North America Residential Smart Lock Market Size - By Product Type (Deadbolt lock, Lever handle, Padlock), Unlocking Mechanism (Keyboard, Touchscreen, App-Based, Hybrid, Biometrics), Connectivity Type, Price Range, End Use, Distribution Channel & Forecast, 2024 – 2032

North America Residential Smart Lock Market Size

North America Residential Smart Lock Market size was valued at USD 1.04 billion in 2023 and is anticipated to register a CAGR of 11% between 2024 and 2032. Smart locks and smart home ecosystems function effectively together because of their increasing popularity. The industry is growing because locks that are integrated with voice assistants, security systems, and other smart devices make home automation more comfortable and seamless.
 

Smart home integration is contributing to the growth of the residential smart lock industry in North America. Smart locks are an excellent match because of the growth of smart home ecosystems. Utilising voice commands to operate your locks, setting them to unlock automatically upon your return home, or combining them with security systems for an even stronger defense.
 

Additionally, smart home integration's easy connectivity and ease are drawing in homeowners who want a more automated and user-friendly living environment, which is one of the main factors driving the market's rise.

Home security systems are more vulnerable to emerging threats because of the very nature of smart locks. Intimidating customer trust and halting market expansion might result from widely reported hacking incidents. The industry's success depends on ensuring strong cybersecurity defenses and encouraging customer education on safe behaviors.
 

Additionally, the industry needs to put strong cybersecurity measures first, enact powerful encryption methods, and establish secure communication routes to get past this obstacle. It is equally crucial to educate customers about safe practices, such as creating secure passwords and updating software.

North America Residential Smart Lock Market Trends

In conjunction with replacing pin codes with fingerprint scanners and facial recognition for a more secure and innovative entry experience, the North American residential smart lock industry is expanding beyond basic security and convenience into the realm of personalization and smart home synergy.

Furthermore, Some smart locks are also evolving into mini smart home hubs, allowing control of lights, thermostats, or cameras directly from the lock's app. This trend appeals to the tech-savvy North American market and takes smart locks from simple keyless entry to a sophisticated control centre for a personalised and connected smart home.

North America Residential Smart Lock Market Analysis

Based on product type, the deadbolt lock segment holds the maximum share in the market with around USD 464.8 million in 2023 and is expected to grow at a CAGR of 11.3% in the forecasted years. Deadbolt lock remains the most popular choice, offering a high level of security for entry doors. Smart deadbolts seamlessly replace existing deadbolts, allowing for a familiar form factor with the added benefit of smart features.
 

This variety in product types ensures there's a smart lock solution for every homeowner's preference and security needs within the North American market.
 

Based on unlocking mechanism, the keyboard segment holds around 33.6% of the total North America residential smart lock market share in 2023 and is expected to grow at a CAGR of 11.5% through 2032. Keyboard smart locks are generally the most affordable option compared to fingerprint or voice-activated models. This makes them an attractive entry point for budget-conscious homeowners or those who prefer a simpler solution.
 

Additionally, the keyboard interface offers a familiar way to unlock doors with a PIN code, eliminating the learning curve associated with biometric or voice-based systems.
 

The North America residential smart lock market holds around 1.04 billion in 2023 and is anticipated to grow at a CAGR of 11% till 2032.
 

The rates of property crime have not significantly declined. This increases the need for sophisticated security solutions, which is why homeowners find smart locks with access records, tamper alerts, and remote access to be quite tempting. Early adopters of technology who enthusiastically accept new devices are highly concentrated in North America. Keyless entry, remote access, and vacation mode settings are just a few of the convenient features that make smart locks popular with this group of people.
 

North America: In terms of country, the U.S. dominated the North America residential smart lock market with a revenue of around USD 817.7 million in 2023 and is expected to reach around USD 2,089.8 million by 2032. In the U.S., the residential smart home market is rapidly evolving driven by advancements in technology and increasing consumer demand for convenience, security and energy efficiency. American households are increasingly adopting smart devices such as voice activated assistant, smart thermostats, and security systems. The high penetration of high-speed Internet and the proliferation of IoT devices have made it easier for consumers to integrate various smart technologies into their homes.
 

In Canada, the residential smart home market is also experiencing significant growth though it is influenced by some unique factors compared to the US. Canadian consumers are similarly attracted to convenience security and energy saving benefits of smart home technologies. The Canadian market shows a strong preference for eco-friendly and sustainable products, aligning with countries broader environmental values.
 

North America Residential Smart Lock Market Share

Key players in the North America residential smart lock industry are Assa Abloy, Xiaomi Corporation, Samsung Electronics, U-tec Group, Honeywell International Incorporation. Together, they accounted for a market share of 5-10% in 2023. These companies are key players in smart home market, offering a range of products and services that includes smart speakers, thermostats, security systems, lighting, and home automation solutions.
 

North America Residential Smart Lock Market Companies

Major companies operating in the North America residential smart lock industry include:

• ADT Inc.
• Alphabet Inc.
• Amazon.com, Inc.
• Apple Incorporation
• Assa Abloy
• Belkin International Incorporation
• Comcast Corporation
• Control4 Corporation
• Ecobee Incorporation
• Honeywell International Inc.
• Nests Labs
• Ring LLC
• Samsung Electronics Co., ltd.
• Schneider Electrics, Inc.
• U-tec Group
• Vivint Smart Home, Inc.
• Xiaomi Corporation
   

North America Residential Smart Lock Industry News

• In January 2024, Schneider Electric announces a significant investment of USD 40 million to modernise its manufacturing plants in the United states and this investment aims to enhance the company’s operational capacity and develop new product lines for smart home market focusing on innovation and increasing local workforce capabilities.
   
• In March 2024, Google and ADT have formed a long-term partnership to create the next generation of smart home security products and this collaboration combines Google's hardware and services with ADT’s installation and monitoring solutions.
   
• In May 2023, Creston Electronics has continued to push the envelope in the smart home market by introducing advanced home automation systems and these new systems integrate seamlessly with existing home networks allowing for enhanced control over lighting security and HVAC systems.
   

 The North America residential smart lock market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Product Type

• Deadbolt lock
• Lever handle
• Padlocks
• 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
• Medium
• High

Market, By End Use

• Condominium
• Individual houses
• Apartments
• Others

Market, By Distribution Channel

• Direct
• Indirect

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

• North America
  • US
  • Canada