Smart Locks Global Market Report 2024

Smart locks are mechanical and electrical locks that can be wirelessly opened with authentication from authorized users by connecting to the home's Wi-Fi network. This connectivity allows them to receive codes or smartphone commands for locking or unlocking, enhancing security.

The main types of products in the smart lock market include deadbolts, lever handles, padlocks, and others. Padlocks, in this context, are locks used for fastening two things together. Various communication technologies, such as Wi-Fi, Z-Wave, and Zigbee, are employed, and authentication methods include biometrics, pin codes, and RFID cards. Smart locks find applications in residential, hospitality, enterprise, critical infrastructure, and other contexts.

The smart locks market research report is one of a series of new reports that provides smart locks market statistics, including smart locks industry global market size, regional shares, competitors with a smart locks market share, detailed smart locks market segments, market trends and opportunities, and any further data you may need to thrive in the smart locks industry. These smart locks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart locks market size has grown rapidly in recent years. It will grow from $2.39 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth observed in the historical period can be attributed to factors such as increased affordability of smart locks, advancements in design and aesthetics, growth in residential and commercial construction, widespread smartphone penetration, and consumer demand for enhanced convenience.

The smart locks market size is expected to see rapid growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
The anticipated growth in the forecast period can be attributed to various factors, including government initiatives and regulations, the expansion of e-commerce and online sales, integration with smart building solutions, a focus on energy efficiency and sustainability, and a growing interest in smart access control for businesses. Major trends expected in the forecast period include a focus on customization and aesthetics, considerations for energy-efficient designs, the use of smart locks for rental properties, an emphasis on user-friendly installation, and advancements in biometric authentication technologies.

The smart locks market is poised for growth, driven by an upswing in the number of residential and commercial projects. Residential projects encompass buildings dedicated to housing, while commercial projects are structures utilized for business purposes. The adoption of smart locks, which employ various technologies to enhance safety, is prevalent in both residential and commercial settings. In November 2021, the UK's Office of National Statistics reported a 3.5% increase in monthly construction output volume. Furthermore, Invest India, a national investment promotion agency in India, anticipates the country's construction industry to reach $1.4 trillion by 2025. This surge in residential and commercial projects is a catalyst for the growth of the smart locks market.

The smart lock market is experiencing growth fueled by the increasing awareness of home security systems. Home security systems involve a collection of tangible electrical components, such as smart security cameras, sensors, and sirens, working together to safeguard residences. The prevalence of smart locks has risen due to heightened security concerns compared to conventional locks, contributing to increased rates of arrest in cases of theft and burglary. In July 2023, digital camera shipments saw a substantial increase, rising from 262,228 units in January to 548,242 units by May, marking a significant 117% surge. The growing awareness of home security systems is expected to be a driving force for the smart lock market.

Technological advancements are a prominent trend in the smart lock market, with major companies concentrating on developing innovative solutions to meet consumer demands. In November 2022, India-based digital lock manufacturer Yale Home India introduced the Yale YDM7220 BioSecure, leveraging ioSecure technology. This smart lock system employs advanced technology to ensure regular cleaning and sanitization at every touchpoint in a home, reducing microbial contamination and the spread of diseases.

Companies in the smart locks market are actively involved in creating innovative products with enhanced features to strengthen their position in emerging markets. Smart door lock security systems, equipped with state-of-the-art features, deliver a seamless and user-friendly experience. For instance, in September 2023, US-based Ultraloq launched the latest version of its flagship ULTRALOQ Bolt smart Wi-Fi deadbolts series, providing customers with unmatched home integration, security, connectivity, and utility.

In September 2021, Sweden-based manufacturing company Assa Abloy acquired Kwikset and Baldwin for $4.3 billion. This acquisition brings together four of the top five brands in the smart door locks category sold through the professional installation channel. Kwikset, a US-based manufacturer, specializes in residential locksets and smart locks, while Baldwin, also based in the US, designs and manufactures door hardware products.

Major companies operating in the in the smart locks market report are Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.

North America was the largest region in the smart locks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart locks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart lock market consists of sales of adapted smart locks and native smart locks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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