Smart Lock Market Size, Share, Industry Analysis, Trends, Growth, 2030

Smart Lock Industry Perspective: 

The global smart lock market size was evaluated at $3000 million in 2022 and is slated to hit $8000 million by the end of 2030 with a CAGR of nearly 20% between 2023 and 2030.

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The smart lock market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the smart lock industry report explores the investor and stakeholder space to help companies make data-driven decisions.

Smart Lock Market: Overview

A smart lock is an electromechanical equipment enabling the users to remotely access and unlock the lock for entering the premises. Moreover, a smart lock can be accessed by connecting it to a smartphone as well as other smart equipment through a slew of communication systems such as Z-Wave, Wi-Fi, Zigbee, and Bluetooth. Furthermore, the evolution of new technologies such as connected things and artificial intelligence is likely to help the demand for smart locks gain momentum globally. Apart from this, the massive awareness of the benefits provided by smart locks has enhanced their popularity. Furthermore, escalating awareness among customers about the benefits offered by smart locks has contributed immensely to its growing popularity.

Key Insights

• As per the analysis shared by our research analyst, the global smart lock market is projected to expand annually at the annual growth rate of around 20% over the forecast timespan (2023-2030)
• In terms of revenue, the global smart lock market size was evaluated at nearly $3000 million in 2022 and is expected to reach $8000 million by 2030.
• The global smart lock market is anticipated to record massive growth over the forecast period owing to an increase in the number of smart homes and growing demand for home automation systems.
• In terms of type, the deadlock segment is slated to register the fastest CAGR over the forecast period.
• On the basis of application, the residential segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific smart lock market is projected to register the highest CAGR during the assessment period.

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Smart Lock Market: Growth Factors

The smart home concept is gaining momentum globally and this elevated the scope of market growth

An increase in the number of smart homes and growing demand for home automation systems is predicted to embellish the global smart lock market trends. Moreover, players in the smart lock business are focusing on developing technologically new solutions such as remote locking and opening of windows and doors. Apart from this, a prominent surge in households with voice assistants is increasing rapidly and producers of smart locks are trying to develop products that can help voice control the lock functionality. Such initiatives will accelerate the demand for smart locks in the near future. Industry 4.0 revolution and the onset of next-gen technologies will expedite the scope of the global market growth by leaps & bounds in the coming decade.

Furthermore, the introduction of new technologies such as AI and IoT will steer the expansion of the market across the globe. In addition to this, the escalating need of safeguarding homes, supermarkets, hotels, commercial & residential buildings, and various financial institutions will steer the growth of the smart lock market globally. Apart from this, product innovations and new product launches will prop up the global market in the years ahead. For instance, in the first half of 2023, HavenLock Inc., a key firm developing smart door-locking systems, announced the launching of a Power G type of smart lock system for commercial purposes.

Smart Lock Market: Restraints

Escalating prices of smart locks can hinder the growth of the global industry

Huge product costs and the threat of hackers have created a big hurdle in the growth path of the global smart lock industry. Apart from this, the rise in cyber-terrorist activities and the creation of fake codes with the help of smartphones can impede the growth of the industry across the globe. Additionally, a large number of smart locks operate on the power supply and a power failure can disrupt its operations. This has proved to be a key hindrance in global industry expansion.

Smart Lock Market: Opportunities

The growing inclination of firms towards the use of connected technologies for security reasons will open new growth opportunities for the global market

The rise in the acceptance of IoT-based security systems and surging penetration of the internet and smartphone globally has created new opportunities for growth for the global smart lock market. Additionally, a rise in the number of burglaries will further open new growth dimensions for the market across the globe.

Smart Lock Market: Challenges

Differing legislations pertaining to the use of smart devices in various countries can prove as a daunting task for the growth of the industry globally

Different laws in various countries regulating the use of smart locks have posed a big challenge to the growth of the global smart lock industry. Moreover, with smart lock passwords susceptible to leakage and the threat of cross-site scripting, the global industry is likely to face a huge challenge in the coming years.

Smart Lock Market: Segmentation

The global smart lock market is sectored into type, application, and region.

In type terms, the global smart lock market is segregated into the deadbolt, lever handle, and padlock segments. In addition to this, the deadbolt segment, which accrued more than half of the global market share in 2022, is predicted to register the highest CAGR in the forecast timeframe. The segmental growth in the forecasting timeline can be subject to ease of product deployment, less installation costs, high strength, and the ability to provide adequate protection against all kinds of intrusion. Some of the firms are trying to expand their product line. Citing an instance, in June 2023, Kwikset, a key player in the secured door lock industry, launched new keyless electronic deadbolts. Reportedly, the launching of these new products is aimed at improving product value as well as product proposition with new newly embedded features and technologies. Such initiatives are likely to boost the demand for deadbolts in smart locks.

On the basis of application, the smart lock industry across the globe is sectored into residential, enterprise, and hospitality segments. Furthermore, the residential segment, which accrued a major share of the global industry in 2022, is anticipated to lead the segmental growth in the upcoming years. The segmental expansion in the forecast timeline can be subject to humungous demand for smart locks in smart homes.

Apart from this, a rise in construction activities and refurbishment ventures will spur the segmental surge in the years ahead. Easy availability of security tools such as door & window opening sensors, remote door locking & unlocking equipment, and motion detectors will steer the segmental expansion. Reportedly, smart locks are compatible with new systems including ZigBee and Z-Wave which are most preferred in the residential segment. This will proliferate the expansion of the segment in the upcoming years. Moreover, in the first quarter of 2023, Schalage, a key supplier of home security services, introduced a residential smart lock referred to as Schlage Encode™ Smart Wi-Fi Lever. Such strategic moves have enhanced the popularity of smart locks in the residential segment.

Smart Lock Market: Report Scope

Smart Lock Market: Regional Insights

North American smart lock market to establish a dominant status in the global market over the forecast timeline

North America, which accumulated more than two-fifths of the global smart lock market revenue in 2022, is anticipated to record a notable surge over the projected timeframe. The market expansion in North America in 2023-2030 can be due to a rise in the demand for smart locks in the commercial as well as residential sectors in the countries such as the U.S. and Canada. The presence of giant manufacturers in the region will further increase the regional market size. In addition to this, the rise in the use of smartphones and iPhones in countries such as the U.S. has transformed into massive demand for smart locks in the region. For the record, more than 11 million households in the U.S. have installed smart locks as they are aware of the benefits provided by these products.

Furthermore, the smart lock industry in the Asia-Pacific zone is anticipated to register the fastest CAGR in the assessment timeline. The factors that are projected to favorably leverage the growth of the regional industry include the launching of smart city concepts in countries such as India, China, Japan, Philippines, Singapore, Taiwan, Thailand, Indonesia, South Korea, and Malaysia. Additionally, the large-scale presence of start-ups in these countries will spur product demand in the sub-continent. Moreover, a large number of industry players in the Asia-Pacific zone are trying to develop new gadgets and embed new features in smart locks, thereby enhancing the scope of demand for the product in the Asia-Pacific zone.

Smart Lock Market: Competitive Space

The smart lock market profiles key players such as:

• Zigbang Co. Ltd.
• August Home Inc.
• Onity Inc.
• Avent Security
• Cansec Systems Ltd.
• UniKey Technologies Inc.
• HavenLock Inc.
• Kwikset
• Smart Locking Logic Proprietary Limited
• MUL-T-LOCK TECHNOLOGIES LTD.
• Allegion Plc
• Sentrilock LLC
• Yale Locks
• Goji
• Honeywell International Inc

The global smart lock market is segmented as follows:

By Type

• Deadbolt
• Padlock
• Lever Handle

By Application

• Residential
• Enterprise
• Hospitality

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa