Smart Lock Market

Smart Lock Industry Growth Outlook for 2022-2032

The global smart lock market will grow at an impressive 16% CAGR to touch the US$ 19 Billion mark through 2032.

Bulk of the smart lock industry revenue is likely to be generated by the United States, capturing over 3/5th of total demand.

Market Analysis	Data Points
Market Size in 2022	US$ 4.31 Billion
Expected Market Value in 2032	US$ 19 Billion
Projected Value CAGR (2022-2032)	16%
Market Share of the United States	62%
Growth Rate of Asia	22% CAGR
Key Providers of Smart Lock Solutions	Assa Abloy AB Allegion Plc. Dorma + Kaba Holding AG Spectrum Brands Holdings Inc. Salto Systems S.L Onity Inc. Cansec Systems Ltd. Gantner Electronic GmbH Master Lock Company LLC MIWA Lock Co. Samsung Electronics Co. Ltd. Amadas Inc. Sentrilock LLC Avent Security Dessmann

Revenue from Smart Lock Industry from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the latest analysis, the market value for the global smart lock market was estimated at nearly US$ 3.2 Billion in 2021, expanding at a stellar Y-o-Y rate of 15% during the historic period.

The soaring adoption of smart home architecture across the globe, which comprises features, like remote access, voice control, and seamless connectivity, is further driving the adoption of smart locks for residential premises. Owing to this, the market is poised to witness stupendous growth of 16% CAGR to expand to a valuation of approximately US$ 19 Bn during the forecast period.

What are the Factors Driving the Demand for Smart Lock?

Smart Lock technology has the capability to make life simpler for professionals as well as to crack the emerging last-mile delivery problem. Many new innovations today are aiming to make homes smarter and everyday life easier, now achievable due to superior data analytics and the advent of artificial intelligence. The augmented penetration of smart devices in residential and commercial properties is reinforcing the growth of the smart locks market throughout the forecast period.

Consumer awareness about smart devices and the convenience they offer contributes significantly to the growth of the smart locks market. The shift in government focus on digitization of public and private sector infrastructure acts as a central driver for smart lock sales.

Heightened connectivity of smart devices with public, private, and residential infrastructure generating a simultaneous demand for smart locks. In the smart lock market, there are many divergent product designs with different operational characteristics as well as many active competitors. Enhanced security, safety, and monitoring of properties for theft prevention is enabling the deployment of smart lock systems

What are the Key Market Trends & Growth Opportunities in Smart Lock Market?

Technological advancements in home and office security systems have set new benchmarks with the installations of functions like Voice Controls, fully keyless, App integration. These functions have offered extensive growth opportunities across the globe.

Voice controls

There has been a consistent increase in the adoption of voice assistants in homes, also known as smart speakers, such as Amazon Echo and Google Home. And progressively, security device manufacturers have unified their offerings with those devices, facilitating the devices to be voice-controlled.

Fully Keyless

Usually, smart locks have also come with conventional keys so that homeowners can gain entry even if power is out. But Lake Forest, Calif.-based manufacturer Kwikset now has a smart lock that can be made operational by connecting a 9V battery, eliminating the need for customers to carry keys, explains Nick English, Kwikset national sales manager.

App Integration

While customers may like to have multiple types of smart home devices, they are less likely to enjoy having to use separate smartphone apps for separate device types. Initially, that was a common requirement, but increasingly, end users can use a single app to control multiple smart devices, including smart locks.

Country-wise Analysis

Why United States Remains at the Forefront of Smart Lock Services?

Rising Demand for Smart Security Solutions Spurring Uptake

The United States accounts for a lion’s share of over 62% of the total market value. Developed countries such as the US drive sales in this region. Smart locks are catching on in a big way, according to a research report published by Fact.MR

According to the researchers, 1/4TH of U.S. broadband households plan to purchase a smart lock in the upcoming year — and more than a third (35%) of U.S. broadband households contemplate smart locks to be reasonable.

Increasing security concerns in residential, as well as, commercial properties is a major contributing factor to double-digit growth of 14% during the projection period. Gantner Electronic GmbH, Schlage, and Wyze Labs Inc. are among the prominent players serving the Smart Locks market in North America. With the intensifying trend of autonomous vehicles worldwide, the demand for innovative and smart locks for cars is augmenting.

The creators are centring on the growth and integration of digital keys for the cars by implementing the ultra-wideband (UWB) technology. The combination of ultra-wideband technology in the smart keys offers enhanced precision, security, and real-time localization abilities unsurpassed by other wireless technologies that comprise Bluetooth, Wi-Fi, and GPS.

How is Smart Lock Market Fostering in Asia?

Rising Urbanization and Surge in Disposable Incomes Boosting Growth

Asia will offer the most remunerative growth opportunities with remarkable CAGR throughout the forecast period. Emerging countries with skilled workforces are revolutionizing disruptive smart lock technology. South Asia & Oceania are set to exhibit an astounding 22% CAGR through 2032.

Furthermore, rapid urbanization & progress in the net household disposable income, mounting awareness about automated solutions, hasty acceptance of internet-based services, progressions in communication technology & broadband services, and extensive adoption of the concept of the smart home in both the Indian and Chinese markets would propel the demand for smart locks in the province.

Category-wise Insights:

Which is Likely to be the Dominant Application Area for Smart Locks?

Residential Applications Poised to Offer Consistent Revenue

Residential applications of smart locks will continue to lead the application type segment with over 68% of the total market value share. The residential segment will grow 2.7x through 2032. The highest growth is recorded in enterprise applications of smart locks.

The increasing digitization of the workforce and business operations acts as a fertile landscape for the smart lock market to grow over 3x during the forecast period. Advantages such as enhanced security amid the increasing need for data security is propelling the demand from enterprise applications of smart locks.

Which Type of Smart Lock is Preferred Most across the Globe?

Deadbolt Smart Locks are expected to be Most Sought After

The deadbolt section is likely to capture the highest revenue share of over 46% in 2022 and is projected to maintain its dominance in the industry in the future ahead. The immense growth can be attributed to its mounting deployment across the residential sector owing to plentiful benefits such as ease of use as well as a durable locking mechanism.

Furthermore, key players in the market, such as Kwikset, are combining advanced deadbolts with built-in features such as low battery warning, one-touch locking, and customizable user codes into their portfolio, ultimately enticing a vast user base.

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground

• In February 2021, Allegion Plc. introduced the new Schlage Ease™ range of smart locks that are easy to install and use, but with maximum features. These locks are available in either deadbolt or entry lock versions and offers affordable style, convenience and security with modern smart functionality for any home.
• In September 2021, ASSA Abloy has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for a purchase price of MUSD 4300 on a cash and debt free basis.

Key Segments Covered in the Smart Lock Industry Analysis

• By Type

  • Deadbolt Smart Locks
  • Lever Handle Smart Locks
  • Smart Padlocks
  • Other Smart Locks

• By Application

  • Residential Applications
  • Hospitality Industry
  • Smart Locks
  • Critical Infrastructure
  • Other Smart Locks Applications