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Residential Smart Lock Market Share

Report ID: GMI9966
Published Date: Jun 2024
Report Format: PDF

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Residential Smart Lock Market Share

Residential Smart Lock Market Market Share Analysis, 2023

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

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The residential smart lock market was valued at USD 2.82 billion in 2023 and is estimated to grow at 10.6% CAGR during 2024-2032, driven by increasing security concerns due to rising crime rates.

The deadbolt segment in the residential smart locks market is expected to grow at 11% CAGR during 2024-2032, driven by their strong security features, making it a popular choice among households and businesses alike.

North America residential smart lock market size was USD 1.04 billion in 2023 and will reach USD 2.64 billion by the end of 2032, due to widespread technological adoption and the rapid growth of smart houses in the U.S.

Allegion Plc, Amadas Inc, Assa Abloy AB, August Home Inc, Avent Security, Gantner Electronic GmbH, Honeywell International Inc., and Megadoorlock Technology Co., Ltd. among others.