Smart Door Lock Unit Sales to Reach 1.7M Annually by 2021, Parks Associates Says
The research firm’s Smart Home Tracker report reveals annual sales revenue for smart door locks will exceed $357 million in 2021.
DALLAS — Annual unit sales of smart door locks are forecast to reach 1.68 million by 2021, according to new research by Parks Associates.
The research firm’s Smart Home Tracker: Market Sizing and Trends service also projects that annual sales revenue from smart door locks will exceed $357 million in the same year, up from $207 million in 2017.
“Adoption of smart door locks continues to increase, with annual unit sales projected to increase by more than 75% from 2017 to 2021,” says Brad Russell, research analyst, Parks Associates. “The increase in adoption will lead to a $150 million increase in annual sales revenues during that period.”
A major barrier to the mass adoption of smart door locks remains the high upfront costs. According to Parks Associates, many consumers cannot justify the disparity in prices between connected and unconnected models.
“One-half of consumers view smart door locks and smart video door bells as unaffordable,” Russell says. “This is a significant challenge for the smart home market. The average price of a smart door lock is $220 while traditional non-connected door locks can be purchased for $80-$100. Innovators and early adopters clearly recognize the value of smart home products, but the early majority of U.S. consumers sees only marginal value, which is insufficient to justify the premium price for smart products.”
Russell notes that consumers may also have concerns over the security of wirelessly connected locks. The constant stream of online and device security breaches fuels consumers’ fears that these devices can be hacked, especially some of the less-expensive Bluetooth locks on the market, which would leave their homes and personal data vulnerable.
Among other Smart Home Tracker findings:
- 34% of U.S. broadband households report problems with smart home devices.
- 31% of Amazon Echo owners regularly use the personal assistant to control smart home devices.
- 47% of smart home device owners find a service that resolves technical support with their devices to be highly appealing.
- One fifth of U.S. broadband households express a desire for a smart appliance, though adoption is still below 5%.
Smart Home Tracker provides a market sizing summary of 16 devices and services, including smart home controls, security, access control, and energy, lighting and water devices. The research also provides industry insights and analysis on artificial intelligence (AI), cloud services, data analytics, interoperability solutions and networking, product innovation, user interface innovation and more.
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