Report from the market research firm Allied Market Research shows, in 2016 the global market size for intelligent lock is 416 million US dollars, and it will reach 1,175 million US dollars in 2022 with annual growth rate 16.4%. The main elements are the growing safety consciousness of families, growing of intelligent devices, growing of disposable income of consumers, and further development of Internet and Internet of things.
As per the product types, intelligent locks are divided into cross bolt type, handle type and padlock. The cross bolt type and handle type are the leading type, which occupy 82% of the global intelligent lock market share and cross bolt type even occupy half of the market share.
Research report from the largest safe and protection data media IFSEC Global in UK shows, 75% of European people think the safe performance of intelligent locks is higher than mechanical locks. That is to say, intelligent locks have huge business opportunities in developed countries.
Apartment and Hotel Market Keep the Main in a Short Time
In the present global intelligent lock industry, apartments and hotels etc commercial market will be the main because of their intensive purchase and huge trading volume in a short time. With the habitual bulk procurement at the end of the year, the shipment volume of intelligent locks will have a new round of outbreak in the third quarter of 2017.
Household Market will be the Goal Zone of Intelligent Locks
Though the commercial market develops rapidly, the largest market of intelligent locks is till the massive and dispersive residential market. In Japan, South Korea and some European countries, residential market needs for intelligent locks reach above 70%.
Industry Reshuffle will Appear in the Coming Three Years
New brands of intelligent locks spring up, but with the threshold of the technology and production drops down to lower level, intelligent lock industry will meet more intense competition and come to a new era of industry reshuffle. Therefore intelligent lock suppliers should promote and race to control the market share.
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