Smart Locks - LATAM
LATAM- Revenue in the Smart Locks market is projected to reach US$189.4m in 2024.
- Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.36%, resulting in a projected market volume of US$354.6m by 2029.
- In the Smart Locks market, the number of active households is expected to amount to 17.1m users by 2029.
- Household penetration will be 9.3% in 2024 and is expected to hit 11.9% by 2029.
- The average revenue per installed Smart Home currently is expected to amount to US$14.61.
Definition:
Smart Locks market includes devices that allow users to lock and unlock doors without the need for traditional keys. These locks often integrate with smartphones, tablets, or other smart devices, enabling remote access and control through Bluetooth, Wi-Fi, or other wireless communication technologies. Smart Locks can also be connected to broader home automation systems, providing enhanced convenience and security.This segment focuses solely on the locks themselves, excluding additional accessories like smart home hubs or controllers (see Control & Connectivity).
Additional Information:
The market comprises revenue, average revenue per smart home, number of smart homes, and household penetration rates. Figures are generated through both online and offline sales channels, focusing on consumer (B2C) spending. Key manufacturers in this segment include Schlage, Yale, Aqara, Nuki, Assa Abloy, Samsung, Allegion, Sargent and Greenleaf, MIWA, and others recognized for their expertise in security and innovative solutions. For more information on the data displayed, use the info button next to the relevant boxes.
In-Scope
- Smart Deadbolts (e.g., August Smart Lock, Schlage Encode)
- Smart Lever Locks (e.g., Yale Assure Lock, Kwikset Halo)
- Smart Lock Retrofit Kits (e.g., Danalock V3, Lockitron)
- Voice-controlled Smart Locks (e.g., Google Nest x Yale Lock, Amazon Key compatible locks).
Out-Of-Scope
- Traditional locks with physical keys (e.g., standard deadbolts, knob locks)
- Basic keyless entry systems without connectivity features
- Security systems or cameras not integrated with locking mechanisms
- Accessories like key fobs or RFID cards without smart technology.
