Europe Smart Lock Market Size - By Product Type (Deadbolt Lock, Lever Handle, Padlock, Others), By Connectivity Type (Wi-Fi, Bluetooth, Z-wave, Others), By Price Range, By End User, By Distribution Channel, By Unlocking Mechanism & Forecast, 2024 – 2032

Europe Smart Lock Market Size

Europe Smart Lock Market size was valued at USD 4.1 billion in 2023 and is anticipated to register a CAGR of 11.9% between 2024 and 2032. The market is growing quickly as more people use smart home technologies. Smart locks are becoming popular because they are convenient and offer better security. Homeowners want advanced security solutions due to increasing concerns about home safety.
 

Smart locks help by providing better control and monitoring of who enters homes and buildings. For instance, according to a report by the European Commission, the smart home market in Europe is expected to grow by 20% annually from 2020 to 2025. This data supports the rising demand for smart locks in the region.
 

In addition to this, the widespread use of smartphones is driving the growth of the smart lock market. Easy-to-use mobile apps for smart lock management make it simple for consumers to adopt these technologies. These apps let homeowners’ control and monitor their locks remotely, adding convenience and security. According to the European Commission, smartphone penetration in Europe reached 85% in 2023, which supports this market expansion. This trend is pushing the smart lock market in Europe, reflecting a move towards smarter and safer homes.
 

High costs deter some consumers from switching to advanced locking systems. Concerns about unreliability, including technological glitches, connectivity problems, and vulnerabilities, further dissuade individuals from adopting smart lock technology. Moreover, the rising fear of smart lock hacking, akin to other wireless technologies, is poised to impede market expansion. According to a report by the National Institute of Standards and Technology (NIST), 45% of consumers worry about the security of smart home devices. With connection types such as Bluetooth, Wi-Fi, and Z-wave, specific hacking tools are necessary, and ample information on exploiting them is easily found online.
 

Europe Smart Lock Market Trends

Smart locks are becoming more popular as part of IoT-based security systems. They easily connect with other smart devices like cameras and alarms, creating a comprehensive security network. This allows users to control and monitor their locks from anywhere. With keyless entry and remote access features, these smart locks offer a convenient and efficient way to secure homes and businesses. According to a report by the National Institute of Standards and Technology (NIST), the adoption of smart locks in the U.S. has increased by 25% over the past year, driving market growth.
 

In growing cities of emerging nations, there's a rising demand for advanced security solutions that fit the improved lifestyle. Smart locks, with their keyless entry and integration with smart home systems, are well-suited for city living. They offer consumers more control and security over their homes. 
 

Additionally, the Smart Lock market is witnessing growing demand as they become smarter with the integration of Artificial Intelligence. AI technologies, like machine learning, help these locks learn and adapt to user habits, making them more secure and personalized. Smart locks with AI can identify unusual patterns and potential threats, enhancing overall security. For example, August Home, a leading smart lock manufacturer, reported a 30% increase in sales of AI-integrated locks in 2023, demonstrating the growing consumer demand for advanced security features.
 

Europe Smart Lock Market Analysis

Based on Product Type, the Europe market is segmented into deadbolt locks, lever handles, padlocks, and others such as latches and knobs. The deadbolt locks dominated the market in 2023, generating a revenue of USD 2.1 billion, and is expected to grow at a CAGR of 12.7% from 2024 to 2032. This is due to their robust security features, making them a preferred choice for homeowners and businesses alike.
 

They are known for their strong and durable construction, providing an extra layer of protection against unauthorized access. Moreover, their design and functionality make them relatively easier to incorporate into existing doors compared to other types of locks.
 

Based on the connectivity types the smart lock market is segmented into Wi-Fi, Bluetooth, Z-wave, and others such as Zigbee and NFC. Wi-Fi connectivity dominated the market in 2023, by acquiring market share of 54.2% and is expected to grow at a CAGR of 12.7% through 2032. This is attributed to the widespread adoption of Wi-Fi technology in households and businesses, providing seamless connectivity and internet access. Wi-Fi-enabled smart locks offer users the advantage of remote control and monitoring through mobile apps, making them highly convenient and user-friendly.
 

Germany smart lock market accounted for 19.4% of the revenue share in 2023 and is expected to reach USD 2.1 billion by 2032. Germany has one of the highest rates of smart home technology use in Europe. This is because German consumers are eager to add advanced security solutions to their homes. The country's strong tech industry and research capabilities support this trend.
 

German companies lead in developing smart lock technologies, constantly adding new features. This combination of innovation and consumer interest drives the rapid growth of the market in Germany, making it a key player in Europe.
 

Europe Smart Lock Market Share

The Europe smart lock industry, with prominent players, such as Allegion plc, Assa Abloy, Dormakaba, and Spectrum Brands, Inc., are holding a market share of ~50-60%. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaborations, to meet the growing consumer demand and consolidate their position in the market.
 

Europe Smart Lock Market Companies

Major players operating in the Europe smart lock industry include:

• Allegion plc
• Assa Abloy
• Avent Security
• August Home Inc.
• Cansec Systems Ltd.
• Dormakaba
• Honeywell International Inc.
• Onity Inc.
• Salto Systems S.L.
• Schlage
• Spectrum Brands, Inc.
• U-tec Group Inc.
• UniKey Technologies, Inc.
• Yale Locks
   

Europe Smart Lock Industry News

• In June 2023, Fortune Brand Innovations, Inc. an industry-leading home, security and commercial building products company announced that it had acquired the U.S. and Canadian Yale and August residential smart lock businesses from Assa Abloy.
   
• In February 2023, Schlage, a prominent provider of access and home security solutions within Allegion Plc, introduced the Schlage EncodeTM Smart Wi-Fi Lever. This residential smart lock was unveiled at the NAHB International Builders’ Show (IBS) 2023.
   
• In March 2023, HavenLock Inc., a company based in Tennessee and known for developing the innovative Haven Lockdown System, announced the release of a Power G version of their smart locking system designed for the safety of schools and commercial establishments
   

The Europe smart lock market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2021 to 2032, for the following segments:

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Market, By Product Type

• Deadbolt Lock
• Lever Handle
• Padlock
• Others

Market, By Unlocking Mechanism

• Keyboard
• Touchscreen
• App Based
• Hybrid
• Biometric
• Others

Market, By Connectivity Type

• Wi-Fi
• Bluetooth
• Z-wave
• Others

Market, By Price Range

• Low (<100$)
• Mid (100$-300$)
• High (>300$)

Market, By End-use Industry

• Commercial
  • HoReCa
  • Hospitals
  • Offices
  • Malls
  • Others 
• Residential
  • Condominium
  • Individual Houses
• Industrial
• Government
• Transportation and Logistics
  • Trucks
  • Airports
  • Others
• Others

Market, By Distribution Channel

• Online channels
  • E-commerce
  • Company websites 
• Offline channels
  • Specialty Stores
  • Mega Retail stores
  • Others

The above information is provided for the following regions and countries:

• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Romania
  • Netherlands
  • Ukraine
  • Belgium
  • Sweden
  • Rest of Europe