With the increasing popularity of the smart home concept, individual smart devices such as robotic vacuum cleaners, smart speakers, smart curtains, smart toilets, and smart locks are gradually entering households, enabling more ordinary families to experience smart technology. Among these, smart locks have shown the most promising sales performance.

Optimistic about the billion dollar blue ocean market for smart locks, more and more companies have launched their own smart lock brands. According to statistics, in 2017, there were more than 1300 smart lock companies and 2800 brands in China. Now, after going through the reserve period, development period, and accumulation period, the smart lock industry will usher in a period of explosive growth. The editor wants to use several sets of data to take you on a deeper analysis.

1. Intelligent lock sales have grown by over 50% annually

According to relevant departments' statistics, in 2016, the sales volume of smart locks in China was 3.5 million sets. In 2017, the sales volume reached 8 million sets. In the first half of 2018, the order data exceeded the production and sales volume of the whole year of 2017, reaching 8.3 million sets. It is expected that the sales volume of smart locks for the whole year of this year may reach about 13 million sets, and it is expected to reach 32 million sets in 2020. 

In the next few years, the sales of smart door locks in China will continue to grow rapidly at a rate of over 50%. People's consumption concepts will gradually change, and their acceptance of smart door locks will generally increase. Smart locks will also gradually replace ordinary mechanical locks, leading people into a more convenient keyless era.

2. More than 80% of consumers value the security of smart locks

Survey data shows that over 80% of consumers are most concerned about the security of locks when purchasing smart locks, and more than 50% of consumers say that they do not purchase smart locks mainly because they are worried about being cracked. This shows that security is a key factor affecting consumers' purchasing decisions.

We can also explore consumer psychology based on the impact of the recent Little Black Box incident on the smart lock market. At that time, many netizens reported to me that they had originally planned to purchase a smart lock, but the Little Black Box incident discouraged them from doing so. This also sounds the alarm for smart lock manufacturers, and it is urgent to enhance the security of smart locks through technological means. This also determines whether the smart lock market can truly usher in a period of explosive growth.