ASSA ABLOY Set to Control 33% of the Global Smart Lock Market
BOSTON–(BUSINESS WIRE)–The Power Players in the global smart lock market – Yale, Kwikset, and Schlage – remain in control of the smart lock market, though ASSA ABLOY is now triple trouble for Allegion’s Schlage, according to the latest research published in Strategy Analytics’ Smart Door Lock Market: Products, Players and Predictions. ASSA ABLOY’s surprise acquisition in September 2021 of Kwikset, one of its main competitors, makes it the smart lock juggernaut of a global smart lock market Strategy Analytics forecasts will approach $3.4 billion in consumer spending and 30.3 million units sold by 2025. If the acquisition closes in later 2021 as expected, lock brands such as Kwikset, Baldwin, Weiser, and National Hardware will join Yale and August under the corporate umbrella of ASSA ABLOY, making the huge lock conglomerate even larger and a more potent influencer on the global smart lock market. In 2020 Strategy Analytics estimates ASSA ABLOY claimed 20.5% of the global smart lock market, and successfully acquiring Kwikset will expand ASSA ABLOY’s market share to 33% by the end of 2021, nearly double that of Allegion’s Schlage.
“The ASSA ABLOY family of brands will soon be the default standard for smart locks globally,” noted Jack Narcotta, Senior Industry Analyst, Smart Home Strategies. “Once the acquisition closes, the ripple effects from ASSA ABLOY’s acquisition of Kwikset will be enormous as it will exert more influence on smart lock product design, feature support, and consumer awareness. Schlage, the sole remaining Power Player, and innovators such as Level, Lockly, U-Tec, and Wyze will find themselves with an even steeper hill to climb to compete globally, though especially in the US.”
Bill Ablondi, Director, Smart Home Strategies, added, “By absorbing Kwikset and its flanker brands, Strategy Analytics believes ASSA ABLOY will utilize its Connected by August software capabilities strengthen its ability to protect its installed base and earn new customers. Connected by August will also put ASSA ABLOY at the front of the pack when it comes to improving and enhancing smart home automation between locks and other devices such as video doorbells and outdoor cameras.”
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Source: Strategy Analytics, Inc.
Jack Narcotta, +1 617 614 0798, [email protected]
Bill Ablondi, +1 617 614 0744, [email protected]