Smart Lock Market Research Report - Forecast till 2030

Smart Lock Market Research Report Information By Lock Communication Protocol (Deadbolt, Lever Handles, Padlocks), By Communication Protocol (Bluetooth, Wi-Fi, ZigBee, and NFC), By Products Communication Protocol (Bluetooth-Based, And Wi-Fi-Based), By End User (Commercial, Residential, and Government), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/SEM/3376-HCR | 100 Pages | Published By Shubham Munde on March 2023         

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Global Smart Lock Market Overview:

Smart Lock Market Size was valued at USD 2.35 billion in 2021. The Smart Lock market industry is projected to grow from USD 2.68 Billion in 2022 to USD 6.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.30% during the forecast period (2022 - 2030). Rising Internet of Things (IoT), artificial intelligence (AI), and machine learning are three rapidly developing technologies are the key market drivers enhancing the market growth.
Global Smart Lock Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Lock Market Trends

  • Increasing Public Awareness of Technological Advancements to boost market growth

The most significant factor driving the smart lock market is the global adoption of the smart home framework since it provides cutting-edge capabilities like connectivity, voice control, and remote access. It gives users convenience by doing away with the need for conventional keys. Improving knowledge of technology breakthroughs and rising standards of life in emerging economies drives market expansion. In keeping with this, businesses are actively attempting to create cutting-edge items to grow their consumer base. For instance, Apple's HomeKit standard is compatible with a smart door lock made by the smart home device manufacturer Netatmo.

The introduction of the smartphone significantly altered user lifestyle, increasing the adoption of numerous home automation technologies. For instance, new items were added to the portfolios of Yale and August Home, a division of Assa Abloy. Like this, Linus Smart Lock included the DoorSense method to allow door unlocking by mobile devices. Like this, August Home's Wi-Fi Smart Lock demands two-layer encryption and two-factor authentication, both of which can be managed using the August Home and Cloud application. A location-based lock that recognizes the user's location and unlocks the door when the user is within the GPS boundary was recently developed by Danalock International ApS. Therefore, such condition has enhanced the Smart Lock market CAGR across the globe in the recent years.

However, Consumers' increasing knowledge of the advantages and comfort provided by locks is to blame is another factor driving the growth of the Smart Lock market revenue.

Smart Lock Market Segment Insights:

Smart Lock Type Insights

Based on lock type, the Smart Lock Market segmentation includes deadbolts, lever handles, padlocks, and others. The deadbolt segment held the majority share in 2021, contributing to around ~45% in the Smart Lock Market revenue. The expansion is attributed to easy installation and expanding distribution across numerous industries. The rise of the market is attributed to elements like low installation costs, great durability, and excellent security against serious incursion or direct attacks on homes, businesses, and other targets.

Smart Lock Products Type Insights

The Smart Lock Market data has been bifurcated by Products Type into Bluetooth-based and Wi-Fi-Based. The Wifi-Based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. An ideal complement to a smart home system is a Wi-Fi-based smart lock with a smart keypad. The gadget allows you to unlock doors without a smartphone. It is good for residential use but is also anticipated to be perfect for commercial applications.

Figure 2: Smart Lock Market, by Products Type, 2021 & 2030 (USD Million)
Smart Lock Market, by Products Type, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Lock End User Insights

Based on End Users, the global Smart Lock industry has been segmented into commercial, residential, and government. Commercial held the largest segment share in 2021 due to the corporate, hotel, and healthcare sectors' increasing use of smart locks. The importance of client satisfaction and service in the hospitality industry contributes to the growing demand for smart locks, which increase security and protection.

The fastest-growing segment in the Smart Lock industry is residential. Its sizable revenue output may be attributed to rising new construction and renovation projects across the industry in recent years and developing smart home adoption on a global scale. The adoption of contemporary security measures, including motion detectors, door and window opening sensors, and remote door locking and unlocking, is anticipated to increase in affordability.

Smart Lock Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Smart Lock market accounted for USD 1.0011 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. By the end of 2020, sales of smart homes are anticipated to exceed USD 4.3 billion in the United States, according to projections from the Consumer Technology Association. According to the Consumer Technology Association, smartphone sales in the United States were USD 77.5 billion in 2019. The region is also supported by significant market players working hard to create novel smart locks to survive the fierce competition. Walmart, for instance, will deliver goods and place them in the client's refrigerator.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Smart Lock Market SHARE BY REGION 2021 (%)
Smart Lock Market SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Smart Lock market accounts for the second-largest market share. The development of security door locks in government and vital infrastructure locations has seen an increase in investment in nations like the United Kingdom, France, Benelux, Nordics, and Germany. Further, the Germany Smart Lock market held the largest market share, and the UK Smart Lock market was the fastest growing market in the European region

The Asia-Pacific Smart Lock Market is expected to grow at the fastest CAGR from 2022 to 2030. A significant rise in residential and commercial construction projects as well as ongoing smart city initiatives in developing nations like India could be attributable to this trend. Additionally, the region has experienced a considerable increase in the prevalence of smart homes, which is crucial for promoting cutting-edge devices and technologies. Moreover, China Smart Lock market held the largest market share, and the India Smart Lock market was the fastest growing market in the Asia-Pacific region

Smart Lock Key Market Players & Competitive Insights

Major market companies are investing a lot of money in R&D to expand their product portfolios, which will spur further market expansion for smart locks. With significant key developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and survive in an environment where competition is fierce, and the market is growing, competitors in the smart lock sector must provide affordable products.

One of the primary business strategies adopted by manufacturers in the global Smart Lock industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Smart Lock industry has provided with some of the most significant benefits. The Smart Lock market major player such as Assa Abloy, AtiQx Holding B.V,and others are working to expand the market demand by investing in research and development activities.

A Swedish conglomerate called Assa Abloy AB offers goods and services for locks, doors, gates, and entrance automation. Controlling access and confirming identities through keys, cards, tags, mobile, and biometric identity verification systems are examples of related products and services. In August 2020The increase in security door lock development spending in government and critical infrastructure spaces is responsible for the expansion.

Also, SALTO Systems creates cutting-edge, dependable wireless electronic locking and access control smart solutions that make users' daily lives easier, more secure, and more pleasant. In November 2021, The world's most adaptable and dependable smart locking solution, the XS4 Original+, was unveiled by SALTO. It has a stunning design and a flat reader in two new colors. To meet the present and future access control needs, the new SALTO XS4 Original+ takes the dependable and tested flagship XS4 Original electronic lock product line and updates it with cutting-edge technology.

Key Companies in the Smart Lock market includes

  • Haven Holidays

  • Assa Abloy Groupm

  • Allegion Plc

  • Kwikset

  • Dormakaba Holding AG

  • August Inc.

  • Spectrum Brands Holdings Inc

  • Master Lock

  • Cansec Systems Ltd

  • Salto Systems S.L, among others

Smart Lock Industry Developments

February 2022: AtiQx Holding B.V. was acquired by dormakaba, enhancing its core business and services operations in the Netherlands. AtiQx is one of the leading suppliers of electronic access control and labor management in the relevant market.

February 2022: A strategic alliance between Vivint and New American Funding, one of the biggest independent mortgage lenders in the country, will aid homeowners and homebuyers in protecting their dream residences. Customers of New American Funding will be eligible for special and intriguing offers from Vivint to secure and automate their homes, thanks to the relationship.

Smart Lock Market Segmentation:

Smart Lock Type Outlook

  • Deadbolt

  • Lever Handles

  • Padlocks

  • Others

Smart Lock Products Type Outlook

  • Bluetooth-Based

  • Wi-Fi-Based

Smart Lock Communication Protocol Outlook

  • Bluetooth

  • Wi-Fi

  • ZigBee

  • NFC

Smart Lock End User Outlook

  • Commercial

  • Residential

  • Government

Smart Lock Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 2.35 billion
Market Size 2022 USD 2.68 billion
Market Size 2030 USD 6.84 billion
Compound Annual Growth Rate (CAGR) 14.30% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Communication Protocol, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Haven Holidays, Assa Abloy Groupm, Allegion Plc, Kwikset, Dormakaba Holding AG, August Inc., Spectrum Brands Holdings Inc, Master Lock, Cansec Systems Ltd, Salto Systems S.L
Key Market Opportunities Technological advancement
Key Market Dynamics The rise of IoT is the crucial driver for the smart-lock market,

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Frequently Asked Questions (FAQ) :

The Smart Lock Market size was valued at USD 2.35 Billion in 2021.

The global market is projected to grow at a CAGR of 4.7% during the forecast period, 2022-2030.

North America had the largest share in the global market

The key players in the market are Haven Holidays, Assa Abloy Groupm, Allegion Plc, Kwikset, Dormakaba Holding AG,).

The deadbolt category dominated the market in 2021.