Smart Lock Market Synopsis

Global Smart Lock Market Size Was Valued at USD 2.49 Billion In 2023 And Is Projected to Reach USD 11.65 Billion By 2032, Growing at A CAGR of 18.7% From 2024 To 2032

Smart locks are innovative electronic keyless locking systems that leverage either Wi-Fi or Bluetooth connectivity to seamlessly communicate with other electronic devices within the home. A smart lock represents a modernized iteration of the conventional door lock.

• It functions as a connected smart home device, equipped with Bluetooth or Wi-Fi capabilities, enabling users to secure and unlock doors either through a fingerprint scan or via voice commands. Operating wirelessly, this smart door lock relies on cryptographic authentication to ensure access is granted exclusively to authorized individuals.
• These locks can be conveniently operated through dedicated electronic fobs or by installing a corresponding smart lock app on your smartphone. Users have the flexibility to grant temporary access to individuals, allowing them to enter the premises for a defined duration.
• Compared to traditional methods, smart lock technology stands out for its ease of use and distinctive features. Prior methods relied on ID codes, passwords, mechanical locks, code words, and paper slips, all of which were cumbersome to manage and carried a higher risk of data theft or loss.
• Smart locks operate within the Internet of Things (IoT) ecosystem, synchronizing seamlessly with a user's smartphone for convenient access control. This characteristic not only sets smart locks apart but also enhances their reliability and user-friendliness, making them a formidable presence in the market.

The Smart Lock Market Trend Analysis

Adoption Of Smart Home Framework

• Smart home frameworks consist of interconnected devices and systems that allow homeowners to control and automate various aspects of their living spaces, including lighting, heating, security, and entertainment, among others. Smart locks play a pivotal role in enhancing the security and convenience aspects of these frameworks.
• Smart locks seamlessly integrate into these ecosystems, enabling homeowners to remotely control and monitor the security of their homes through a centralized hub or smartphone application.
• This integration grants users the ability to lock and unlock doors from anywhere, receive real-time notifications about access, and even integrate their smart locks with other smart devices like security cameras and doorbell cameras. This interconnectedness enhances the overall security and surveillance capabilities of the smart home, providing users with a comprehensive view of their property.
• The growing consumer awareness of the benefits of smart home ecosystems, including energy savings, convenience, and improved security, has led to increased demand for smart locks. Homeowners are increasingly seeking out solutions that offer not only heightened security but also seamless integration with their existing or planned smart home setups.
• As a result, smart lock manufacturers are incentivized to innovate and develop locks with advanced features, such as biometric authentication, voice recognition, and compatibility with virtual assistants like Amazon Alexa and Google Assistant.

Technological Advancement

• Advances in authentication methods are a key driver of opportunity. Technologies like biometric authentication (e.g., fingerprint recognition and facial recognition) have become more reliable and cost-effective. This means that smart locks can offer even more secure and convenient access control options, reducing the reliance on traditional keys or PIN codes. As a result, consumers are more likely to adopt smart locks that provide superior security and user-friendly experiences.
• The Internet of Things (IoT) has paved the way for greater connectivity and interoperability among smart devices. Smart locks can now seamlessly integrate with other IoT devices like security cameras, doorbell cameras, and voice-activated virtual assistants.
• This integration allows for more comprehensive and intelligent home security solutions, where the smart lock can trigger actions like turning on lights or sending alerts when unauthorized access is detected. The ability to create a holistic smart home experience is a compelling proposition for consumers and a significant opportunity for smart lock manufacturers.

Segmentation Analysis Of The Smart Lock Market

Smart Lock market segments cover the Type, Product, Technology, and End User. By Type, the Deadbolt segment is Anticipated to Dominate the Market Over the Forecast period.

• A deadbolt lock is a type of security device commonly used to secure doors and provide an extra layer of protection against unauthorized entry. Unlike spring bolt locks, deadbolt locks do not have a spring mechanism, making them more resistant to forced entry attempts.
• These locks typically consist of a solid metal bolt that extends into the door frame, engaging with a strike plate when locked. Deadbolt locks are operated by turning a key from the outside or a thumb turn from the inside, ensuring that the bolt is securely extended or retracted.
• One of the primary advantages of deadbolt locks is their robustness and resistance to tampering. They are available in various configurations, with single-cylinder and double-cylinder being the most common.
• Single-cylinder deadbolts can be operated from the outside with a key, while the inside is controlled by a thumb turn. Double-cylinder deadbolts require a key for both sides, offering additional security but potentially posing a safety hazard in emergencies where a quick exit is necessary.

Regional Analysis of The Smart Lock Market

North America is Expected to Dominate the Market Over the Forecast Period.

• North America is poised to dominate the smart door lock market, primarily driven by the widespread adoption of advanced technologies and the rapid proliferation of smart homes in countries like the United States, Canada, and Mexico. The growing reliance of consumers on devices like smart speakers makes them a prime target audience for regional e-commerce enterprises.
• Smart lock adoption in the United States lags behind the adoption of other smart home devices, as revealed by a recent study conducted by the Consumer Technology Association (CTA). The study indicates that 69% of U.S. households, equivalent to 83 million homes, now own at least one smart home device.
• Among these devices, smart speakers enjoy high adoption, with a penetration rate of 28%. In contrast, the adoption of smart locks stands at a mere 10%. These statistics underscore the significant market potential for companies willing to implement effective marketing strategies.
• There is an opportunity for key players in the U.S. smart lock market to expand their presence into other regions, particularly in Europe. Notably, August Inc. and Yale Locks, both prominent smart lock manufacturers based in the United States, have recently introduced new smart locks into their product portfolios.
• These innovative products are now available to both new and existing users of Yale Smart Lock in the Europe, Middle East, and Africa (EMEA) region, marketed under the name 'Yale Access module. This expansion into international markets is expected to drive substantial growth in the smart lock industry.

COVID-19 Impact Analysis On Smart Lock Market

COVID-19 pandemic has had a profound impact on businesses worldwide, and it has had a positive effect on the adoption of smart locks, largely due to government-imposed lockdowns in various countries. In the aftermath of the pandemic, organizations are placing a significant emphasis on advanced technologies such as artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and cloud computing across both residential and commercial sectors to enable contactless operations. This trend is expected to fuel the demand for app-based smart lock systems, driving global smart lock adoption.

Smart locks are increasingly being used to enhance security measures. The global smart lock market is expanding thanks to the growing use of security-related products, including digital and cloud-based locks, in commercial, residential, and industrial settings. Furthermore, the commercial and government sectors have begun to embrace smart locks to address concerns related to public and enterprise safety and security. The global adoption of smart locks is on the rise as countries aim to establish secure and sustainable economies.

In the commercial sector, companies are actively deploying advanced technology to reduce liabilities, enhance employee accountability, ensure compliance, and boost efficiency, all of which are anticipated to contribute to the growth of the smart locks market in the post-COVID-19 era.

Smart Lock Market Key Players:

• ASSA ABLOY (Sweden)
• Samsung Group (South Korea)
• Panasonic Corporation (Japan)
• Guangdong Be-Tech Security Systems (China)
• Honeywell International Inc. (U.S.)
• DESSMANN (China)
• The Chamberlain Group Inc. (U.S.)
• Kaadas (Australia)
• Masterlock (U.S.)
• August Home (U.S.)
• Kwikset (U.S.)
• Techlicious LLC. (U.S.)
• Godrej Group (India)
• Adel Marketing (M) Sdn. Bhd. (Malaysia)
• SCHLAGE (U.S.)
• HavenLock, Inc. (U.S.)
• YALE (U.S.)
• Xiaomi Corporation (China)
• Latchable Inc. (U.S.), and Other Major Players

Key Industry Developments in the Smart Lock Market

• In October 2023, Honeywell acquired Singtel's smart home business, including its Zigbee-based smart lock system, for an undisclosed sum. This move strengthens Honeywell's position in the Asia-Pacific smart lock market and expands its product portfolio.
• In October 2023, Yale, a renowned lock manufacturer, announced a partnership with Nuki, a leading European smart lock provider, to launch its products in the European market. This strategic alliance combines Yale's brand recognition with Nuki's innovative technology, aiming to capture a significant share of the European smart lock market.
• In August 2023, Tech giant Samsung announced the integration of its SmartThings platform with several popular smart lock brands, including Schlage, Yale, and August Home. This integration allows users to control their smart locks through the SmartThings app and create automated routines for enhanced convenience and security.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. ANALYSIS OF THE IMPACT OF COVID-19
       1. Impact On The Overall Market
       2. Impact On The Supply Chain
       3. Impact On The Key Manufacturers
       4. Impact On The Pricing
       5. Post COVID Situation
   11. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   12. ECOSYSTEM
6. SMART LOCK MARKET BY TYPE (2017-2032)
   1. SMART LOCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. DEADBOLT
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. LEVER HANDLES
   5. PADLOCKS
   6. OTHERS
7. SMART LOCK MARKET BY PRODUCT (2017-2032)
   1. SMART LOCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. BIOMETRIC DOOR LOCKS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. SMART CARD DOOR LOCKS
   5. ELECTRIC STRIKE DOOR LOCKS
   6. OTHERS
8. SMART LOCK MARKET BY TECHNOLOGY (2017-2032)
   1. SMART LOCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. BLUETOOTH-BASED
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. WI-FI-BASED
9. SMART LOCK MARKET BY END-USER (2017-2032)
   1. SMART LOCK MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. COMMERCIAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. RESIDENTIAL
   5. GOVERNMENT
10. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Positioning
       2. Smart Lock Market Share By Manufacturer (2022)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. ASSA ABLOY
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. SAMSUNG GROUP
    4. PANASONIC CORPORATION
    5. GUANGDONG BE-TECH SECURITY SYSTEMS
    6. HONEYWELL INTERNATIONAL INC
    7. DESSMANN
    8. THE CHAMBERLAIN GROUP INC
    9. KAADAS
    10. MASTERLOCK
    11. AUGUST HOME
    12. KWIKSET
    13. TECHLICIOUS LLC
    14. GODREJ GROUP
    15. ADEL MARKETING (M) SDN. BHD.
    16. SCHLAGE
    17. HAVENLOCK INC.
    18. YALE
    19. XIAOMI CORPORATION
    20. LATCHABLE INC
11. GLOBAL SMART LOCK MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Type
       5. Historic And Forecasted Market Size By Product
       6. Historic And Forecasted Market Size By Technology
       7. Historic And Forecasted Market Size By End User
       8. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
12. INVESTMENT ANALYSIS
13. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies