Smart Lock Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Insight, Impact of COVID-19, Opportunity Company Analysis

Smart Lock Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Insight, Impact of COVID-19, Opportunity Company Analysis

Global Smart Lock Market will be US$ 5.80 Billion by 2027. Today’s world is an innovative world we live in, and smart technology significantly contributes to it. For decades, the world has been advancing towards automation, boosting the smart lock industry. With time, technological advancement has led to smart access to everyday objects through the Internet, solving daily life problems and bringing ease. Remarkably, the proposed development of the smart lock has network connectivity, devised to perform locking and unlocking functions on a door when it receives a signal to send and receive data.

The Growing Market for Smart Locks Is Projected to Expand with A CAGR of 16.7% During 2021-2027:

Over the years, people have adopted smart lock systems with advanced security features embedded in their smart homes and consider it a value-added service for a better quality of living. Hence, the demand for smart locks has increased significantly in developed regions globally. In addition, the increasing use of smartphones and other smart devices are also propelling the smart lock market growth. Remarkably, the above factors further encourage electronic lock vendors to innovate their locking solutions, accelerating the development of the smart lock industry.

Smart Locks Industrial Growth Amidst COVID-19 Pandemic:

The global market for smart locks possessed a growth scenario during the pandemic. The rapid PMI index growth supported due to expansion of market demand and production staying sharp despite losing momentum supported the smart lock market growth. Moreover, in 2022 vaccine rollout at a good pace and low third wave impact, along with the limited effect of supply chain disruptions during the pandemic scenario, has also assisted the market expansion throughout the pandemic occurrence.

Backed by Rising Adoption in Residential Applications Deadbolt Segment Market Continues to Grow:

In our report, based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. The deadbolt segment is anticipated to cover the enormous smart lock market share due to the rising demand for smart locks across residential buildings. Nevertheless, owing to the increasing integration of connectivity technologies such as Bluetooth, Zigbee, and others, the other components, such as lever handles and padlock, are set to grow substantially during the forecast period.


Extending Adoption of Face, Iris, and Fingerprint Recognition Fosters Growth of Biometric Door Locks Segment:

The market is classified into pin code, biometric, and RFID cards based on the product. The biometric door locks segment is envisioned to capture a significant share in the industry. The market evolution is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, and fingerprint recognition. The pin code and RFID card segments are predicted to exhibit a substantial growth rate due to the rising enactment of Wi-Fi connecting technology.

Increasing Investment by Start-ups to Launch Bluetooth-enabled Locks Drives the Segment:

The market is categorized as Wi-Fi and Bluetooth based on the connecting technology. The increasing investment by start-ups launching door locks enabled with Bluetooth technology is expected to hold the maximum share for the Bluetooth segment. Moreover, the Wi-Fi segment is projected to keep progressing with considerable growth owing to the rising adoption of cloud-based home automation applications across residential buildings rate during the forecast period.

The Residential Market Cusps for a Major Shift for Smart Locks as Technology Gains Traction:

The smart lock market is divided into residential, hospitality, enterprise, critical infrastructures, and others based on the application. Electronic access control was once the sole preserve of commercial buildings. Besides, now smart locks are quickly found a niche in hospitality. Moreover, it’s rare to find large hospitalities that still use mechanical keys. In addition, electronic access control has also become a fixture in critical infrastructures blocks, though typically only at main entrances with intercom systems. As per our analysis, the residential segment is expected to hold the largest share during the projected period.

North America Smart Lock Market is expected to Dominate the Industry Globally

Based on the region, the market in our report has been divided among prominent regions, namely, North America, Europe, and the Asia Pacific. According to our analysis, North America is expected to dominate a significant share in the market. The North American region is expanding owing to the rising demand for advanced smart door locks across countries like the United States, Canada, and Mexico. Further, Asia Pacific is predicted to be the highest growing region due to the rising number of smart city projects in India, Japan, China, South Korea, ASEAN, Oceania, and others. According to Renub Research Analysis, Smart Lock Market Size will reach US$ 2.3 Billion by 2021.

Key Industry Players:

The Global Smart Lock Market is consolidated as the market is still in its nascent stage with fewer adoptions across the globe. However, the market poses various growth opportunities to the smart lock providers due to the increasing need for home and building security. Hence, the market players are consistently innovating to provide innovative products to gain maximum market traction in the forecast period. The major players covered in our report include Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group.

Renub Research latest report “Smart Lock Market, Global Forecast by Type (Deadbolt, Lever Handles, Padlock, Others), Product Type (Pin Code, Biometric, RFID Cards), Technology (Wi-Fi, Bluetooth, Others), Application (Residential, Hospitality, Enterprise, Critical Infrastructures, Others), Regions (North America, Europe, Asia – Pacific and ROW), Companies (Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group)” provides a detailed analysis of Smart Lock Industry.

Type – Market has been covered from 4 viewpoints:

1. Deadbolt
2. Lever Handles
3. Padlock
4. Others

Product Type – Market has been covered from 3 viewpoints:

1. Pin Code
2. Biometric
3. RFID Cards

Technology - Market has been covered from 3 viewpoints:

1. Wi-Fi
2. Bluetooth
3. Others

Application - Market has been covered from 5 viewpoints:

1. Residential
2. Hospitality
3. Enterprise
4. Critical Infrastructures
5. Others

Regions – Market has been covered from 4 viewpoints:

1. North America
2. Europe
3. Asia - Pacific
4. ROW

Company Insights:

• Overview
• Recent Development
• Revenue

Company Analysis:

1. Assa Abloy
2. Allegion Plc
3. DormaKaba Holding AG,
4. Spectrum Brands
5. Samsung Electronics Co Ltd
6. Avent Security
7. Fortune Brands Inc.
8. Amadas Inc.
9. Panasonic Corp.
10. Midea Group