ASSA ABLOY Controls 35% of the Global Consumer Smart Lock Market
BOSTON–(BUSINESS WIRE)–The Power Players in the global smart lock market – Yale, Kwikset, and Schlage – have all but cemented themselves at the top of the global consumer smart lock leaderboard, though ASSA ABLOY’s brands are poised to break away from the pack, according to the latest research published in Strategy Analytics’ 2022 Smart Door Lock Market: Products, Players and Predictions. ASSA ABLOY’s pending acquisition of Spectrum Brands’ Hardware and Home Improvement division – which includes the Kwikset lock brand –will make the already huge lock conglomerate even larger and a more potent influencer on a global consumer smart lock market Strategy Analytics forecasts will approach $4.6 billion in consumer spending and 44 million units sold by 2027. In 2021 Strategy Analytics estimates ASSA ABLOY claimed 21% of the global smart lock market, and successfully acquiring Kwikset will expand ASSA ABLOY’s market share to 35%, nearly double that of Allegion’s Schlage.
“The ASSA ABLOY family of brands is effectively the default standard for smart locks globally,” noted Jack Narcotta, Principal Industry Analyst in Smart Home Strategies research and advisory service. “Schlage, the sole remaining independent Power Player, and Tier 2 and Tier 3 companies now find themselves with an even steeper hill to climb to compete against the smart lock market’s juggernaut. On the plus side, ASSA ABLOY’s competitors have the same access to the same set of features as ASSA ABLOY, such as fingerprint scanning, geofencing capabilities, remote operation, and smart home and automation platforms. However, ASSA ABLOY stands to write the rule book for how those features are implemented and at what price points.”
Bill Ablondi, Director of Strategy Analytics’ Smart Home Strategies research and advisory service, added, “Leading smart lock companies know future success will be built on software, and ASSA ABLOY is no exception. Connected by August has kept ASSA ABLOY at the front of the pack and will keep it there. Software makes it that much easier for ASSA ABLOY to align August, Kwikset, and Yale consumer smart locks with all the features and use cases consumers will demand, whether it’s fingerprint recognition, or hands-free setup, or greater use of geofencing and GPS data, or more robust interoperability with other smart home devices and services.”
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