A few years ago, smart door locks were not common. Entering 2016, smart door locks have become a must-push product for many decoration companies and building materials markets. The survey shows that China's smart door lock market penetration rate is less than 3%, so 97% of households have a demand for upgrading from mechanical locks to smart locks. The potential market is huge, and the smart door lock market is currently a blue ocean. China has a population of approximately 1.4 billion people and 400 million households, of which more than 70% of the households are families with 3 or more people.
In the early stage of the development of smart door locks, companies have different opinions. At present, there are many brands involved in smart door locks. Traditional manufacturers such as LAVO, Deschmann, Bida, Yale, Digill, Golden Fingercode, Kadish, etc. have launched smart door lock projects, such as IoT sensing, Smart home companies such as Hikvision and Chint Electric have also begun to develop smart door locks. At present, the domestic and foreign markets of smart door locks are in their infancy. At present, only the Korean market has a relatively high penetration rate of fingerprint code locks. At the moment when the proportion of hard-covered rooms is increasing, user demand is increasing, and consumption is upgrading, although the penetration rate of smart door locks in the Chinese market is not high, the annual growth rate exceeds 100%. It is understood that the average consumer knows little about smart door lock brands.
According to the latest data released by market research company Statista, China's smart home market was 40.34 billion yuan in 2016 and will reach 130 billion yuan by 2018, with an average annual compound growth rate of about 48%. Although each family has different ideas for the "central" of smart homes, the importance and strategic position of smart door locks is indisputable. At present, no more than 3% of households equipped with smart door locks in China. A huge market that has not yet broken out can be described as "gradually rising in scale, but no smoke of gunpowder" to describe it.
At present, the domestic market for door locks, including mechanical locks, is tens of billions, but the proportion of households that have installed smart door locks is very low. This ratio is more than 80% in South Korea, and more than 50% in many European and American countries. This shows that the domestic market for smart door locks is strong and the growth rate will be very fast. Smart door locks are becoming one of the standard equipment in the new housing market every year. In the future, electronic locks, including smart door locks, will completely replace mechanical locks.
With the intensification of population aging and the liberalization of the two-child policy, the proportion of the elderly and children in the population has further increased, exceeding 37% in 2015. Compared with traditional door locks, smart door locks are more suitable for the elderly and children to avoid traditional behaviors such as losing keys.
The size of the market and the rapid growth have doubled the confidence of enterprises. For the Chinese market, the penetration rate of smart door locks is less than 1%, and most houses still use traditional mechanical locks. In this context, the competitors of smart door lock brands are traditional mechanical locks, and the competition between brands is not obvious. Smart door lock channels mainly revolve around integrators, real estate developers, and e-commerce platforms. For smart door locks, the opportunity given by the Internet of Things era will subvert the door lock industry known as "hardware" and become an indispensable part for users to open smart homes.
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