The global mechanical locks market is poised for substantial expansion, growing from USD 7.75 billion in 2025 to USD 11.15 billion by 2035, reflecting a steady compound annual growth rate (CAGR) of 3.7% during the forecast period.

Metric	Value
Industry Size (2025E)	USD 7.75 billion
Industry Value (2035F)	USD 11.15 billion
CAGR (2025 to 2035)	3.7%

Semi-Annual Market Update

Particular	Value CAGR
H1 2024	4.5% (2024 to 2034)
H2 2024	3.3% (2024 to 2034)
H1 2025	4.2% (2025 to 2035)
H2 2025	3.2% (2025 to 2035)

Per Capita Spending Analysis

Country	United States
Population (millions)	345.4
Estimated Per Capita Spending (USD)	2.5

Country	United Kingdom
Population (millions)	68.3
Estimated Per Capita Spending (USD)	1.8

Country	Germany
Population (millions)	84.1
Estimated Per Capita Spending (USD)	2.0

Country	Japan
Population (millions)	123.2
Estimated Per Capita Spending (USD)	1.6

Country	Australia
Population (millions)	26.3
Estimated Per Capita Spending (USD)	2.1

Country-wise Insights

Countries	CAGR (2025 to 2035)
USA	2.3%
UK	3.1%
Germany	2.9%
Japan	4.4%
GCC	5.1%

The US Smart Lock Market is Segmented By End-User (Residential, Commercial), and Type (Deadbolt, Padlock).

Snapshot img

Smart Lock Market Size 2025-2029

The smart lock market size is forecast to increase by USD 2.09 billion, at a CAGR of 11.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing number of smart cities worldwide and the integration of these locks with voice assistants and smart home ecosystems. The proliferation of smart cities, characterized by the deployment of advanced technologies to enhance urban living, is creating a vast market opportunity for smart locks. These solutions offer enhanced security and convenience, making them an attractive choice for both residential and commercial applications. However, the market faces challenges as well. The growing security and privacy threats in smart locks pose a significant obstacle. With the increasing adoption of these technologies, the risk of cyberattacks and data breaches is on the rise. Companies must prioritize robust security measures to mitigate these risks and protect user data. Additionally, ensuring interoperability with various voice assistants and smart home platforms is crucial to maintain competitiveness and cater to evolving consumer preferences. Companies seeking to capitalize on market opportunities and navigate challenges effectively must focus on delivering innovative solutions that prioritize security, compatibility, and user experience.

What will be the Size of the Smart Lock Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, integrating advanced technologies and applications across various sectors. Fingerprint scanners, biometric authentication, and keyless entry systems are becoming standard features, seamlessly integrated into complete smart lock solutions. Zigbee protocols ensure secure and reliable communication between devices, while durability testing ensures the longevity of hardware components. Smart lock analytics provide valuable data for access control integration and security auditing, optimizing user experience and power consumption. User interface design and mobile app control offer convenience and ease of use, while voice control integration and iris scanners add an extra layer of security. Smart home connectivity, industry certifications, and smart speaker compatibility expand the market's reach, integrating smart locks into smart home ecosystems and property management systems. NFC technology and door sensors enhance security and convenience, while wifi connectivity and cybersecurity measures ensure data privacy and encryption standards. The market's continuous dynamism is reflected in the ongoing development of smart lock standards, facial recognition, hospitality applications, and home automation integration. Motion sensors, cloud-based management, and user experience optimization streamline the installation process and maintenance and support. Window sensors, smart lock mechanisms, software updates, and maintenance and support further enhance the market's offerings, catering to both residential and commercial applications. Weather resistance, cloud infrastructure, and bluetooth connectivity expand the market's reach, ensuring smart locks remain a vital component of modern access control solutions.

How is this Smart Lock Industry segmented?

The smart lock industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TechnologyWiFiBluetoothZigbeeZ-waveEnd-userCommercialResidentialTypeLever handlesDeadbolt locksProduct TypeKeypadTouch basedCard keysGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanRest of World (ROW).

By Technology Insights

The wifi segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth, driven by the integration of various advanced technologies such as WiFi, Bluetooth, NFC, and RFID. These technologies enable remote access control, multi-factor authentication, and voice command integration, enhancing convenience and security. In retail applications, smart locks offer data analytics capabilities, enabling businesses to monitor access patterns and optimize user experience. Tamper resistance, alarm integration, and security auditing are essential features that ensure the highest level of security. Power consumption is a critical factor, with smart locks incorporating motion sensors and door sensors to minimize power usage. Access control integration with property management systems and keycard systems is a significant trend, providing centralized management and control. Biometric authentication through fingerprint scanners and iris scanners adds an extra layer of se

Global Smart Lock Market Share size & share value expected to touch USD 11.92 billion by 2032, to grow at a CAGR of 18.0% during the forecast period.

The U.S. smart locks market was valued at USD 999.12 million in 2023 and is expected to reach USD 2.33 billion by 2029, growing at a CAGR of 15.16%.

The Smart Lock Market report segments the industry into Communication Technology (Wi-Fi, Bluetooth, Zigbee, Z-Wave), Authentication Method (Biometric, Pin Code, RFID Cards), End-User Application (Commercial, Educational Institutions & Government, Industrial), and Geography (Europe, Asia Pacific, North America, Rest of the World). Get five years of historical data alongside five-year market forecasts.

Commercial Smart Door Lock Market Outlook

The global commercial smart door lock market size was valued at approximately USD 2.5 billion in 2023 and is projected to reach USD 8.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 15.7% during the forecast period. The growth of this market is driven by advancements in IoT technology, increasing security concerns, and the rising adoption of smart home and office automation systems.

One of the main growth factors for the commercial smart door lock market is the increasing integration of Internet of Things (IoT) technologies. IoT enables seamless connectivity and communication between various devices, enhancing the efficiency and convenience of smart locking systems. As more businesses and residential properties adopt IoT-based solutions, the demand for advanced smart door locks is expected to rise significantly. Additionally, the proliferation of smart city projects across the globe is contributing to the growth of this market, as smart locks form an integral part of the overall smart infrastructure.

Another significant growth driver is the heightened awareness regarding security and safety. With rising crime rates and the increasing need for robust security systems, both residential and commercial sectors are moving towards adopting advanced locking mechanisms. Smart door locks offer enhanced security features such as biometric recognition, real-time alerts, and remote access control, which traditional locks cannot provide. This increased focus on security is propelling the market for commercial smart door locks.

The growing trend of smart homes and offices is also playing a crucial role in market expansion. Modern consumers and businesses are increasingly opting for smart solutions to enhance convenience and operational efficiency. Smart door locks, as a part of the broader smart home and office ecosystem, offer numerous benefits including ease of access, remote control, and integration with other smart devices such as cameras and alarm systems. As the trend towards automation and smart living continues, the market for commercial smart door locks is anticipated to grow robustly.

The Engineering Smart Door Lock is a pivotal innovation in the realm of security technology, offering a seamless blend of engineering prowess and cutting-edge design. These locks are engineered to provide not only enhanced security but also convenience and connectivity, making them an integral part of modern smart home and office ecosystems. With features such as biometric authentication, remote access, and real-time monitoring, Engineering Smart Door Locks are setting new standards in the industry. They are designed to integrate effortlessly with other smart devices, providing a comprehensive security solution that is both reliable and user-friendly. As the demand for smart living solutions continues to rise, the role of engineering in developing sophisticated smart door locks becomes increasingly critical, driving further advancements and innovations in the market.

Regionally, North America currently holds the largest share of the commercial smart door lock market, driven by technological advancements and high levels of adoption in the United States and Canada. However, the Asia Pacific region is expected to witness the highest growth during the forecast period, owing to rapid urbanization, increasing disposable incomes, and rising investments in smart infrastructure projects in countries like China, India, and Japan.

Product Type Analysis

The commercial smart door lock market is segmented by product type into biometric, keypad, card-based, remote control, and others. Biometric smart locks, which utilize technologies such as fingerprint recognition and facial recognition, are gaining substantial traction due to their high-security features and convenience. These locks eliminate the need for physical keys and can easily integrate with other security systems. The rising incidence of fraudulent activities and unauthorized access is further pushing the demand for biometric smart locks in commercial spaces.

Keypad smart locks, which require the user to enter a code to gain access, are also witnessing significant demand. These locks are relatively more affordable and offer a reliable level of security without the need for physical keys. Keypad locks are particularly popular in both residential and commercial applications due to their simplicity and ease of use. M

The global smart locks market is expected to experience significant growth, with its valuation projected to increase from approximately USD 4.46 billion in 2025 to around USD 18.20 billion by 2035. This expansion reflects a compound annual growth rate (CAGR) of 15.1% during the forecast period.

Metric	Value
Industry Size (2025E)	USD 4.46 billion
Industry Value (2035F)	USD 18.20 billion
CAGR (2025 to 2035)	15.1%

Semi-Annual Market Update

Particular	Value CAGR
H1 (2024 to 2034)	13.9%
H2 (2024 to 2034)	16.1%
H1 (2025 to 2035)	16.6%
H2 (2025 to 2035)	13.8%

Per Capita Spending on Smart Locks - Top 5 Countries

Countries	Population (millions)
United States	345.4
China	1,419.3
India	1,450.9
Japan	123.2
Germany	84.1

Countries	Estimated Per Capita Spending (USD)
United States	2.10
China	1.85
India	1.50
Japan	1.95
Germany	2.00

Country-wise Insights

Countries	CAGR (2025 to 2035)
USA	10.7%
Canada	12.6%
UK	19.4%
China	18.5%
India	21.1%

Category-wise Insights

Product Type	CAGR (2025 to 2035)
Deadbolt	12.2%

Sales Channel	CAGR (2025 to 2035)
Online Retailers	11.5%

The Japan Smart Lock Market Report is Segmented by Communication Technology (Wi-Fi, Bluetooth, Zigbee, Z-Wave, and Others) and Authentication Mode (Biometric, PIN Code/Keypad, RFID/NFC, and Others). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

According to Cognitive Market Research, the global hotel lock market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held a market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Latin America's market has more than 5% of the global revenue, with a market size of USD XX million in 2024, and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
The direct segment held the highest hotel lock market revenue share in 2024

Market Dynamics of Hotel Lock Market

Key Drivers for Hotel Lock Market

Increase in Awareness of Keyless Technologies to Increase the Demand Globally

One key driver in the hotel lock market is the increase in awareness of keyless technologies. As consumers increasingly prioritize convenience and security, keyless entry systems offer a seamless and secure solution. With features such as smartphone integration and RFID technology, keyless locks streamline guest experiences while enhancing security protocols. It is fueling the demand for advanced locking solutions in hotels worldwide.

Expansion of the travel and tourism industry to Propel Market Growth

Another key driver in the hotel lock market is the expansion of the travel and tourism industry. As more people travel for leisure and business purposes, there is a higher demand for accommodation facilities, leading to increased construction and renovation of hotels. Additionally, the adoption of smart technology in hotels aligns with modern travelers' preferences for seamless and secure access, further fueling the growth of the hotel lock market.

Restraint Factor for the Hotel Lock Market

High Initial Costs to Limit the Sales

One key restraint in the hotel lock market is the challenge of high initial costs. Implementing advanced locking systems requires substantial investment upfront, including the purchase of hardware, software, and installation expenses. It can pose a barrier for many hotels, particularly smaller establishments or those operating on tighter budgets. Consequently, while these systems offer enhanced security and convenience, the initial financial outlay remains a notable challenge for adoption in the hotel industry.

Impact of Covid-19 on the Hotel Lock Market

The hotel lock market experienced challenges and opportunities due to the impact of COVID-19. Many hotels faced financial strain, delaying or canceling plans for lock upgrades or replacements. However, as the hospitality industry gradually recovers, there is a growing emphasis on contactless solutions and enhanced hygiene measures, driving a renewed interest in smart lock technologies. This shift towards touchless and secure entry systems is expected to shape the future landscape of the hotel lock market. Introduction of the Hotel Lock Market

A hotel lock is a security device used to control access to guest rooms in hotels. Typically, it utilizes electronic or mechanical mechanisms to secure doors, requiring a keycard, code, or traditional key for entry. These locks provide both convenience and safety by restricting unauthorized entry. One of the key drivers propelling the growth of the hotel lock market is the growing hospitality industry. With technology playing a pivotal role in enhancing guest experiences, smart hotel locks offer features like keyless entry and remote management, appealing to both hoteliers and guests alike. This symbiotic relationship between hospitality expansion and innovative security solutions propels the hotel lock market forward, driving its continuous growth.

Another significant driver shaping the hotel lock market is the rising adoption of smartphones. The hotels are increasingly integrating mobile key solutions and allowing guests to unlock their rooms using their smartphones. It offers conveni...

Smart Lock Market size was valued at USD 2 Billion in 2024 and is projected to reach USD 6.46 Billion by 2032, growing at a CAGR of 8.4% from 2024 to 2031.Key market drivers for the Smart Lock Market include the rising demand for advanced home security solutions, increasing adoption of smart home technologies, and growing consumer awareness of IoT-enabled devices. Additionally, rapid urbanization, increasing smartphone penetration, and the need for convenient and remote access control are fueling market growth. Integration with voice assistants and home automation systems further boosts demand across residential and commercial sectors.

Smart Lock Market is expected to grow at a high CAGR during the forecast period 2024-2031

Smart Door Lock Market size was valued at USD 2.49 Billion in 2024 and is projected to reach USD 9.36 Billion by 2031, growing at a CAGR of 18% during the forecast period 2024-2031.Global Smart Door Lock Market DriversThe market drivers for the Smart Door Lock Market can be influenced by various factors. These may include:Expanding Home Automation Trend: One of the main reasons for the popularity of smart door locks is the growing use of smart home technologies. Smart locks that can be controlled by smartphones or connected into smart home systems are in high demand because consumers want ease, security, and remote access to their homes.Needs for Enhanced Security: As worries about home security grow, more and more people are turning to smart door locks for cutting-edge features like biometric verification, keyless entry, and real-time monitoring. Because these locks provide greater security than conventional mechanical locks, homeowners seeking peace of mind are drawn to them.Convenience and accessibility: By doing away with the need for traditional keys, smart door locks provide convenience. With mobile apps, users may remotely unlock doors, give visitors or service providers temporary access, and keep an eye on door activities from anywhere. Homeowners who are busy and looking for flexible access control options may find this feature appealing.Integration with IoT Ecosystems: In order to provide seamless connectivity with other smart devices like security cameras, video doorbells, and home automation systems, smart door locks are becoming more and more integrated into larger IoT (Internet of Things) ecosystems. By improving functionality and compatibility, this integration encourages users who are tech-savvy to adopt the product.Growing Rental Markets and Urbanization Trends: The need for smart door locks is being driven by the expansion of the rental market and urbanization trends, especially in multifamily homes and rental properties. Smart lock solutions are being used by landlords and property managers to improve security, expedite access management, and draw in tenants looking for contemporary amenities.Concerns About Contactless Solutions: The COVID-19 pandemic has sped up the deployment of smart door locks and other contactless technology. The need for smart lock systems with touchless entry choices is being driven by consumers' increasing preference for touchless entry solutions as a means of reducing the spread of germs and improving hygiene in both residential and business settings.Technological Developments: The market is expanding as a result of continuous developments in smart lock technology, including enhanced encryption protocols, biometric authentication techniques, and AI-based security features. In order to provide consumers with smart lock solutions that are more dependable, safe, and easy to use, manufacturers are always coming up with new ideas.Regulatory Support and Standards: The market for smart door locks is also influenced by laws and industry guidelines that support data privacy and home security. Adoption is accelerated and consumer trust is increased when industry certifications, data protection laws, and encryption methods are followed.

Mortise Lock Market Outlook

The global mortise lock market size is projected to grow from USD 3.2 billion in 2023 to USD 4.8 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period. The market growth is primarily driven by the increasing demand for enhanced security solutions in both residential and commercial spaces. As urbanization and industrialization continue to advance globally, there is a rising need for robust locking mechanisms that provide superior security and durability, thereby fueling the demand for mortise locks.

One of the primary growth factors for the mortise lock market is the rapid expansion of the construction industry. The construction of new residential, commercial, and industrial buildings requires advanced security systems, which is significantly boosting the demand for mortise locks. Additionally, renovation activities in old buildings are also contributing to the market growth, as outdated locking systems are being replaced with modern, more secure mortise locks. The increasing focus on smart cities and smart building infrastructure is further propelling the market, as mortise locks are adapted to be part of integrated security systems.

Technological advancements in locking mechanisms are another crucial factor driving the market. The development of smart mortise locks that integrate with home automation systems is attracting a wide range of consumers. These smart locks offer enhanced convenience through features like remote access, biometric authentication, and integration with other smart home devices. The growing consumer preference for IoT-enabled devices and the rising awareness regarding advanced security solutions are expected to further spur the market growth.

Furthermore, the rising incidences of burglary and theft have heightened the awareness and need for secure locking solutions. Consumers are increasingly investing in high-quality, reliable mortise locks to ensure safety and security. The availability of a wide range of designs and finishes to cater to diverse consumer preferences also plays a significant role in driving the market. The aesthetic appeal, coupled with enhanced functionality, makes mortise locks a preferred choice in modern architectural designs, thereby contributing to market expansion.

In the evolving landscape of security solutions, the concept of the Interchangeable Core Lock has gained significant traction. This type of lock allows for the easy replacement of the core, which houses the key mechanism, without having to remove the entire lock from the door. This feature is particularly advantageous in commercial and institutional settings where security needs may change frequently, such as in offices or educational facilities. The ability to quickly and efficiently change locks without the need for extensive hardware replacement not only saves time but also reduces costs associated with locksmith services. As security demands continue to evolve, the interchangeable core lock represents a flexible and efficient solution for maintaining high-security standards.

Regionally, North America and Europe are expected to hold significant market shares due to the advanced infrastructure and higher adoption of smart home technologies. The Asia Pacific region is anticipated to exhibit the highest growth rate, driven by rapid urbanization, increasing construction activities, and rising disposable incomes. The demand for mortise locks in emerging economies such as China and India is expected to surge as urban development projects and smart city initiatives gain momentum.

Product Type Analysis

The mortise lock market by product type includes deadbolt mortise locks, latch mortise locks, privacy mortise locks, passage mortise locks, and others. Deadbolt mortise locks are highly popular due to their robust security features. These locks are designed to resist unlocking with any kind of physical pressure, making them ideal for both residential and commercial applications where security is a priority. The market for deadbolt mortise locks is expected to maintain a steady growth rate as the need for high-security locking systems continues to rise.

Latch mortise locks, on the other hand, are commonly used in internal doors where the primary need is privacy rather than security. These locks are frequently installed in residential spaces such as bedrooms and bathrooms, as well as in office settings. The market for latch mortise locks is anticipate

Global Market Share, 2025

Market Segment	Industry Share (%)
Top 3 (Assa Abloy, Allegion, Kwikset)	50%
Rest of Top 5 (Samsung, Xiaomi)	15%
Next 5 of Top 10 (Schlage, Yale, August, Lockly, Danalock)	20%
Emerging & Regional Brands (Niche Startups)	15%

Smart Lock Market Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type, By End-User, By Distribution Channel, By Region

Pages	110
Market Size
Forecast Market Size
CAGR
Fastest Growing Segment
Largest Market
Key Players

Door Locks Market size was valued at USD 11 Billion in 2023 and is projected to reach USD 48.7 Billion by 2031, growing at a CAGR of 16% during the forecast period 2024-2031.

Global Door Locks Market Drivers

Rising Demand for Security: Increased awareness of security threats, including burglary and home invasion, is driving consumers to invest in more advanced locking systems, leading to a growing market for door locks.

Technological Advancements: The integration of smart technologies, such as smart locks that can be controlled via smartphones and other devices, is attracting consumers looking for convenience and enhanced security features. The trend toward home automation and the Internet of Things (IoT) supports the growth of smart lock products.

Global Door Locks Market Restraints

High Cost of Advanced Technologies: The increasing demand for smart locks and technologically advanced locking systems often comes with high manufacturing costs. This can deter price-sensitive consumers and limit market penetration in certain segments.

Competition from Unorganized Sectors: In some regions, unorganized players may offer lower-priced products, leading to price competition that can affect the profitability of established brands.

The size of the U.S. Smart Lock Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 16.0 % during the forecast period. The U.S. smart lock market is on the rise as a result of advancements in security technology and growing demand for convenience in home automation. Smart locks replace the old mechanical locks with digital systems controlled remotely by a smartphone, keypad, or biometric recognition. These locks enhance security through features such as real-time alerts, keyless entry, and integration with other smart home devices like security cameras and alarm systems. In the U.S., smart locks are very in demand by most homeowners looking forward to improving security in their home while still utilizing the convenience offered by remote control, especially while managing access from guests, service providers, or any family member. Most smart locks are easy to install and make them accessible for a wide group of consumers. The Internet of Things and the rise of home automation are contributing factors to the increase in smart lock adoption, thus positioning them as a key component in modern, secure homes. Recent developments include: In October 2022, Kwikset (Spectrum Brands Holdings, Inc.) launched two new products under its umbrella of smart lock products: SmartCode 270 Touchpad Deadbolts and SmartCode 260 Keypad Deadbolts. The ongoing development of these products is expected to help the industry grow exponentially in the coming years .

The global smart lock market size was valued at around USD 2.82 billion in 2024 and is projected to grow at a CAGR of around 19.8%, reaching USD 29.52 billion revenue by 2037. Deadbolt Locks segment is likely to account for 46% share by 2037, driven by its robust security features.

The global digital door lock system market is approximated at a value of US$ 11 billion in 2024. Growing popularity of smart homes is a notable digital door lock system market trend, which is expected to drive the sales of digital door locking systems at a CAGR 16% to reach US$ 48.7 billion by 2034.

Report Attributes	Details
Digital Door Lock System Market Size (2024E)	US$ 11 Billion
Forecasted Market Value (2034F)	US$ 48.7 Billion
Global Market Growth Rate (2024 to 2034)	16% CAGR
South Korea Market Value (2034F)	US$ 2.6 Billion
Key Companies Profiled	Samsung Electronics Co Ltd. Assa Abloy Group Godrej & Boyce Manufacturing Company Ltd. Vivint, Inc. Cisco Systems, Inc. Honeywell International Inc. Panasonic Corporation Siemens AG. Dorma+Kaba Holdings AG Nestwell Technologies United Technologies Corporation

Country-wise Analysis

Attribute	United States
Market Value (2024E)	US$ 1.2 Billion
Growth Rate (2024 to 2034)	16.5% CAGR
Projected Value (2034F)	US$ 5.4 Billion

Attribute	Japan
Market Value (2024E)	US$ 700 Million
Growth Rate (2024 to 2034)	16.6% CAGR
Projected Value (2034F)	US$ 3.3 Billion

Category-wise Analysis

Attribute	Fingerprint Recognition
Segment Value (2024E)	US$ 5.1 Billion
Growth Rate (2024 to 2034)	14.9% CAGR
Projected Value (2034F)	US$ 20.4 Billion

Attribute	Commercial
Segment Value (2024E)	US$ 5.3 Billion
Growth Rate (2024 to 2034)	15% CAGR
Projected Value (2034F)	US$ 21.4 Billion