The global cylindrical door lock market is anticipated to grow at a considerable CAGR of 5.9% during the forecast period (2024-2031). The growing awareness about the security of properties & homes, advancements in lock technology, and the growing adoption of smart home automation systems have driven the global market. The market is evolving with the introduction of smart locks. While smart locks offer new functionalities, they also come with potential drawbacks that need to be addressed by manufacturers. The long-term success of smart locks will depend on their ability to address these issues and provide a compelling value proposition to consumers. Therefore, key manufacturers are focusing on enhancing the functionality and security of their lock systems.
Browse the full report description of “Cylindrical Door Lock Market Size, Share & Trends Analysis Report by Type (Deadbolt, Lever handles, Padlock, and Digital lock), by Product (Smart Cylindrical Door Lock and Non-Smart Cylindrical Door Lock), by Connecting Technology (Wi-Fi, Bluetooth, and ZigBee), and by Application (Residential, and Commercial) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/cylindrical-door-lock-market
For instance, in February 2024, Aqara has launched Smart Lock U200. This lock has Matter-over-Thread connectivity and a separate Bluetooth keypad with a fingerprint reader and NFC built in. This gives users the option to unlock with digital codes, Aqara NFC cards, the Aqara app on their phone, and voice control with compatible voice assistants. That’s in addition to still being able to use its existing key (at least for US locks).
Further in October 2023, Netatmo launched anm advanced smart door lock. This lock offers both traditional key access and smartphone control through Bluetooth. The unique aspect lies in the "smart keys." These don't physically unlock the door but utilize built-in NFC chips for authorization. Users can program multiple keys and grant temporary access through the dedicated smartphone app. While the delayed release raises questions about its current appeal, the combination of traditional key access with smartphone control might be a point of consideration for some.
The key market players in the global cylindrical door lock market are August, The Eastern Company, Hutlon, Panasonic, Liberty Safe and Security Products, Baldwin Hardware, Weslock, and Jiangmen KEYU Intelligence Co, ltd, among others. The market growth is driven by different strategies incorporated by key market players such as mergers, acquisitions, and collaborations. For instance, a manufacturer of commercial doors and window systems, Pacific Door Systems (New Zealand), was purchased by Assa Abloy in December 2021. With this, the business hopes to hasten its growth in New Zealand.
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