Smart Lock Market Analysis

Global Smart Lock Market Overview

Smart Lock Market Size was valued at USD 1,326 Million in 2023. The Smart Lock industry is projected to grow from USD 1532.85 Million in 2024 to USD 4887.2 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 15.60% during the forecast period (2024 - 2032).

The Smart Lock Market is experiencing significant growth and is poised for further expansion due to increasing adoption of smart home technology, rising security concerns, and advancements in wireless communication and IoT technologies. Smart locks offer convenience, enhanced security, and remote access control, making them a popular choice for residential and commercial applications. This executive summary provides a comprehensive overview of the current state of the Smart Lock Market, including market trends, key drivers, challenges, and opportunities for growth.

The smart lock market has witnessed rapid growth in recent years, driven by the growing trend of home automation and the need for advanced security solutions. Smart locks offer keyless entry, remote locking and unlocking, and integration with smart home systems, making them an integral part of the connected living ecosystem. The market is characterized by a diverse range of product offerings, including biometric, keypad, and Bluetooth-enabled smart locks, catering to the varying security needs of consumers and businesses.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Lock Market Trends

• RISING CONCERN FOR SECURITY

The adoption of smart home devices has lowered the concerns due to consumer demand for data security and privacy in their house, having smart locks. The house owner pains with wifi or Bluetooth device with a deadbolt to gain access with a voice command or phone tap. Smart locks improve security by using advanced presence durability, detection, and alert systems. Easy to access, as well as quick authentication, have become the trend. As a result, consumers' security concern is supporting the market's growth.

The increasing adoption of smart locks still requires to be prevalent in the US compared to other devices for smart homes. According to a recent CTA Consumer Technology Association study, around 69% of United States households own at least one smart home device. In this, the adoption of smart speakers in the US is high, with a rate of 28%, although the adoption of smart locks is around 10%. The adoption of smart homes on a global scale and the expansion of business that offers home automation technology are rising the demand for smart locks.

Smart Lock Market Platform Segment Insights

Smart Lock Type Insights

Based on Lock Type, the Smart Lock Market segmentation includes Deadbolt, Lever Handles, Padlock, and Others. The Lever Handles holds the majority share in 2022, contributing around 44% to the market revenue. This is due to their widespread adoption, offering a convenient and intuitive solution for users in both residential and commercial spaces. Lever handles provide ease of use and incorporate advanced security features, solidifying their significant market presence and ongoing revenue contribution.

FIGURE 2: SMART LOCK MARKET, BY LOCK TYPE, 2022 VS 2032 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Lock Connectivity Insights

Based on the Connectivity, the Smart Lock Market segmentation is Bluetooth, Wi-Fi and NFC. NFC dominated the market in 2022. This dominance is a result of the widespread adoption of NFC technology, offering secure and convenient access control. The ease of connection and communication through NFC contribute to its significant market presence, making it the preferred choice for smart lock connectivity in various applications.

Smart Lock Authentication Method Insights

Based on the Authentication Method, the Smart Lock Market segmentation is Keypads, Touch Based, Card Keys, and Others. Touch Based dominated the market in 2022. The widespread adoption of Touch-Based authentication is driven by its convenience, modern appeal, and effective security features, contributing to its significant market presence and revenue dominance.

Smart Lock Application Area Insights

Based on the Application Area, the Smart Lock Market segmentation is Commercial and Government. Commercial dominated the market in 2022. This dominance is driven by the widespread adoption of smart lock technology in commercial applications, such as offices, retail spaces, and hospitality establishments. The need for enhanced security, access control, and convenience in commercial settings contributes to the significant market presence and revenue contribution of smart locks in the commercial sector.

Smart Lock Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The North America Smart Lock market accounted for ~36% in 2022.  This reflects the region's significant adoption and integration of smart lock technology, driven by the growing demand for enhanced security and home automation solutions. The widespread use of smart locks in residential and commercial applications contributes to North America's prominent position in the Smart Lock Market.

FIGURE 3: SMART LOCK MARKET SIZE, BY REGION 2022 VS 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Similarly, Europe significantly contributes to the Smart Lock Market, holding a considerable share in 2022. The adoption of smart locks is propelled by the region's tech-savvy consumer base and a growing emphasis on modern security features. European markets continue to witness increased deployment of smart lock solutions across various applications.

Meanwhile, the Asia-Pacific (APAC) region emerges as a noteworthy player, capturing substantial market potential in 2022. With a dynamic and evolving technological landscape, APAC's Smart Lock market is driven by factors such as urbanization, increased awareness of smart home solutions, and a growing need for advanced security measures. The region's diverse and expanding markets contribute to its significant presence in the Smart Lock Market.

Smart Lock Key Market Players & Competitive Insights

Smart Lock market is highly competitive, with all the players competing to gain a larger market share. The manufacturers compete based on cost, product quality, reliability, and aftermarket services. Therefore, the manufacturers must provide innovative and efficient products which are also cost-effective to survive and succeed in a competitive market environment. The Assa Abloy Group – Yale, Allegion Plc, dormakaba GROUP, Spectrum Brands, Inc., SALTO SYSTEMS, S.L, Onity Inc are the major players in the market, competing in terms of a variety of products for the Smart Lock Market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country’s growth with advanced products. Although global players dominate the market, a few regional and other local players with a limited market share also have a prominent presence in this market.

The major players would look to strengthen their regional presence through mergers & acquisitions of local and global players, they are expected to expand their presence and solutions in these countries during the forecast period. Therefore, manufacturers must develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.

Key Companies in the Smart Lock market include.

• The Assa Abloy Group - Yale


• Allegion Plc


• Dormakaba Group


• Spectrum Brands, Inc.


• Salto Systems, S.L


• Onity Inc


• Master Lock Company Llc. (Fortune Brands Innovations.)


• Havenlock, Inc.


• Godrej & Boyce


• U-Tec Group Inc


• Level Home Inc


• Wyze Labs, Inc

Smart Lock Industry Developments

• In February 2022, the AOI corporation, which comprises AtiQx Holding B.V., was entirely absorbed into Dormakaba, thereby broadening its stock business and its services dealings in the Netherlands. AtiQx is one of the biggest companies that provide electronic access control systems and labor management in the market concerned.


• In November 2021, SALTO launched XS4 Original+, which can be noted as creating, rather, the new generation of the already unbeaten, flexible and reliable locking solution. This new device has a more stylish design, with flat readers and two different colors embedded in the device. The new SALTO XS4 can be amalgamated with the requirements of both security and convenience, for it is essential that in the era of today, premium security is not compromised for the sake of convenience, which was one of its flagship product family lines.


• November 2021 witnessed the launch of two new Schlage products, the mobile compatible NDE and LE locks. Each has a Si option, which is compatible with HID smart cards and next-generation Seos credentials. Access control systems are easier to manage now for clients who have smart HID cards and mobile certificates for the reason that they allow the clients to gain deeper access to their offices. They provide protection depending on the needs of the area.


• In September 2021, Dahua Technology introduced the Dahua DeepHub Smart Interactive Whiteboard – an infrared display designed for meeting rooms and communications needs of the modern world. Such devices also support fingerprint locks, although some IFPDs do not include them. This guarantees, for example, that the user content, whether information pertaining to the meetings held in internals in secured rooms, remains intact and accessible by the users in authorized hands.


• In June 2023, Wyze Labs announced plans to expand its smart lock manufacturing facility in China. The expansion is expected to create 300 new jobs and increase the company's production capacity by 40%.


• In June 2023, Wyze Labs and Google Nest announced a collaboration to bring smart locks to Google Nest's platform. This collaboration allows users of Google Nest to control their Wyze smart locks using the Nest app.


• In May 2023, Level and Rejuvenation collaborated to provide a wider range of smart lock design options for smart homes. By utilizing the advanced Level Bolt technology, the two companies have created a comprehensive collection of premium door sets that incorporate smart technology, ensuring round-the-clock security for homes.

Smart Lock Market Segmentation

Smart Lock Type Outlook

• Deadbolt


• Lever Handles


• Padlock


• Others

Smart Lock Connectivity Outlook

• Bluetooth


• Wi-Fi


• NFC

Smart Lock Authentication Method Outlook

• Keypads


• Touch Based


• Card Keys


• Others

Smart Lock Application Area Outlook

• Commercial
  
  
  
  • Hospitality
  
  
  • Retail
  
  
  • Healthcare
  
  
  
  


• Government

Smart Lock Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • South America