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
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.
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
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.
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.
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.
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 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.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1,326 million |
| Market Size 2024 | USD 1532.85 million |
| Market Size 2032 | USD 4,887.2 million |
| Compound Annual Growth Rate (CAGR) | 15.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lock Type, Connectivity, Authentication Method, Application Area and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, and the Rest of the World |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and Others. |
| Key Companies Profiled | 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, Bosama, Level Home Inc, Wyze Labs, Inc |
| Key Market Opportunities | ·      Growing Hospitality Industry |
| Key Market Dynamics | ·      Rising Concern for Security ·      Technological Advancement in The Smart Lock |
Smart Lock Market Highlights:
Frequently Asked Questions (FAQ) :
The Smart Lock Market size is expected to be valued at USD 1,326 Million in 2023.
The global market is projected to grow at a CAGR of 15.60% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are ASSA Abloy AB, Allegion Plc, DormaKaba Holding AG, Master Lock Company LLC.
The Lever Handles dominated the market in 2023.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
