With smart locks continuing to play a leading role in door lock industry, the Chinese smart lock market volume is expected to grow by 31% while the sales value by over 25% in 2016 compared to 2015, according to MIC (Market Intelligence and Consulting Institute).
By 2020, the Chinese smart lock market volume and value is expected to grow at a CAGR of 37% and 30%, respectively. The Chinese traditional door lock industry's shipment value totaled 60 billion RMB (USD9.2 billion) while shipment volume arrived at 2 billion units in 2012.
On top of that, compared with Korea's 85% and Japan's 70% penetration rates, China which has merely 3.5% penetration rate is expected to be one of the most potentially lucrative markets.
Meanwhile, China's adoption of home security systems is relatively low and, as the market is still at the nascent stage of development, the market share was 4% in 2014, equivalent to USD17 billion.
MIC also found that the global home security market is shifting from traditional security to interactive security services with remote monitoring and controlling capabilities, including China.
