Residential Smart Lock Market Analysis

Residential Smart Lock Market Analysis

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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.