Shelly Group SE: Smart Locks Demand Surpasses Expectations

Shelly Group SE, a rapidly growing IoT brand from Sofia, Bulgaria, reports that its venture into Smart Locks has significantly exceeded expectations. Following the acquisition of the Dutch company LOQED, the first shipment of 1,000 locks in early 2025 sold out quickly. The locks integrate seamlessly with Shelly's app, boosting customer interest beyond just retailer stockpiling. This success has led to a fully pre-sold batch of 4,000 locks expected in Q2 2025.

The locks, made from high-strength stainless steel, meet stringent security standards. Co-CEO Wolfgang Kirsch notes that the acquisition of LOQED's assets allowed rapid integration into Shelly's product line. This strategic move positions them well for the anticipated market growth of 15.4% annually, reaching USD 5.8 billion by 2029.

Smart Locks cater to both households and businesses, offering simplified access control and enhanced security monitoring. Potential applications span hotels to public institutions, with features like Bluetooth/WiFi connectivity enhancing user experience.