South Korea Smart Lock Market Size & Outlook, 2023-2030
South Korea smart lock market, 2018-2030 (US$M)
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South Korea smart lock market highlights
- The South Korea smart lock market generated a revenue of USD 28.9 million in 2023 and is expected to reach USD 159.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 27.6% from 2024 to 2030.
- In terms of segment, deadbolt was the largest revenue generating type in 2023.
- Lever Handles is the most lucrative type segment registering the fastest growth during the forecast period.
Smart lock market data book summary
| Market revenue in 2023 | USD 28.9 million |
| Market revenue in 2030 | USD 159.0 million |
| Growth rate | 27.6% (CAGR from 2023 to 2030) |
| Largest segment | Deadbolt |
| Fastest growing segment | Lever Handles |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Deadbolt, Lever Handles, Padlock |
| Key market players worldwide | Fortune Brands Innovations Inc, Spectrum Brands Holdings Inc, Assa Abloy AB Class B, Allegion PLC, Carrier Global Corp Ordinary Shares, Honeywell International Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.2% of the global smart lock market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China smart lock market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 159.0 million by 2030.
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Smart Lock Market Scope
Smart Lock Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea smart lock market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to smart lock market will help companies and investors design strategic landscapes.
Deadbolt was the largest segment with a revenue share of 45.33% in 2023. Horizon Databook has segmented the South Korea smart lock market based on deadbolt, lever handles, padlock covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is anticipated to witness a significant CAGR of 27.6% over the forecast period from 2023 to 2030. The trend of a luxurious lifestyle, accompanied by the trend of home automation, is expected to drive the growth of the market.
Moreover, the growing presence of smart lock services in the country is expected to add to the growth of the market in South Korea.
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Our clientele includes a mix of smart lock market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea smart lock market , including forecasts for subscribers. This country databook contains high-level insights into South Korea smart lock market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea smart lock market size, by type, 2018-2030 (US$M)
South Korea Smart Lock Market Outlook Share, 2023 & 2030 (US$M)
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