South Korea Smart Locks Market to Grow at a CAGR of 15.7% During 2024-2032, Aided by the Technological Advancements and Large Internet Connectivity

The rise of smart homes and rapid technological advancements, such as voice control and encryption technology, are driving the South Korea smart locks market growth. New networking technologies like 5G, Bluetooth, Z-wave, and Zigbee are aiding the smart locks demand. Manufacturers are integrating these technologies to create advanced locks for homes and businesses to offer improved connectivity and security. Technological advancements targeting hotels, businesses, and offices are expected to further boost smart locks sales. As of August 2022, South Korea had 24.53 million 5G subscribers, accounting for 32.7% of total mobile subscriptions. This showcases the growing demand for faster and more reliable connectivity with 5G technology.

Smart locks gained considerable popularity during the COVID-19 pandemic due to their touchless features, such as voice recognition and smartphone control, aligning with hygiene and social distancing concerns. Manufacturers are focusing on developing new products and integrating touchless technologies to meet consumer expectations.

The launch of new and advanced products is aiding the market growth. For instance, in 2018, Samsung SDS launched Korea's first Wi-Fi-integrated IoT smart door lock, SHP-DR900, featuring a built-in low-power Wi-Fi chip for extended battery life and real-time push notifications. The door lock offers enhanced security and convenience, including remote door opening, entry and exit history tracking, and automatic unlocking based on user movement. Recognized internationally, the product received the Smart Home Innovation Award at the Beijing International Consumer Electronics Expo, reaffirming Samsung SDS's commitment to lead the industry with innovative and secure door lock solutions.

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Market Breakup by Product, Technology and Application:

• The market is segmented based on product into deadbolts, lever handles, and padlocks, among others. 

• Based on technology, the market can be divided into Wi-Fi, and Bluetooth, among others. 

• By application, the market is segmented into residential, enterprise, hospitality, and critical infrastructure, among others.

Key Findings of the Report:

• Integration of new networking technologies like 5G, Bluetooth, Z-wave, and Zigbee into locking systems enables faster and more reliable connectivity for homes and businesses, thus diving the South Korea smart locks market development.

• Smart locks gained traction during the pandemic due to their touchless features, such as voice recognition and smartphone control, aligning with hygiene and social distancing concerns.

• Manufacturers are prioritizing the development of new products and the integration of touchless technologies to meet consumer expectations and enhance security and convenience.

Key Offerings of the Report:

• The EMR report gives an overview of the smart locks market in South Korea for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, technology, and application of smart locks.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea smart locks market are Samsung SDS Co., Ltd., Assa Abloy Group (Gateman), HIONE Plus, Frontiertek Holdings (LOCPRO), Lumi United Technology Co., Ltd. (Aqara), and SOLITY Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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