Consumer Goods

Smart Lock Market is Expected to Reach USD 7,201.5 Million by 2031

Apr 2024

Consumer Goods

As per the report published by Kings Research, the global Smart Lock Market was valued at USD 2,691.0 million in 2023 and is projected to reach USD 7,201.5 million by 2031, growing at a CAGR of 13.30% from 2024 to 2031.

As urbanization continues to rise and the disposable incomes of consumers increase across key regions, the demand for smart home solutions, including advanced security systems such as smart locks, is escalating. This trend is further fueled by rising awareness about the benefits of home automation, convenience, and enhanced security. Moreover, continuous advancements in technology, particularly in areas such as IoT connectivity, biometric authentication, and mobile app integration, are driving innovation in the smart lock industry. These technological developments are expanding the functionalities of smart locks, making them more accessible and user-friendly for consumers worldwide.

Moreover, the increasing awareness surrounding home security driven by rising crime rates and safety concerns is propelling the demand for the installation of smart locks. The ability to remotely monitor and administer property access furnishes homeowners with a superior security feature.  

Key Insights

  • Based on product type, the deadbolts segment held the largest market share of 41.08% in 2023
  • Based on unlocking mechanism, the keypad segment generated the highest revenue of USD 2,674.1 million in 2023
  • Based on application, the residential segment is anticipated to generate a value of USD 2,699.3 million by 2031
  • On the basis of region, Europe is projected to generate revenue of USD 1,407.6 million by 2031

Fortune Brands Acquires Emtek and Schaub to Strengthen Residential Sector Foothold

June 2023: Fortune Brands Innovations, Inc., a prominent company specializing in home, security, and commercial building products, officially concluded the acquisition of Emtek and Schaub, renowned brands offering premium and luxury door and cabinet hardware. Additionally, the company acquired the residential smart locks business of Yale and August in the United States and Canada from ASSA ABLOY.

Surging Integration with Smart Home Ecosystems to Aid Smart Lock Market Growth

A significant factor propelling the growth of the smart lock market is the rising integration with smart home ecosystems. The ability to seamlessly connect smart locks with other smart home devices such as thermostats, lighting systems, and security cameras creates a holistic and user-centric living experience. This level of convenience and automation serves as a major selling point for tech-savvy consumers and is fostering significant interest in smart lock technology.

Integration of Artificial Intelligence for Enhanced Functionality to Offer Potential Growth Opportunities

The incorporation of artificial intelligence (AI) presents a considerable growth opportunity for the smart lock market. AI-powered smart locks deploy algorithms that learn user behavior patterns and preferences over time. Furthermore, AI can be leveraged to enhance security features, such as employing real-time anomaly detection to identify suspicious access attempts or unusual activity patterns, prompting immediate alerts to homeowners or security personnel. By integrating AI, smart lock manufacturers aim to offer a superior level of convenience, personalization, and security, thereby propelling the market towards a new level of sophistication and enhancing user experience.

Europe to Experience a Substantial CAGR of 12.68% over 2024-2031

Increasing security concerns across the region due to rising burglary rates, coupled with the appreciation of property values, are incentivizing homeowners to invest in advanced security solutions. Smart locks, with their remote access capabilities and integration with broader smart home ecosystems, effectively address this need. Furthermore, Europe's high smartphone penetration rate fosters the adoption of smart locks. The seamless control provided by smartphone applications aligns seamlessly with the continent's tech-savvy population. Additionally, government initiatives aimed at promoting smart home technologies act as a key factor supporting regional market growth. In addition to the residential sector, demand for smart locks is burgeoning in commercial and industrial applications across the region. Their ability to provide granular access control in restricted areas of office buildings or warehouses enhances overall security posture, making them an attractive proposition for businesses.

Prominent Companies Forge Agreements to Enhance Industry Presence

The global smart lock market is fragmented with key players such as ASSA ABLOY, Avent Security, Cansec Systems Ltd., HavenLock, Inc., Spectrum Brands Holdings, Inc., MUL-T-LOCK TECHNOLOGIES LTD., Allegion Plc, Zigbang Co., Ltd., Sentrilock, LLC, Smart Locking Logic Proprietary Limited, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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