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South America Smart Door Lock Market Forecast to 2028 -Regional Analysis - by Product (Fingerprint Locks, Remote Locks, and Electronic Cipher Locks), Technology (Wi-Fi, Bluetooth, Z Wave, and Others), and End User (Commercial and Residential)
Market Report I 2023-07-27 I 91 Pages I The Insight Partners
The South America smart door lock market is expected to grow from US$ 98.34 million in 2023 to US$ 201.04 million by 2028. It is estimated to grow at a CAGR of 15.4% from 2023 to 2028.
Increasing Security Concerns and Reliable Features of Smart Locks Drive South America Smart Door Lock Market
Millions of break-in and burglary incidents are reported worldwide every year, creating a legitimate fear among people living in urban and rural areas. Thus, this growing security concerns have raised the demand for locking devices enabled with modern technologies such as biometric sensors, Bluetooth, and Wi-Fi to safeguard properties. Smart locks also confer owners a remote control over access to their properties. Thus, they can lock or unlock the door from anywhere using their smartphones. Users having children or pets at home can use a remote access feature to let them in or out of the house without giving them a key. Thieves can easily compromise conventional locks with a set of tools, including a screwdriver or a hammer, to break into a house. Moreover, with these locking systems, owners come to know about the theft only when they return home or when neighbors notice the incident. In contrast, if houses are protected by smart door locks, owners receive notifications on their mobile apps regarding the intrusion. This feature helps owners file a complaint against a burglary attempt, further accelerating the process of catching perpetrators. In addition, as there is no need for physical keys, the owner will not be concerned about the key being stolen or forgotten somewhere. Thus, along with rising security concerns, reliable features of smart locks drive the growth of the South America smart door lock market.
South America Smart Door Lock Market Overview
The South America (SAM) smart door lock market is segmented into Brazil, Argentina, and the rest of SAM. The growing adoption of consumer IoT, increasing usage of smartphones, and rising penetration of internet are fueling the market growth. According to GSM Association, 73% of the population in Argentina was smartphone users in 2021, which is expected to reach 77% by 2025. Similarly, in 2021, in Brazil 86% of the population are smartphone user which will reach 88% by 2025. Also, Colombia smartphone users will reach 82% of the total country population in 2025 from 67% in 2021. As per the GSM association, six South American countries, including Brazil, Argentina, Colombia, Chile, Peru, and Guatemala, launched commercial 5G services at the end of June 2022. Thus, the growing number of smartphone users and increasing internet penetration will fuel the growth of the South America smart door lock market in South America during the forecast period. Furthermore, the growing urbanization in the above South American countries is raising the demand for advanced security solutions and smart home solutions such as smart locks in the region. In addition, the increasing awareness among the young population regarding the safety and security of the home and other properties bolsters the demand for smart door locks in South America. Thus, all the above factors are fueling the growth of the South America smart door lock market.
South America Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)
South America Smart Door Lock Market Segmentation
The South America smart door lock market is segmented into product, technology, end user, and country.
Based on product, the South America smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. In 2023, the electronic cipher locks segment registered a largest share in the South America smart door lock market.
Based on technology, the South America smart door lock market is segmented into wi-fi, Bluetooth, Z wave, and others. In 2023, Bluetooth segment registered a largest share in the South America smart door lock market.
Based on end user, the South America smart door lock market is bifurcated into commercial and residential. In 2023, the commercial segment registered a larger share in the South America smart door lock market.
Based on country, the South America smart door lock market is segmented into Brazil, Argentina, the Rest of South America. In 2023, Brazil segment registered a largest share in the South America smart door lock market.
Assa Abloy AB, Honeywell International Inc, Master Lock Company LLC, and Spectrum Brands Holdings Inc are the leading companies operating in the South America smart door lock market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South America Smart Door Lock Market Landscape
4.1 Market Overview
4.2 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. South America Smart Door Lock Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Security Concerns and Reliable Features of Smart Locks
5.1.2 Rising Adoption of Smartphones
5.2 Market Restraints
5.2.1 High Cost of Smart Door Locks
5.3 Market Opportunities
5.3.1 Emergence of Smart Cities
5.4 Future Trends
5.4.1 Technological Advancements in Smart Door Locks
5.5 Impact Analysis of Drivers and Restraints
6. Smart Door Lock Market -South America Analysis
6.1 South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
7. South America Smart Door Lock Market Analysis - by Product
7.1 Overview
7.2 South America Smart Door Lock Market, by Product (2022 and 2028)
7.3 Fingerprint locks
7.3.1 Overview
7.3.2 Fingerprint locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Remote locks
7.4.1 Overview
7.4.2 Remote locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Electronic cipher locks
7.5.1 Overview
7.5.2 Electronic cipher locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
8. South America Smart Door Lock Market Analysis - by Technology
8.1 Overview
8.2 South America Smart Door Lock Market, by Technology (2022 and 2028)
8.3 Wi-Fi
8.3.1 Overview
8.3.2 Wi-Fi: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Bluetooth
8.4.1 Overview
8.4.2 Bluetooth: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Z wave
8.5.1 Overview
8.5.2 Z wave: South America mart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
9. South America Smart Door Lock Market Analysis - By End user
9.1 Overview
9.2 South America Smart Door Lock Market Breakdown, by End user, 2022 & 2028
9.3 Commercial
9.3.1 Overview
9.3.2 Commercial: South America Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)
9.4 Residential
9.4.1 Overview
9.4.2 Residential: South America Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)
10. South America Smart Door Lock Market - Country Analysis
10.1 Overview
10.1.1 South America: Smart Door Lock Market, by Key Country
10.1.1.1 Brazil: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Brazil: Smart Door Lock Market, by Product
10.1.1.1.2 Brazil: Smart Door Lock Market, by Technology
10.1.1.1.3 Brazil: Smart Door Lock Market, by End user
10.1.1.2 Argentina: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Argentina: Smart Door Lock Market, by Product
10.1.1.2.2 Argentina: Smart Door Lock Market, by Technology
10.1.1.2.3 Argentina: Smart Door Lock Market, by End user
10.1.1.3 Rest of SAM: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Rest of SAM: Smart Door Lock Market, by Product
10.1.1.3.2 Rest of SAM: Smart Door Lock Market, by Technology
10.1.1.3.3 Rest of SAM: Smart Door Lock Market, by End user
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Assa Abloy AB
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Honeywell International Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Spectrum Brands Holdings Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Master Lock Company LLC
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. South America: Smart Door Lock Market, by Key Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. Brazil: Smart Door Lock Market, by Product- Revenue and Forecast to 2028 (US$ Million)
Table 4. Brazil: Smart Door Lock Market, by Technology - Revenue and Forecast to 2028 (US$ Million)
Table 5. Brazil: Smart Door Lock Market, by End user - Revenue and Forecast to 2028 (US$ Million)
Table 6. Argentina: Smart Door Lock Market, by Product- Revenue and Forecast to 2028 (US$ Million)
Table 7. Argentina: Smart Door Lock Market, by Technology - Revenue and Forecast to 2028 (US$ Million)
Table 8. Argentina: Smart Door Lock Market, by End user - Revenue and Forecast to 2028 (US$ Million)
Table 9. Rest of SAM: Smart Door Lock Market, by Product- Revenue and Forecast to 2028 (US$ Million)
Table 10. Rest of SAM: Smart Door Lock Market, by Technology - Revenue and Forecast to 2028 (US$ Million)
Table 11. Rest of SAM: Smart Door Lock Market, by End user - Revenue and Forecast to 2028 (US$ Million)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. South America Smart Door Lock Market Segmentation
Figure 2. South America Smart Door Lock Market Segmentation - by Country
Figure 3. South America Smart Door Lock Market Overview
Figure 4. South America Smart Door Lock Market, by Product
Figure 5. South America Smart Door Lock Market, by Technology
Figure 6. South America Smart Door Lock Market, by End user
Figure 7. South America Smart Door Lock Market, by Country
Figure 8. South America: PEST Analysis
Figure 9. South America Smart Door Lock Market - Ecosystem Analysis
Figure 10. Expert Opinions
Figure 11. South America Smart Door Lock Market Impact Analysis of Drivers and Restraints
Figure 12. South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. South America Smart Door Lock Market Revenue Share, by Product (2022 and 2028)
Figure 14. Fingerprint locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Remote locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Electronic cipher locks: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. South America Smart Door Lock Market Revenue Share, by Product (2022 and 2028)
Figure 18. Wi-Fi: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Bluetooth: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Z wave: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: South America Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. South America Smart Door Lock Market Breakdown, by End user (2022 and 2028)
Figure 23. Commercial: South America Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Residential: South America Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. South America: Smart Door Lock Market Share, by Key Country - Revenue (2022) (US$ Million)
Figure 26. South America: Smart Door Lock Market Revenue Share, by Key Country (2022 & 2028)
Figure 27. Brazil: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Argentina: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. Rest of SAM: Smart Door Lock Market - Revenue and Forecast to 2028 (US$ Million)
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