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), a Taipei-based IT research 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.

Chinese Smart Lock Shipment Value, Volume and Growth, 2015-2020

Source: Dunzhi Consulting, compiled by MIC, August 2016

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.

To see more about this report, please visit: The Chinese Home Security Market: Smart Locks, Chinese Intelligent Security Market and Industry Supply Chain Developments

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About MIC

Market Intelligence & Consulting Institute (MIC), based in Taipei, Taiwan, was founded in 1987. MIC is Taiwan's premier IT industry research and consulting firm providing intelligence, in-depth analysis, and strategic consulting services on global IT product and technology trends, focusing on markets and industries in Asia-Pacific. MIC is part of the Institute for Information Industry. https://mic.iii.org.tw/english