Global Smart Door Lock Market Overview

The Global Smart Door Lock Market size is expected to grow from USD 2.62 Billion in 2023 to USD 9.11 Billion by 2032, at a CAGR of 16.85% during the forecast period 2024-2032.

With the advent of technologies such as Machine Learning and Artificial Intelligence, the spread of the Internet of Things (IoT) is expected to accelerate the mass adoption of smart locks during the forecast period. Increasing consumer awareness of the benefits and conveniences of these locks has contributed to increased demand, especially in the home and hospitality sectors around the world. 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. If your smart lock has only a Bluetooth connection and the front door is too far from your smart home hub, you will have connectivity issues. As growing demand calls for high tech and smart connected devices and smart door locks push with the growth of the Smart Door Lock Market globally.

Market Dynamics and Factors for the Smart Door Lock Market:

Drivers:

The number of people using smartphones increased by about 10% in 2020 compared to 2019. This steadily increasing acceptance has led to the significant reliance on smartphones and mobile apps to perform important tasks. Well-known players on the market have integrated a variety of innovative technologies into their smart lock models, including Wi-Fi-enabled lock / unlock and Bluetooth-based (BLE) lock / unlock on smartphones and other devices. A touch panel is also integrated to facilitate password entry and pattern-based locking/unlocking. The growing global acceptance of Smart homes and the influx of companies developing innovative home automation technologies are also driving the growing demand for smart locks. Players in the industry offer commercially viable products and focus on developing advanced technologies including remote locking/unlocking of entrances, doors, and windows. As more households use voice assistants, manufacturers are integrating their services with such devices to enable voice control of locks. Such innovations are expected to be quite attractive to customers as they increasingly seek sophisticated and convenient locking/unlocking methods.

Smart locks are in great demand in residential areas around the world. With more refurbishment and new construction activities in the Asia Pacific and North America, the industry has opened up great potential in recent years with more new installations. Locks are the most important element of a networked home about smart home hubs. As a result, customers are looking for a product that meets all their needs and chooses a lock considering key factors such as battery life, size, design, and price.

Restraints:

If you use another locking mechanism, you will not be able to use that mechanism. Also, if the door is not closed tightly, Smart Lock may not secure the bolts. Smart locks can also control door locks, and technical issues can push you back. If the battery fails, it can be locked out. If the wireless network is down, you may not be able to use the remote function. The Smart Lock isn't always cheap, especially when compared to traditional key boxes of the past. You may also need a specialist who can install locks and sync with your network or phone. Correcting malfunctions can also be costly. Evaluate various options. Of course, I don't want to use traditional locks or smart locks cheaply. However, there are several ways to find both cost performance and robust security.

Opportunities:

With the growth of technologies like IoT and smart devices integrated into security systems, the market presents a great opportunity in the Smart Door Lock Market. To realize the Internet of Things (IoT) vision, many IoT devices have been developed to improve daily life, and smart home devices are the most popular. Smart locks rely on smartphones to facilitate physical key management and track door open/closed status. Security is a top priority for IoT environments, and smart lock security and IoT security provide seamless security with the fort-like impregnable security standard. Growing advancement in smart technologies and the integration of security systems which creating a potential scope for the growth of the Smart Door Lock Market.

Challenge:

A power outage can be a major factor for smart doors if it is not backed with a supplementary battery. Most smart door locks require power back up to function smoothly. Sensors and smart keypads need to function and open then close the door with sensory installed in the door which is powered by electricity. If you use another locking mechanism, you will not be able to use that mechanism. Also, if the door is not closed tightly, Smart Lock may not secure the bolts. Smart locks can also control door locks, and technical issues can push you back. If the battery fails, it can be locked out. If the wireless network is down, you may not be able to use the remote function. Such minor challenges can be a hindering factor for Smart Door Lock Market.

Market Segmentation

By Type, The deadbolt segment is expected to continue to dominate the industry during the forecast period, with the highest share of sales of over 47% in 2020. Sales are increasing due to increased use in the living area, which takes advantage of many advantages such as ease of use and a durable locking mechanism. In addition, market-famous companies like Kwikset are adding advanced bars to their portfolios that incorporate features such as battery alerts, one-touch locks, and customizable user codes, and ultimately large users. The lever handle is expected to grow at the fastest CAGR of over 23.0% during the forecast period due to significant growth in the construction sector. Modernization efforts across the hospitality industry to meet tourist safety requirements are also aimed at driving the growth of this segment. Smart door handles are widely used in interior doors in commercial environments. The lock / unlock operation is easier than the corresponding one, as you have to grab and rotate the push-down style handle instead of the button. The padlock segment is also expected to grow at a significant CAGR over the next few years, with advantages such as user activity management, convenience, smartphone compatibility, and high-end security, leading to worldwide adoption. Apart from the living area, intelligent padlocks are used more and more frequently during travel to ensure the overall security of luggage.

By Application, Residential is the dominating in the application segment for the smart door lock market. High levels of revenue generation are primarily due to the increasing global penetration of smart homes and the increasing number of new and remodeling projects across the industry in recent years. In addition, the increased affordability of advanced security tools such as door and window opening sensors, motion detectors, and remote door lock / unlock is expected to further accelerate the adoption of these devices. The focus is on developing locks that are compatible with technologies such as ZigBee, ZWave, and BLE technologies, especially for the residential mass market, which attracts a large customer base. The industry is actively implementing smart locks to address the growing security concerns of customers during their stay. The need to increase the security of hotel rooms is believed to continue to drive the adoption of these keyless entry devices. Leading market players are providing innovative solutions to the hotel industry. For example, in October 2018, Hoomvip, an app-based service for accessing rental properties, is one of Assa Abloy's brands for added security and easy access to rental properties. Implemented TESA's Intelligent Door Lock ENTR. The introduction of these locks will also increase the brand value of the hotel and further drive its adoption throughout the industry.

Regional Analysis for the Smart Door Lock Market:

North America is dominating in Smart Door Lock Market with the largest market share of over 42% in 2020 and maintains its dominance over the forecast period. This is mainly due to the introduction of high tech in the United States and the proliferation of smart homes. About 30% of broadband households in the United States will purchase smart locks by the end of 2021. The high purchasing power of customers and the growing security concerns of critical infrastructure and residential applications have created regulatory scenarios that are suitable for customer deployment. The

 Asia Pacific region is one of the fastest-growing regions in the Smart Door Lock Market.  Significant growth is due to the significant increase in the number of residential and commercial projects and the ongoing smart city initiative. It originates from developing countries like India. In addition, the adoption of smart homes across the region has increased significantly, which has helped spread awareness of advanced devices and technologies. However, standards set by government agencies in countries such as Australia require additional product improvements and changes that are expected to be a difficult factor for market growth.

Players Covered in Smart Door Lock market are :

• Master Lock
• Onity
• Salto Systems
• Allegion
• Cansec Systems
• ASSA ABLOY AB
• Honeywell
• Haven Lock
• Spectrum brands
• Yale
• Master Lock (USA)
• Onity (USA)
• Salto Systems (Spain)
• Allegion (Ireland)
• Cansec Systems (Canada)
• ASSA ABLOY AB (Sweden)
• Honeywell (USA)
• Haven Lock (USA)
• Spectrum Brands (USA)
• Yale (part of ASSA ABLOY Group) (USA)
• Kwikset (Spectrum Brands) (USA)
• Schlage (Allegion) (USA)
• Brink’s Home Security (USA)
• August Home (ASSA ABLOY Group) (USA) and Other Active Players.

Key Industry Developments in the Smart Door Lock Market:

• In January 2024, Himax unveiled revolutionary high-end smart door locks in collaboration with DESMAN at the Consumer Electronics Show (CES) 2024, marking a significant advancement in the rapidly evolving world of technology. As smart home devices continued to integrate seamlessly into our lives, smart door locks emerged as pivotal components, enhancing security systems and introducing unprecedented convenience. Himax, a respected global semiconductor solution provider, showcased its innovative locks, underscoring its commitment to pushing the boundaries of technology.
• In January 2024, Aqara, a prominent provider of smart home products, unveiled its latest innovations, demonstrating its commitment to advancing smart home technology. Among the showcased products were the new Border Router Plug and Smart Lock U300, alongside other cutting-edge smart home solutions and prototypes. Aqara's participation at the event, held at the Venetian Expo (#53513), reflected its enthusiasm for introducing groundbreaking devices to the market.