Consumer Goods

Smart Lock Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR599

Author : Saket A.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 2,691.0 Million

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Forecasted Value (2031)

USD 7,201.5 Million

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CAGR (2024 - 2031)

13.30%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

North America

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By Product Type

Deadbolts, Lever Handles, Padlocks, Others

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By Unlocking Mechanism

Keypad, Card Keys, Touch based, Others

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By Application

Residential, Commercial, Industrial


Smart Lock Market Size

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. Increasing adoption of smart technologies due to the recognition of rising security concerns and the rising penetration of smartphones is driving market growth. This combination fuels demand for a solution that offers both remote access control and enhanced security features, making smart locks a compelling option for homes, businesses, and critical infrastructure.

The global smart lock market is projected to experience a surge in demand due to growing concerns over home security and the prevalent trend of home automation. With advancements in technology, smart locks offer enhanced convenience, connectivity, and control, which is driving their adoption across residential, commercial and industrial sectors. Instances such as the COVID-19 pandemic have further accelerated market growth, as remote access features became imperative for contactless entry, especially for commercial and industrial applications.

Moreover, the integration of smart locks with existing smart home ecosystems such as Amazon Alexa and Google Assistant is fostering market growth, offering users seamless control through voice commands. Biometric authentication and cloud connectivity are emerging trends that enhance the market's appeal, promising increased security and remote management capabilities. While challenges such as cybersecurity vulnerabilities persist, the market's growth trajectory remains positive, with North America, Europe, and Asia-Pacific poised to experience significant growth in the near future, fueled by rapid urbanization and increasing spending capacities of end users.

The smart lock market encompasses various electronic locking systems tailored for residential, commercial, and institutional settings. These locks include biometric, keypad, key fob, and Bluetooth-enabled variants, offering advanced security and access control features. These locks are integrated with smart home ecosystems, facilitating remote monitoring and management.

Analyst’s Review 

The smart lock market is anticipated to experience substantial growth over 2024-2031, mainly due to the increasing penetration of smart technologies, coupled with growing security concerns. Additionally, the integration of cross-platform intelligent systems is projected to offer opportunities for key market players. Leading companies are implementing various growth strategies such as partnerships and collaborations with smart technology providers to offer enhanced products.

Smart Lock Market Growth Factors

The escalating awareness and adoption of smart home technologies are significantly fostering market growth. Consumers are increasingly recognizing the convenience and security benefits offered by smart locks, leading to a rise in demand. Moreover, rising concerns regarding security in evolving urban landscapes are fostering a greater inclination toward technologically advanced security solutions. Smart locks, with their remote access capabilities and integration with smart home ecosystems, address these concerns effectively, thus fueling market growth. Furthermore, the proliferation of internet connectivity and the Internet of Things (IoT) ecosystem are playing a pivotal role in the expansion of the market. Smart locks leverage connectivity protocols such as Bluetooth, Wi-Fi, Zigbee, and Z-Wave to offer seamless integration with other smart devices, thereby enhancing overall home automation experiences.

Furthermore, continuous innovations in smart lock technology, including biometric authentication, predictive security features, and enhanced user interfaces, are driving consumer interest and propelling market expansion.

Smart Lock Market Trends

The increasing adoption of biometric authentication technology, which facilitates enhanced security and personalized user experiences, stands as a prominent trend fostering market growth. Additionally, there is a growing emphasis on interoperability and compatibility, as consumers are increasingly seeking seamless integration with existing smart home ecosystems. Moreover, the emergence of subscription-based business models and as-a-service offerings is gaining significant traction, providing consumers with flexible ownership options and access to continuous updates and support. Furthermore, smart lock manufacturers are focusing on sustainability and energy efficiency, aligning with broader environmental consciousness trends. Moreover, the market is witnessing a surge in demand for mobile app-based control and management features, thereby empowering users with greater flexibility and convenience.

Segmentation Analysis

The global smart lock market is segmented based on product type, unlocking mechanism, application, and geography.

By Product Type

Based on product type, the market is categorized into deadbolts, lever handles, padlocks, and others. Deadbolts generated the highest revenue of USD 1,105.5 million in 2023. This dominance can be attributed to the high security level offered by deadbolts as compared to other lock types, making them ideal for securing main entry points in residential properties. Additionally, their widespread adoption in existing door structures facilitates a seamless transition to smart lock technology without requiring major modifications, thereby supporting segment growth.

By Unlocking Mechanism

Based on unlocking mechanism, the market is classified into keypad, card keys, touch based, and others. The keypad segment dominated the market in 2023, accounting for a notable share of 39.81%. This growth is driven by their user-friendly nature and affordability. Keypads offer a familiar method of unlocking doors with the added benefit of programmable codes for enhanced security and access control. They cater to a broad range of users, making them a versatile option suitable for both residential and commercial applications.

By Application

Based on application, the market is divided into residential, commercial, and industrial. Residential applications are projected to account for USD 2,699.3 million by 2031. The segment is likely to witness considerable growth due to the growing consumer preference, as it offers convenience and remote access control in homes. Smart locks cater to this need by offering keyless entry, smartphone integration, and the ability to grant temporary access through mobile applications. Moreover, rising security concerns and increasing purchasing capacities of consumers in the residential sector are anticipated to foster the growth of the segment over 2024-2031.

Smart Lock Market Regional Analysis

Based on region, the global smart lock market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Smart Lock Market Size & Share, By Region, 2024-2031

North America accounted for the largest market share of 36.08% in 2023, mainly due to a high level of consumer awareness, growing adoption of smart home technologies, and a strong emphasis on home security and convenience. Furthermore, North America boasts a mature infrastructure for IoT connectivity, facilitating seamless integration of smart lock systems with existing home automation ecosystems. Additionally, the region's affluent consumer base and their willingness to invest in premium security solutions is propelling market growth. For instance, over 35% of residential owners surveyed in the U.S. are looking to install smart locks. Moreover, the presence of key industry players and continuous innovation in smart lock technology contribute to North America's sustained market leadership.

Asia-Pacific is anticipated to experience the highest CAGR of 15.22% between 2024 and 2031. This growth can be attributed to several factors, including rapid urbanization, the development of smart cities, and the increasing purchasing power of consumers across key economies such as China, India, and Japan. Moreover, rising security concerns and a growing preference for smart home solutions are driving the adoption of smart locks in the region. In addition to this, government initiatives promoting smart city development and infrastructure investment in IoT technologies are expected to further propel market growth in the region.

Competitive Landscape

The global smart lock market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Smart Lock Market

  • 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

Key Industry Developments in Smart Lock Market

  • January 2024 (Product Launch) – Phillips unveiled its new smart lock system featuring palm recognition technology and Wi-Fi connectivity, designed to seamlessly integrate the lock with smart home ecosystems.

The global Smart Lock Market is segmented as:

By Product Type

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

By Unlocking Mechanism

  • Keypad
  • Card Keys
  • Touch based
  • Others

By Application

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global smart lock market is projected to reach USD 7,201.5 Million by 2031, growing at a CAGR of 13.30% from 2024 to 2031.
The global smart lock market was valued at USD 2,691.0 Million in 2023.
Increasing adoption of smart technologies due to recognition of rising security concerns with increasing smartphone penetration is driving growth in the smart lock market.
Top manufacturers of smart lock market are 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.
Asia-Pacific is the fastest growing region with the CAGR of 15.22% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 2,199.6 million in 2031.
By product type, deadbolts will hold the maximum share in the Smart Lock market with the revenue value of USD 2,708.0 million in 2031.
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