers boost the market’s growth”
The lever smart lock market experiences growth due to increasing security concerns among consumers. With rising burglary rates and the need for convenient access control, smart locks provide advanced security features. Lever smart locks offer keyless entry, remote access, and integration with smart home systems, enhancing overall safety and convenience. As more homeowners and businesses prioritize security, the demand for lever smart locks rises, driving market growth in the residential, commercial, and hospitality sectors.
What restraints the growth of the Global lever smart lock market?
“High costs of lever smart locks restraints the market’s growth”
The high costs of lever smart locks can hinder market growth as they present a barrier for price-sensitive consumers. Despite offering advanced security features and convenience, the initial investment and ongoing maintenance expenses may deter some potential buyers. Traditional mechanical locks, being more affordable, remain a preferred option for cost-conscious customers.
Segmentation: Global Lever Smart Lock Market
The global lever smart lock market is segmented on the basis of communication protocol and vertical.
- On the basis of communication protocol, the global lever smart lock market is segmented into Wi-Fi, bluetooth, and others.
- On the basis of vertical, the global lever smart lock market has been segmented into commercial, residential, institution and government, and industrial.
Regional Insights: North America dominates the Global Lever Smart Lock Market
North America dominates the lever smart lock market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the presence of major key players in the region drives the growth of the lever smart lock market. These established companies bring advanced technology, innovative products, and trusted brands to the market, instilling confidence in consumers and promoting wider adoption of lever smart locks. Their strong market presence and offerings contribute to market growth and development.
Asia-Pacific is expected to be the fastest developing region due to substantial opportunities for low manufacturing and labor costs. Leveraging cost-effective production and labor resources enables manufacturers to offer competitively priced smart locks, making them more attractive to price-conscious consumers and businesses. This advantage fosters market expansion and enhances the accessibility of smart lock technology.
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The Prominent Key Players Operating in the Global Lever Smart Lock Market Include:
- ASSA ABLOY (Sweden)
- Allegion plc (Ireland)
- dormakaba Group (Switzerland)
- Spectrum Brands Holdings, Inc. (U.S.)
- Salto Systems S.L. (Spain)
- Carrier (U.S.)
- Cansec Systems Ltd. (Canada)
- GANTNER Group (UAE)
- Master Lock Company LLC (U.S.)
- Master Lock Company LLC (U.S.)
- Samsung (South Korea)
- SentriLock, (U.S.)
- Avent Security (Vietnam)
- DESSMANN Schliessanlagen GmbH (Singapore)
- Haven Lock, Inc., (U.S.)
- Dahua Technology Co., Ltd (China)
Above are the key players covered in the report, to know about more and exhaustive list of global lever smart lock market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lever Smart Lock Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
