The global padlock smart lock market size is witnessing considerable growth and is expected to grow significantly in the next upcoming future. A padlock smart lock can be defined as a mechanical and an electrical locking device with the ability to open wirelessly with verification by authorized users. It enables homeowners to enter their home or provide others access without the requirement for a traditional key. Padlock smart lock allows user to use various other accessible objects such as a smartphone or a key fob to wirelessly verify and unlock the door. It can be said to be an extension of home security or home automation. As a result, it can also be considered as a part of the Internet of Things (IoT).

COVID-19 scenario analysis: 

• To subdue the spread of COVID–19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors plaguing the global padlock smart lock market resulting in a decline in production.
• The global padlock smart lock market has been significantly impacted by the outbreak. The global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules and regulations, which disrupted the global supply chains.
• The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase.
• This is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The main factors, which drive the growth of global padlock smart locks market include increased popularity of smart home services and smartphone penetration, which is expected to reach saturation points in the next two to three years. In addition, decreasing costs of cloud infrastructure and ubiquitous mobile broadband also aided in allowing the users to effortlessly & remotely monitor and control any device, be it a smart thermostat or a padlock smart lock. Moreover, the factors driving the growth of the global padlock smart lock include various advantages such as convenience of being able to walk up to a door, allowing users to grant others access to their locks directly from their phones, and have it automatically unlocked with no need to reach for one’s keys. However, one of the major challenges for global padlock smart locks market is the issue of one’s phone potentially dying. In such a scenario, a physical key still works. 

Furthermore, back end clouds and phones can be hacked; hence, there remains a perceived and real security risk related to padlock smart locks. It is expected to be critical for startups to invest in security as negative publicity is a risk in the early market. The low power communication protocols, ubiquity of smartphones, and enhanced technologies related to geo-locating an individual created new opportunities to enhance user experience that can be further explored in the padlock smart lock industry.

Residential segment to drive the padlock smart lock market

The residential segment dominated the padlock smart lock market. Increasing number of smart homes across the globe has significantly contributed to the growth in revenue generation. Advanced security tools, including the remote door, window, locking, door opening sensors, and motion detectors are now affordable for homeowners. This is expected to drive the adoption of smart locks in residential applications. These locks are compatible with ZigBee, Z-Wave, and BLE technologies, and are developed explicitly for mass-market residential purposes, thereby attracting customers.

Hospitality is expected to hold significant growth in the padlock smart lock market

The hospitality industry represents huge adoption of padlock smart locks. Growth in in-room security measures in hotels is anticipated to bolster the adoption of padlock smart locks in the hospitality sector. Hotels across the globe are implementing wireless protocol-based advanced locks in their rooms to cater to the safety needs of international customers. The adoption of padlock smart locks also leads to surge in a hotel’s brand value. These factors are expected to fuel the padlock smart lock market growth in the hospitality sector. 

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global padlock smart lock industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global padlock smart lock market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global padlock smart lock market trends and growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed padlock smart lock market analysis based on competitive intensity and how the competition will take shape in the coming years.

Market scope and structure analysis:

Questions answered in the padlock smart lock market research report:

• Which are the leading market players active in the padlock smart lock market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the padlock smart lock market forecast?
• What are the projections for the future that would help in taking further strategic steps?