Smart Lock Market by Type (Deadbolt, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi, Z-Wave), Application - Global Forecast 2024-2030

Smart Lock Market by Type (Deadbolt, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi, Z-Wave), Application - Global Forecast 2024-2030

The Smart Lock Market size was estimated at USD 2.68 billion in 2023 and expected to reach USD 3.00 billion in 2024, at a CAGR 12.35% to reach USD 6.06 billion by 2030.

The smart lock industry is a diverse and rapidly evolving sector under smart home technology that designs, manufactures, and distributes advanced, digitally operated locking systems. Smart lock technology utilizes wireless protocols such as Bluetooth, Wi-Fi, and Z-wave to allow homeowners and business profiles to manage access to their premises via electronic unlocking and locking systems. Increasing inclination to smart homes products are surging demand for smart lock solutions. The increasing incidence of burglary increases the need for sophisticated security measures including smart lock solutions. The availability of a diverse range of smart locks through online channels has also increased the product availability & market adoption of smart lock solutions. However, complex installation and configuration issues of smart locks may limit the market adoption in upcoming years. The concerns associated with security breaches also pose challenges for market growth. The advancements in smart lock technologies with AI and ML integration create attractive market growth opportunities. Provision of energy-efficient and customized smart locks are also expected to create growth potential in the market.

Regional Insights

In the Americas region, major countries such as the United States and Canada have high adoption rates due to increasing urbanization and the presence of main smart lock manufacturers. The Americas region also enjoys robust growth due to sophisticated infrastructure, the prevalence of smart homes and easy availability of advanced and affordable security systems. The smart lock market in Europe is characterized by its increased adoption in residential spaces due to growing security concerns. Countries such as Germany, the United Kingdom, and France continue to lead the way in the adoption of sophisticated, IoT-enabled security solutions, including smart locks. In the Middle East and Africa, the smart lock market is at a nascent stage with ample growth opportunities due to rising infrastructure development projects. The rising urbanization and increasing technological awareness show remarkable growth potential in the Asia-Pacific region. Players in the APAC region are focusing on R&D initiatives to improve their product offerings and significantly enhance the market demand for smart lock solutions in the region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Smart Lock Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increased adoption of smart home technologies worldwide
• Surging incidence of burglary and need for sophisticated security measures
• Availability of a diverse range of smart locks through online channels

Market Restraints

• Complex installation and configuration issues of smart locks

Market Opportunities

• Advancements in smart lock technologies with AI and ML
• Provision of energy-efficient and customized smart lock

Market Challenges

• Concerns associated with security breaches

Market Segmentation Analysis

• Type: Increasing adoption of deadbolt smart locks for enhanced security
• Communication Protocol: Increasing utilization of Wi-Fi based smart locks
• Application: Emerging applications of smart locks in residential & commercial settings

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Lock Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Lock Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Yale Launches Assure Lock 2 Models with Fingerprint and Apple Home Key Access

Yale Home launched two new models of the Assure Lock 2 equipped with a fingerprint scanner and the other allowing Apple Home Key access. The Assure Lock 2 Touch variant has a built-in fingerprint reader, providing enhanced security. On the other hand, the Assure Lock 2 Plus model is designed to be compatible with Apple's Home Key feature, offering seamless access control. These innovative lock models provide users with advanced security features and convenient access options.

Fortune Brands Completes Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands

Fortune Brands Innovations, Inc. (FBIN) successfully acquired Emtek and Schaub, renowned manufacturers of high-end door and cabinet hardware, and Yale and August's residential smart locks business in the United States and Canada. The acquisition is projected to contribute significantly to FBIN's financial performance. This strategic move solidifies FBIN's position as a major player in the industry, allowing it to capitalize on the growing demand for premium hardware and smart lock solutions.

Level Partners with Rejuvenation to Bring Invisible Smart Lock Technology To Timelessly Designed Door Sets

Level Home Inc. and Rejuvenation partnered to integrate Level's acclaimed invisible smart lock technology with timeless designs. This partnership brings forth a remarkable lineup, including the Level Bolt, an interior smart lock that seamlessly blends with the exterior design without compromise. The Level Bolt is designed to preserve the integrity of your home's design while providing top-notch smart lock functionality. It's the perfect solution for those who prioritize both style and safety.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Lock Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Smart Lock Market, highlighting leading vendors and their innovative profiles. These include Allegion PLC, Assa Abloy AB, August Home, Inc., Avent Security, Be-Tech Asia Limited, Cansec Systems Ltd., Dorma+Kaba Holding AG, Gantner Electronic GmbH, Guangdong AP Tenon Sci.& Tech. Co., Ltd., Hune Lock, Igloohome Inc., iLockey, Kaadas Group, Klevio, Latch Inc., Master Lock Company LLC, MIWA Lock Co., Motorola Solutions, Inc, Nuki Home Solutions, ONE-LOCK, Onity, Inc., PDQ Locks, RemoteLock, Salto Systems S.L., Samsung Electronics Co., Ltd., Sentrilock, LLC, Shenzhen Omni Intelligent Technology Co., Ltd., Spectrum Brands Holdings, Inc., U-Tec Group Inc., and Zhejiang Desman Intelligent Technology Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Smart Lock Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type

• Deadbolt
• Lever Handles
• Padlocks
• Communication Protocol
• Bluetooth
• Wi-Fi
• Z-Wave

Application

• Commercial
• Industrial
• Institutional
• Residential

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year