Global Smart Lock Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Smart Lock Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A smart lock is an electromechanical lock that accepts instructions and encryption keys from authorized devices through wireless protocols to perform locking and unlocking operations. It also has monitoring functions and can send alarms. Smart locks are also considered part of the smart home.

Like traditional locks, smart locks need two main parts to work: lock and key. The smart lock key is not a physical key, but a smart phone or a special key card that performs automatic unlocking through wireless means.

Market Overview:

The latest research study on the global Smart Lock market finds that the global Smart Lock market reached a value of USD 33591.59 million in 2022. It’s expected that the market will achieve USD 9019.3 million by 2028, exhibiting a CAGR of -19.68% during the forecast period.

Influence of COVID-19 Outbreak on Smart Lock Industry Development

Logistics is affected Affected by Covid-19, the logistics speed in most areas is slowed down or even suspended, and the supply of raw materials for Smart Lock production will be tight. Production stagnated, the company's inventory increased, and the production of related enterprises in the hardest hit areas was greatly affected. Short-term epidemic has little impact on the raw material supply of Smart Lock enterprises, mainly consuming inventory materials, while long-term epidemic will cause incalculable losses. At the same time, the delivery and services of enterprises are also seriously affected. If the epidemic develops further, the logistics is always unsatisfactory. Small and medium-sized enterprises in Smart Lock industry are likely to close down due to the shortage of raw materials, and even large enterprises will face the same problems.
The financial pressure of enterprises has increased The raging Covid-19 has plunged the global economic environment into depression. The influence of Covid-19 will involve all the main links and entities of the industrial chain. Management efficiency of the company has declined, commuting has been seriously hindered, production plans have been seriously hindered, network expansion has been delayed, marketing has been delayed, market sales have declined, and income of the company and employees has declined. At the same time, the prices of raw materials and other factors of production are still rising. All these have greatly increased the cost of enterprises. Some enterprises have put forward the risk of capital chain breaking.
Mobile and Touchless Access Products Is Necessity in the New Era The coronavirus has drastically changed personal and professional views and expectations about cleanliness in buildings and high traffic environments. Smart Lock is excellent choices to reduce hand-to-door contact in high contact public areas such as healthcare facilities, restaurants, schools, offices and restrooms. In the post-epidemic era, the demand for smart locks is expected to increase further.

Market Driving Factors of Smart Lock

China's smart lock market has a low penetration rate and huge room for growth At present, the penetration rate of China's smart locks is only about 10%, while that of South Korea is as high as 70%, and that of European and American countries also reaches 50%. The penetration rate of China's smart locks market is low and there is huge room for growth. At present, the main sales areas of global smart locks are concentrated in Korea, Japan, Europe and America, etc. From the perspective of market penetration rate growth, China's smart lock penetration rate is the fastest, and it is expected that China's smart lock penetration rate will catch up with Japan and South Korea in apartment and commercial residential market segments. China's huge population base and market demand will further increase the market demand for smart locks.
Technology continues to advance, and the cost of smart locks declines As an entry-level product of smart home, smart door lock has become the key entry of smart home service group. As a strong related product of smart home, smart door lock has broad market demand. The price of smart door locks is mostly 200-300 USD, which is about 10 times higher than that of traditional mechanical locks. With the gradual maturity of the industry and technological progress, it is a trend that the average selling price of smart locks will gradually decrease. With its safety and convenience, it is expected to further replace the traditional mechanical locks and become the leading role in the civil lock market in the future.
Online sales channels have developed rapidly With the rapid development of the Internet era, the sales forms are constantly innovating, and the online marketing of smart lock shows great advantages in the fierce market competition. However, the sales channel of online sales is a commercial organization that contacts with the outside of the company through the role of the Internet, so as to achieve the purpose of company distribution. Compared with traditional marketing channels, the advantages of online sales are improved in sales cost, channel management cost, information flow and capital flow. With the continuous progress of information technology, online sales are developing at a faster speed, and the competition between online sales channels and traditional sales channels will also highlight its advantages. The emerging online sales channel not only simplifies the composition of various channels in traditional marketing, but also integrates sales, pre-sales and after-sales service, commodity and customer information inquiry, which has great advantages. The further development of online sales of smart lock will further promote the sales volume of the whole market.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

Assa Abloy is one of the major players operating in the Smart Lock market, holding a share of 15.59% in 2021.

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places.

SOLITY is a global smart door lock manufacturer with a strategic ODM/OEM partnership with a number of leading global companies.

Provide SOLITY's unique one-stop solution from product planning to development, manufacturing, shipment, and consulting to start a door lock business to suit the circumstances in any country.

Segmentation Overview:

By type, Finger Print segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Residential segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Smart Lock market covered in Chapter 3:

SentriLock, LLC
LockState
Master Lock Company LLC
Dahua Technology Co., Ltd
Onity, Inc
MIWA Lock Co
Anviz Global
CANDY HOUSE, Inc
Salto Systems S.L (GANTNER Electronic GmbH)
Commax
ADEL Group
Assa Abloy
Avent Security
Allegion plc (Milre)
Spectrum Brands Holdings, Inc
Haven Lock, Inc
UniKey Technologies Inc.
Amadas Inc
Poly-Control International ApS
Dessmann
dorma+kaba Holding AG
Kocom
Goji
Shenzhen Vians Electric Lock Co., Ltd
Gate
Samsung
SOLITY

In Chapter 4 and Chapter 14.2, on the basis of types, the Smart Lock market from 2018 to 2029 is primarily split into:

Finger Print
RF
Wifi
Bluetooth
Face lD

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Smart Lock market from 2018 to 2029 covers:

Commercial
Residential
Institution & Government
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)