The Europe Smart Locks market was valued at US$ 401.9 million in 2019 and is projected to reach US$ 1208.7 million by 2027; it is expected to grow at a CAGR of 15.1% from 2020 to 2027.
A steady growth in the adoption of portable security devices, a rise in security threats, and the development of smart cities are some of the other factors driving the smart locks market. Nevertheless, the high cost of devices, misplace of smartphones, and fear of privacy intrusion are expected to hinder the market growth. Additionally, the emerging popularity of smart technology is projected to offer new opportunities for the smart locks manufacturers during the forecast period.
With the rising trend of autonomous vehicle across the globe, the demand for innovative and smart locks for the cars is increasing. The manufacturers are focusing on the development and integration of digital keys for the cars by adopting the ultra-wideband (UWB) technology. The combination of ultra-wideband technology in the smart keys offers better precision, security, and real-time localization proficiencies unsurpassed by other wireless technologies that include Bluetooth, Wi-Fi, and GPS.
The overall Europe Smart Locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Smart Locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe Smart Locks market. Gantner Electronic GmbH, Schlage, Wyze Labs Inc are among the key players serving the Smart Locks market in Europe.