Smart Lock Market - By Product Type (Deadbolt Lock, Lever Handle, Padlock, Others), By Unlocking Mechanism (Keyboard, Touchscreen, App Based, Hybrid, Biometric, Others), By Connectivity Type (Wi-Fi, Bluetooth, Z-wave, Others), By Price Range, By End User, By Distribution Channel, Forecast 2024 – 2032

Smart Lock Market Size

Smart Lock Market size was valued at USD 17.5 billion in 2023 and is anticipated to register a CAGR of over 12.7% between 2024 and 2032. Smart locks are electronic locks that provide a higher level of security and convenience compared to traditional mechanical locks. These locks use technology, such as Bluetooth, Wi-Fi, or Z-Wave, to communicate with smartphones, tablets, or other smart devices.
 

The smart lock market is experiencing robust growth driven by several key factors. The global expansion of smart home adoption has emerged as a major driver, as consumers increasingly seek integrated and automated solutions for their living spaces. The growing frequency of security concerns has fueled the demand for advanced locking systems, with smart locks offering an extra layer of protection through features like remote monitoring and real-time alerts.
 

Furthermore, the integration of enhanced features with traditional lock systems has attracted consumers looking to upgrade their home security without compromising on familiarity. The rise in the use of smartphones and other connected devices has played a major role, providing users with seamless control over their smart locks through mobile apps and enabling convenient keyless entry options.
 

The high cost associated with these advanced locking systems is preventing some consumers from making the transition from traditional locks. The perception of unreliability also acts as a restraint, as concerns about potential technological glitches, connectivity issues, or system vulnerabilities may discourage individuals from embracing smart lock technology.
 

Additionally, the growing belief that smart locks can be hacked, as the other wireless technologies, is expected to hinder the market growth. Various connection types like Bluetooth, Wi-Fi, and Z-wave require specific hacking tools, and a lot of information is readily accessible on the internet detailing the methods to exploit them.
 

Smart Lock Market Trends

Smart locks are becoming more popular as part of IoT-based security systems. This means they can easily connect with other smart devices like cameras and alarms. This connection creates a comprehensive security network, allowing 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 and are expected to drive market growth.
 

Furthermore, 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 market is witnessing a growing demand as they are getting 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.
 

Smart Lock Market Analysis

The market is segmented by Product type into deadbolt locks, lever handles, padlocks, and others such as latches and knobs. Among these, deadbolt locks dominate the market, holding the largest share. 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 unlocking mechanism the smart lock market is divided into keyboard, touchscreen, app based, hybrid, biometric, others such as RFID card, Key fob, etc. The touchscreen segment is the largest shareholder of USD 6.21 billion in 2023, owing to the high security they offer. Consumers can set complex PIN codes, minimizing the risk of unauthorized access compared to conventional key and lock systems.
 

Based on the connectivity types the smart lock market is segmented into Wi-Fi, Bluetooth, Z-wave, and others such as Zigbee and NFC. Among these, the Wi-Fi segment is anticipated to experience the highest growth. 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.
 

Based on Price Range the market is divided into low (<100$), mid (100$ to 300$), and high (>300$). Based on End User the market is segmented into Commercial, Residential, Industrial, Government, Transportation and Logistics, and Others such as Critical Infrastructure, banks and financial centers, etc. Among these segments, the residential category stands out as the largest market. This is due to the increasing awareness and adoption of smart home technologies. Homeowners are increasingly drawn to the convenience and security features offered by smart locks, such as keyless entry, remote monitoring, and integration with other smart home devices.
 

Based on Distribution Channels the market is separated into online channels and offline channels. Online channels include E-commerce platforms and company websites, providing consumers with the convenience of browsing and purchasing Smart Lock from the comfort of their homes. The offline channels consist of specialty stores, mega retail stores and others like departmental stores, etc. The online segment is the dominating segment of this market. This is due to the growing popularity of e-commerce and the convenience of online shopping. Additionally, online retailers often have lower prices than brick-and-mortar stores, which is another factor that is driving consumers to shop online.
 

North America held the more than 30% smart lock market share, driven by technology advancements and the widespread adoption of smart homes, especially in the U.S. The region is expected to see significant growth due to high technology adoption, as most of the U.S. population is expressing interest in smart locks. Asia Pacific is expected to grow at a faster rate, fueled by increasing residential and commercial projects, smart city initiatives in countries like India, and a growing awareness of smart home technologies. This region sees continuous innovation from various players, including startups developing new smart lock features to enhance safety and security.
 

Smart Lock Market Share

Major companies operating in the market are Allegion plc, Assa Abloy, Dormakaba, and Spectrum Brands, Inc., accounting over 60% market share in the year 2023. The major market players are focusing on mergers & acquisitions, facility expansion, and strategic partnerships to expand their product offerings, customer reach, and enhance market presence. Companies are also focusing on acquisition strategy.
 

Smart Lock Market Companies

Major players operating in the 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
   

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 smart lock market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Thousand Units) from 2018 to 2032, for the following segments:

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By Product Type, 2018 – 2032

• Deadbolt Lock
• Lever Handle
• Padlock
• Others (Latch, Knob, etc.)

By Unlocking Mechanism, 2018 – 2032

• Keyboard
• Touchscreen
• App Based
• Hybrid
• Biometric
• Others (RFID Card, Key Fob, etc.)

By Connectivity Type, 2018 – 2032

• Wi-Fi
• Bluetooth
• Z-wave
• Others (Zigbee, NFC, etc.)

By Price Range, 2018 – 2032

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

By End User, 2018 – 2032

• Commercial
  • HoReCa
  • Hospitals
  • Offices
  • Malls
  • Others (Institutions, Banquets, etc.)
• Residential
  • Condominium
  • Individual houses
• Industrial
• Government
• Transportation and Logistics
  • Trucks
  • Airports
  • Others (Warehouses, etc.)
• Others (Critical Infrastructure, banks, and financial centers, etc.)

By Distribution Channel, 2018 – 2032

• Online channels
  • E-commerce
  • Company websites
• Offline channels
  • Specialty Stores
  • Mega Retail Stores
  • Others (Departmental stores, etc.)

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

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia 
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • GCC
  • South Africa