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Smart Lock Market Size, Share & Trends Analysis Report By Type, By Application, By Region And Segment Forecasts From 2022 To 2030

Report ID: MN17617835  |  Published: November 2022  |  No of Pages: 132
Format: Electronic (PDF)  |  Industry: Technology

The global smart lock market size is anticipated to be worth USD 8.13 billion by 2030 and reveal a CAGR of 19.5%. A rise in the adoption of technologies such as artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) is expected to drive the industry’s growth during the forecast period. There has been a rise in awareness among consumers regarding the advantage of utilizing locks, especially in hospitality and accommodation. Owing to the high efficiency and complexity of locks, a rise in demand is expected during the forecast period.

The COVID-19 pandemic positively impacted the industry wherein smart locks benefited momentum during the unpreceded time. For instance, Netatmo, a French manufacturer of smart devices introduced the latest smart door lock along with keys in 2020. The purpose was to provide support to Apple’s Homekit, which contributed to the industry’s growth. Thereby, with such contributions from organizations, the industry is projected to witness growth opportunities with the provision of smart locking processes that can be produced with additional features like voice recognition as well as the use of gadgets to overcome physical handling.

The growth of the industry is subjected to automation technology due to which there is increased adoption of smart locks, and this constituted to be an essential factor to boost the demand in the forecast period. Besides, companies are focused on the provision of locks that are commercially viable with innovative strategies that include remote systems for opening and locking doors and windows. Thus, such innovations are projected to increase consumers’ demand for the manufacture of both locking and unlocking devices. Besides, the hospitality sector is in huge demand for smart lock devices, which is expected to up-scale the industry. For instance, hotels across the world have strategized to implement Bluetooth or Wi-Fi-infused smart locks with the aim to improve their security systems.

In terms of segment, the residential application segment dominated the smart lock market and is expected to further expand during the forecast period. Primary reasons for this growth include smart home penetration, an increase in restoration projects, and affordable smart security solutions. The provision of security solutions like opening sensors for doors and windows, remote locks and unlock devices, and motion detectors are compelled to drive the industry growth. Besides, locks are constituted to be compatible with the infusion of technologies such as Bluetooth low energy (BLE), ZigBee, and Z-Wave that has been utilized in residential applications, which contributes towards the industry upliftment.

In terms of regional growth, North America dominated the market and is projected to expand in the coming seven years majorly due to the adoption of smart lock technology. There is continuous development and adoption of smart homes and technology in the United States, thus constituting future growth. For instance, in the United States, more than 30% of households are in huge demand for smart locks as per the study conducted by Grand View Research, Inc. Besides, a surge in consumer spending, and increased concern for safety in domestic and key infrastructure applications has resulted in a huge demand and industry growth.

The industry is undergoing several changes and key players are on the continuous verge to acquire the highest market share. Through investments, partnerships, acquisitions, and research and development (R&D) they are striving to differentiate their portfolio from competitors and position itself in the market. Besides, the adoption of IoT to upgrade non-contact locks has successfully increased the momentum owing to the inauguration of solutions by organizations to reduce human interaction. For instance, Kwikset disclosed its product line that incorporates Microban SilverShield Technology in March 2020, which helped to overcome aggressive growth in departmental platforms. Additionally, the organization was concerned regarding the expansion of its partnership with Microban through the inauguration of smart locks and keys, which contributes towards the industry growth.

Smart Lock Market Report Key Takeaways

  • In 2021, the deadbolt segment dominated the market with a 49.7% share in terms of volume and is further expected to grow during the forecast period. A rise in distribution, high durability, suitable protection, and easy and reduced installation costs are factors that are likely to drive the segment’s growth
  • The lever handle segment is projected to expand at a CAGR of 25% in the forecast period. Smart lever handles are frequently used in the commercial sector owing to constituting a simple lock process with the inclusion of a push-down handle
  • In 2021, the residential application segment upheld the market with the largest revenue share of 64% and is projected to expand during the forecast period. The penetration of the product in smart homes, project restoration, and its utilization as an advanced security solution is expected to boost the segment
  • The hospitality segment is constituted to reveal a CAGR of 24.2% in the forecast period. The rapid adoption of smart locks, provision for in-room security, and innovative solutions in the hospitality sector are factors likely to witness the segment’s growth
  • In 2021, North America dominated the market and accounted for a 39.8% share, which is projected to escalate during the forecast period. Factors including the implementation of innovative technology and a high surge in smart homes are expected to drive this growth
  • Asia Pacific is projected to expand at a CAGR of 26.5% in the forecast period. The development of commercial and residential projects along with smart city programs, and the distribution of smart homes are projected to boost the growth


Smart Lock Market Segments

  • Smart Lock Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
    • Deadbolt
    • Lever Handles
    • Padlock
    • Others
  • Smart Lock Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
    • Residential
    • Hospitality
    • Enterprise
    • Critical Infrastructure
    • Others
  • Smart Lock Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • Korea
      • Japan
    • Latin America
    • Middle East & Africa (MEA)
  • List of Key Players in Smart Lock Market
    • Yale
    • Schlage
    • August Home
    • Kwikset
    • Goji
    • SDS Smart Locks
    • Mul-T-Lock
    • UniKey Technologies Inc.
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