Residential Smart Lock Market - By Product Type (Deadbolt Lock, Lever Handle, Padlock, Others), By Connectivity Type (Wi-Fi, Bluetooth, Z-wave, Others), By Price Range, By End-Use, By Distribution Channel, Region, and Forecast 2024 - 2032

Residential Smart Lock Market Size

Residential Smart Lock Market size was valued at USD 2.82 billion in 2023 and is estimated to grow at a CAGR of 10.6% from 2024 and 2032. The smart lock market is experiencing robust growth driven by increasing security concerns due to increasing crime rates, fueling the demand for advanced locking systems, with smart locks offering an extra layer of protection through features such as remote monitoring and real-time alerts.
 

For instance, according to Statistics Canada, the Crime Severity Index (CSI) in Canada rose for the second year in a row in 2022, with a 4% increase. Furthermore, the adoption of novel innovations, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML), is expected to increase the use of smart locks throughout the forecast period.
 

Smart locks are often more expensive than standard locks, creating a substantial challenge for budget-conscious users. The initial expenditure required for smart locks, especially ones with advanced capabilities such as biometric recognition or remote access, may deter potential customers.
 

Residential Smart Lock Market Trends

Smart locks are becoming increasingly popular as part of IoT-based security systems, as they effortlessly integrate with other smart devices such as cameras and alarms. This connection provides a comprehensive security network that allows users to operate and monitor their locks from anywhere. Smart locks, with features such as keyless entry and remote access, provide a convenient and efficient way to safeguard homes and businesses, hence fueling market growth.
 

Residential Smart Lock Market Analysis

Based on product type, the global market is classified into deadbolt lock, lever handle, padlock, and others. In 2023, the deadbolt locks segment dominated the market accounting for USD 1.25 billion and is expected to grow at a CAGR of 11% during the forecast period from 2024-2032. This growth is due to its strong security features, making it a popular choice among households and businesses alike. These locks are known for their sturdy and durable construction, adding an extra degree of security against illegal access.
 

Furthermore, their design and functionality make it easier to integrate into existing doors than other types of locks. For instance, Kwikset developed its line of revolutionary deadbolts with built-in features, such as single-touch locks, low battery alarms, and customizable user codes, attracting a large number of customers.
 

Based on unlocking mechanism, the global residential smart lock market is classified into keyboard, touchscreen, app based, hybrid, biometric, and others. The keyboard segment dominated the market accounting for USD 948.5 million in 2023 and is expected to grow at a CAGR of 11.2% during the forecast period from 2024-2032. Keypad-based smart locks provide a familiar and easy manner for users to enter access codes, making them accessible and simple to use for a wide range of consumers, including those who are not particularly tech-savvy. These locks are generally reliable and robust, with less moving parts and less complexity than biometric systems. Keypad locks are a popular choice for homeowners looking for dependable and robust security solutions.
 

Based on the end use, the global residential smart lock market is categorized into condominiums, individual houses, apartments, and others (vacation homes, etc.). The individual houses segment dominated the market accounting for 38.4% in 2023 and is expected to grow at a CAGR of 11% during the forecast period from 2024-2032. This growth is driven by the increasing adoption of smart home technologies and rising concerns over home security. Individual homeowners are increasingly seeking advanced security solutions that provide convenience, remote access, and enhanced protection, fueling the demand for smart locks in this segment.
 

In the global residential smart lock market, North America held a significant market share of USD 1.04 billion in 2023, maintaining its dominant position throughout the analysis period. It is projected to reach USD 2.64 billion by 2032 due to widespread technological adoption and the rapid growth of smart houses in the U.S. For example, 30% of internet households in the U.S. intend to purchase a smart lock for a sliding door.
 

China dominates the Asia Pacific residential smart lock market, accounting for 33.1% of market share in 2023 and is expected to grow at a CAGR of 10.9% during the forecast period from 2024-2032. The growth can be attributed to a dramatic increase in the number of residential constructions, as well as ongoing smart city initiatives. Furthermore, keypad door locks have a higher adoption rate in the region and have witnessed substantial growth.
 

Residential Smart Lock Market Share

The residential smart lock industry is moderately fragmented in nature due to the presence of local and global players. In 2023, the market players, such as Honeywell International Inc., Samsung SDS, Assa Abloy, U-tec Group, and Xiaomi Corporation, collectively held around 15%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions and facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
 

Residential Smart Lock Market Companies

Major players operating in the residential smart lock industry are:

• Allegion Plc
• Amadas Inc.
• Assa Abloy AB
• August Home Inc.
• Avent Security
• Gantner Electronic GmbH
• Honeywell International Inc.
• Megadoorlock Technology Co., Ltd.
• Nord-Lock International AB
• Onity Inc.
• Salto Systems S.L.
• Samsung Electronics Co. Ltd.
• Spectrum Brands, Inc.
• Xiaomi Corporation
• ZKTeco USA
   

Residential Smart Lock Industry News

• In April 2023, ASSA ABLOY Group, a global leader in access solutions, undertook a distinctive South African assignment to secure businesses and homes worldwide with its smart lock solution.
   
• In March 2023, HavenLock Inc., a Tennessee-based veteran organization and developer of the innovative Haven Lockdown System, announced the launch of a Power G version of a smart locking system designed for school and commercial use.
   
• In March 2023, Honeywell International Inc., an American multinational conglomerate, reported the successful implementation of the Bengaluru Safe City project. This initiative aimed to provide a safe environment for citizens through the company's advanced smart lock and security technology.
   

The residential smart lock market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) (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

• Condominium
• Individual houses
• Apartments
• Others (vacation homes, etc.)

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:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA