Smart Locks Market Forecasts to 2030 – Global Analysis By Product (Wi-Fi-Based Smart Lock, Touch Screen, Remote Locks, Radio Frequency Identification (RFID), Pin Code, Motion Sensor, Magnetic Strip Door Locks, Keypads, Fingerprint Recognition Door Locks,

Smart Locks Market Forecasts to 2030 – Global Analysis By Product (Wi-Fi-Based Smart Lock, Touch Screen, Remote Locks, Radio Frequency Identification (RFID), Pin Code, Motion Sensor, Magnetic Strip Door Locks, Keypads, Fingerprint Recognition Door Locks, Face Recognition Door Locks, Electronic Cipher Locks, Bluetooth-Based Smart Lock, Biometric Smart Lock, App Based and Other Products), Lock Type (Rim Cylinders, Rim/Mortise Locks and Other Lock Types), Sub Market, Communication Protocol, Unlocking Mechanism, Sales Channel, End User and By Geography
According to Stratistics MRC, the Global Smart Locks Market is accounted for $4,633.1 million in 2023 and is expected to reach $16,893.9 million by 2030 growing at a CAGR of 20.3% during the forecast period. Smart locks are electronic keyless locks that communicate with other electronic equipment in the home via Wi-Fi or Bluetooth. The locks can be operated via an electric fob or by downloading the smart lock app to a smartphone. The user can transmit temporary keys to people, granting them entry to the residence for an established period of time. Smart lock technology is distinct and simple to use when compared to traditional methods. Prior to smart locks, technologies such as ID codes, passwords, mechanical locks, code words, and paper slips were used, which were time-consuming to maintain and had a significant risk of data theft or loss.

According to Oberlo, an e-commerce company, there are currently 3.5 billion smartphone users worldwide, and the penetration rate is approximately 45.4% of the global population of 7.7 billion people.

Market Dynamics

Driver

Increasing urbanization and a boost in disposable income

Rapid urbanization and growth in net household disposable income, rising awareness of automated solutions, rapid acceptance of internet-based services, advancements in communication technology and broadband services, and widespread adoption of the concept of the smart home in both the Indian and Chinese markets would drive demand for smart locks in the province.

Restraint

Fear of privacy intrusion

However, concern about privacy invasion may jeopardize industry expansion. Almost 80% of people are concerned about the privacy of wearables and IoT devices. While expressing their concerns, consumers also stated that they would be willing to share data if adequately compensated with offers or discounts.

Opportunity

Rise in adoption of smart home

Rising smart home adoption worldwide, as well as an infusion of startups developing innovative home automation technologies, are also driving up demand for smart locks. Players in the industry are focused on providing commercially viable solutions and developing advanced techniques such as remote locking and unlocking of entries, doors, and windows. Furthermore, as the number of houses with voice assistants grows, manufacturers are connecting their products with such devices, allowing the locks to be voice-controlled. Customers are increasingly looking for improved and more convenient locking and unlocking methods; therefore, such improvements are projected to gain popularity.

Threat

High cost

Increasing raw material costs, as well as the increasing number of low-cost Asian suppliers in international markets, are likely to have a short-term offsetting effect on the average selling price of smart locks. However, with the stabilization of material costs, this tendency is expected to result in a sharp increase in price competitiveness.

Covid-19 Impact

The COVID-19 epidemic has resulted in a reduction in ICT investment, particularly in the Internet of Things, 5G technologies, and other upcoming technologies. Players in the smart lock business are being compelled to cut operational costs. They have seen a decrease in hiring as well as capital budgets. Furthermore, in this circumstance, discretionary consumer spending has reduced sales of smart locks. The outlook for this market appears bleak, with a slowdown forecast to last through the second quarter of last year.

The bluetooth segment is expected to be the largest during the forecast period

Bluetooth segment is expected to dominate the market with largest share over the projection period. The most convenient smart lock technology available on the market is Bluetooth-enabled smart locks. Almost every smartphone on the market is Bluetooth-enabled, making it simple for homeowners to combine their smart locks with their smartphones and other home automation devices. Furthermore, Bluetooth-enabled smart locks are safer because there is no requirement for the devices to be constantly linked to the internet, lowering the risk of hacking.

The residential segment is expected to have the highest CAGR during the forecast period

Residential segment is expected to have lucrative growth throughout the projection period. The increased affordability of modern security technologies such as motion detectors, door and window opening sensors, and remote door locking and unlocking will likely promote further use. The development of locks that are interoperable with technologies such as Z-Wave, ZigBee, and Bluetooth Low Energy (BLE) is gaining pace, particularly for mass-market residential applications, drawing a diverse client base. Smart locks have improved efficiency and security while saving time and energy. Furthermore, because it is compact and tiny, it is highly light, adding to the convenience aspect, which is likely to accelerate the expansion of this category throughout the forecast period.

Region with largest share

North America is projected to have largest share during the forecast period. In comparison to the adoption of other smart home products, smart lock adoption in the United States remains minimal. According to recent Consumer Technology Association (CTA) research, over 69% of U.S. households (83 million households) already own at least one smart home device. Smart speaker usage in the country is strong, at 28%, while smart lock adoption is solely 10%—statistics like these show the opportunity for market players to implement proper marketing tactics.

Region with highest CAGR

Asia pacific is projected to witness lucrative growth throughout the extrapolated period. Significant development might be attributed to an increase in the number of residential and commercial constructions, as well as ongoing smart city schemes in developing nations such as India. Furthermore, smart home penetration has increased significantly across the region, which is critical in raising awareness about new devices and technology. Additionally, several APAC players are continually developing new features for smart locks, and several new start-up companies are testing new smart lock applications to improve safety.

Key players in the market

Some of the key players in Smart Locks market include Allegion PLC (Schlage), August Inc., Danalock International AS, Dormakaba Group, Hanman International Pte Ltd, Haven Lock, Inc., Honeywell International Inc, Kwikset (Spectrum Brands Inc.), Lockly, Master Lock Company LLC, Netatmo (Legrand), Nuki Home Solutions, Panasonic Corporation, Salto Systems SL, Samsung SDS Co. Ltd., UniKey Technologies Inc., U-TEC Group Inc. and Yale Locks & Hardware.

Key Developments

In October 2022, The next version of its top-tier range of smart lock products, Level Lock+, was unveiled by Level Home Inc. the business is reinventing the smart home. Once the owner's home key has been registered to Apple Wallet, Level Lock+, which is exclusive to Apple, effortlessly incorporates Apple's home keys technology, enabling owners to securely lock and open their homes by touching their iPhone or Apple Watch to their Level Lock+.

In September 2022, The first over-the-air remotely charged smart locks are now widely accessible to commercial developers of real estate in the United States and Canada, according to an announcement made today by Alfred International Inc., the intelligent lock innovator with industry-leading designs and flexibility, and Wi-Charge, the pioneer in long-range wireless power solutions. In the commercial and residential markets, Alfred ML2 smart mortise locks with wireless power options are establishing new benchmarks for safety, security, and automation.

In April 2022, On Wyze's website, Wyze Lock Bolt was officially released (wyze.com). The latest security technology from Lockin is used to create the new product. The third co-branding venture between the two businesses is Wyze Lock Bolt.

In February 2022, AtiQx Holding B.V. has been fully acquired by Dormakaba, expanding its core business and services operations in the Netherlands. AtiQx is one of the leading suppliers of electronic access control and labor management in the relevant market.

Products Covered
• Wi-Fi-Based Smart Lock
• Touch Screen
• Remote Locks
• Radio Frequency Identification (RFID)
• Pin Code
• Motion Sensor
• Magnetic Strip Door Locks
• Keypads
• Fingerprint Recognition Door Locks
• Face Recognition Door Locks
• Electronic Cipher Locks
• Bluetooth-Based Smart Lock
• Biometric Smart Lock
• App Based
• Other Products

Lock Types Covered
• Rim Cylinders
• Rim/Mortise Locks
• Rim Latch Lock
• Knob Lock
• Deadbolts
• Lever Handles
• Padlocks
• Other Lock Types

Sub Markets Covered
• Data Center Security
• Port Security
• Physical Security
• Energy Security
• Casino Management

Communication Protocols Covered
• Z-Wave
• ZigBee
• Thread
• Near-Field Communication (NFC)
• Wireless Fidelity (Wi-Fi)
• Bluetooth
• Other Communication Protocols

Unlocking Mechanisms Covered
• Key Fobs
• Touch Based
• Card Key
• Smartphone Based

Sales Channels Covered
• Distributor
• Direct Sales

End Users Covered
• Residential
• Industrial
• Institution and Government
• Enterprise
• Critical Infrastructures
• Commercial
• Automotive
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances