SMARTHOME & SMARTLOCKS GROWTH

Recently I visited the smart home expo in Delhi. It was exhilarating to see how smart home tech, specially Smart-Locks are becoming more and more affordable.

This affordability will widen the TAM and open the floodgates of consumption, making it feasible to manufacture them in India( True Manufacturing, Not just Assembly).

With increasing incomes and growing demand for luxury housing (5% CAGR, source Mordor Intelligence), the TAM for Smart Locks is growing organically. Grand View Research predicts the CAGR for Smart locks to be 19.6 % (2023-2030).

The average price of homes in India has increased by around 10% each year between the fiscal years 2010-11 and 2020-21 ( HPI, Released by RBI), which means a house that used to cost 1 crore 10 years ago, now costs 2.7 Crore, Also, the prices of Smart Locks has fallen drastically hence the expense on a lock is minuscule as compared to the total cost, making it a lucrative considering how differentiating and convenient it is to have a smart lock at the entrance of your home.