The Global Smart Door Lock Market size is expected to grow from USD 1.92 Billion in 2022 to USD 6.63 Billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).
The mass adoption of smart locks is anticipated to accelerate during the forecast period due to the development of technologies like Machine Learning and Artificial Intelligence. Demand for these locks has increased as consumers' knowledge of their advantages and conveniences has grown, particularly in the global home and hospitality industries. Smart locks bring a new security experience to your home with the customization and the ability to control what happens to your home. They are far beyond the capabilities of normal rock. Many smart door locks come with both Bluetooth and Wi-Fi connections, improving the ability to use remote features.
Top Key Players Covered In The Smart Door Lock Market:
- Master Lock (U.S.)
- Onity (U.S.)
- Salto Systems (Spain)
- Allegion (Ireland)
- Cansec Systems (Canada)
- ASSA ABLOY AB (Sweden)
- Honeywell (U.S.)
- Haven Lock (U.S.)
- Spectrum brands (U.S.)
- Yale (Sweden) and other major players.
Market Dynamics and Factors:
Rising security concerns among the people are driving the smart door lock market. The rising demand for smart locks is also being fueled by the expanding global acceptance of smart homes and the influx of businesses creating cutting-edge home automation technologies. Industry participants focus on creating cutting-edge technologies, such as remote locking and unlocking entrances, doors, and windows, while also providing commercially viable products. Manufacturers are integrating their services with such devices to enable voice control of locks as more households use voice assistants.
The rising adoption of IoT-based devices in the security system is expected to propel the growth of the smart lock market shortly. Smartphones are used by smart locks to track door open/closed status and manage physical keys. For IoT environments, security is of the greatest importance, and both IoT security and smart lock security offer seamless protection with the fort-like impregnable security standard. Growing security system integration and the development of smart technologies are potentially expanding the market for smart door locks.
Smart Door Lock Market Report Highlight:
- By type, the deadbolt segment is anticipated to lead the growth of the Smart Door Lock market in the forecasted timeframe. Due to increased use in the living area, which takes advantage of many advantages such as ease of use and a durable locking mechanism. Additionally, well-known brands like Kwikset are expanding their line of advanced bars to include attributes like battery alerts, one-touch locks, and programmable user codes, which will ultimately appeal to a large user base.
- By application, the residential segment is expected to have the highest share of the Smart Door Lock market over the projected period. Because of the increasing global penetration of smart homes and the increasing number of new and remodeling projects across the industry in recent years. Additionally, it is anticipated that the increased affordability of sophisticated security tools like motion detectors, door and window opening sensors, and remote door locks or unlock will hasten the adoption of these gadgets.
- The North American region is expected to have the highest Smart Door Lock market share over the projected period. This is mainly due to the introduction of high tech in the United States and the proliferation of smart homes. Customers with a high purchasing power and the rising security concerns for residential applications and critical infrastructure have produced regulatory scenarios that are good for customer deployment.
Key Industry Development:
- In August 2020, Access IS, a UK-based manufacturer of advanced lock solutions based on electronic RFID, NFC, and barcode devices, was acquired by ASSA ABLOY.
- In September 2020, The LatchOS smart lock operating system was introduced by Latchable Inc., the OS offers adaptable smart building solutions in numerous residential and commercial applications,
Smart Door Lock Market Segmentation:
By Type
- Deadbolt
- Lever Handles
- Padlock
- Others
By Application
- Residential
- Hospitality
- Enterprise
- Critical
- Infrastructure
- Others
For this report, Introspective Market Research has segmented the Smart Door Lock Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
