Smart Lock Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Smart Lock Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Smart Lock Market will reach US$ 6.86 Billion in 2030, according to Renub Research. Smart locks allow users to remotely lock and unlock doors without requiring physical keys. Instead, management is through internet-connected devices such as smartphones, tablets, or other similar devices, and typically uses Bluetooth or Wi-Fi technology to communicate with the user's device. As per Oberlo, a global e-commerce company, in 2022, the number of smartphone users worldwide was 3.5 billion, representing a penetration rate of about 45.4% of the global population of 7.7 billion individuals. In other words, almost four out of every ten people worldwide own a smartphone.

Global Smart Lock Market shall expand at a CAGR of 15.35% from 2022 to 2030

Smart locks provide remote access control to homes or properties, eliminating the need for physical keys and offering convenience. They also provide advanced security features like encryption, tamper detection, and two-factor authentication, making them more difficult to hack or break. In addition, smart locks integrate well with other smart home appliances like security cameras and virtual assistants, driving their increasing popularity.

Smart locks offer flexibility by enabling temporary access to guests and service providers, increasing their popularity. In addition, technological advancements like the Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (A.I.) have made smart locks more affordable and accessible, driving broader adoption. Furthermore, the COVID-19 pandemic has also increased demand for contactless solutions, leading to a surge in intelligent lock demand as an alternative to physical keys or contact-based access systems. Hence, the market value for Global Smart Lock Market was US$ 2.19 Billion in 2022.

Deadbolts have Hegemony in the Smart Lock Industry

Based on type, there are four divisions- Deadbolts, Lever Handles, Padlock, and Others. Deadbolts have dominated the smart lock market due to their high security, durability, and compatibility with most doors. Deadbolts prevent unwanted access by requiring the correct key or code to unlock the door. Additionally, deadbolt smart locks can easily integrate with existing deadbolts, eliminating the need for additional hardware or installation costs. They also offer a range of features, such as remote access and guest access, making them a popular choice for homeowners and renters seeking enhanced security and convenience.

Using Biometric Technology in Smart Locks offers Enhanced Security and Convenience, Fuelling its Demand

Keypads, RFID cards, Biometrics, and Wireless, are the different types of technologies used in smart locks. Biometric authentication offers a higher level of security than traditional locks and password-based authentication. They use unique physiological features like fingerprints, facial recognition, or iris scans to grant access, making it difficult for intruders to bypass the lock.

In addition, biometric smart locks eliminate the need for physical keys, which can be lost or stolen, and password-based authentication, which individuals can forget. Instead, users can use their biometric data to unlock the door, offering a more convenient and seamless user experience. Technology advances and adoption rates increase, and the cost of biometric smart locks have decreased, making them more accessible and affordable to consumers.

Increasing awareness of home technology, including smart locks, drives its usage in residential areas

The application of smart locks is prevalent in Residential, Commercial, Critical infrastructure, and other sectors. Smart locks enhance convenience, security, and flexibility compared to traditional locks by allowing remote control using smartphones or other internet-connected devices. Homeowners and renters can enjoy peace of mind knowing that their properties are better protected since smart locks are more challenging to pick, bump, or force open.

Additionally, homeowners can grant temporary access to guests or service providers without needing physical keys, and integration with other smart home devices provides additional convenience and security features. Finally, the increasing affordability and accessibility of intelligent locks make them a cost-effective alternative to traditional locks.

Online Distribution of Smart Locks will be High in the Future

Distribution of smart locks is possible through online channels and offline channels. The rise of e-commerce has made it more convenient for consumers to purchase products online, including smart locks, propelling the demand for online distribution of smart locks. Due to the absence of shelf space, online retailers can offer a broader range of smart locks than physical stores. They can also offer lower prices due to lower overhead costs. Moreover, online reviews and ratings can help consumers make more informed purchasing decisions. Finally, the COVID-19 pandemic has accelerated the shift to online shopping, including for smart locks, as people look for contactless ways to purchase products.

North America dominates the Smart Lock Industry

This report provides the market for the following regions North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. The dominance of North America in the smart lock market in the region is majorly due to a high adoption rate of innovative home technology, with many homeowners and renters using smart locks as part of their overall intelligent home systems. According to Oberlo, in 2023, an estimated 60.4 million households in the U.S. will use smart home devices at least once a month, representing a 3% increase from the 57.4 million households reported in 2022.

North America's high urbanization rate and the need for increased security in apartment buildings and condos, along with a well-developed e-commerce infrastructure, have contributed to the dominance of the smart lock market in the region. In addition, the presence of leading manufacturers and suppliers of innovative lock technology has also given North America a competitive advantage.

Key Players

Major companies competing in the market are Allegion plc, Avent, AssaAbloy, DormaKaba Holding AG, Samsung, Zhejiang Dahua Technology Co. Ltd., Spectrum Brands Holdings, Inc., and Panasonic Corporation.

In February 2022-Dormakaba completed the full acquisition of AtiQx Holding B.V.B.V., which helped expand its core business and services in the Netherlands. AtiQx is a prominent supplier of electronic access control and labor management in the relevant market.

Renub Research report titled “Global Smart Lock Market Global Forecast by Type (Deadbolts, Lever Handles, Padlock, and Others), Technology (Keypads, Rfid cards, Biometrics, and Wireless), Application (Residential, Commercial, Critical infrastructure, and others), distribution channel (Online, and Offline), Region (North America, Latin America, Europe, Asia-Pacific, and M.E.A), Company Analysis (Allegion plc., Avent, AssaAbloy, DormaKaba Holding AG, Samsung, Zhejiang Dahua Technology Co. Ltd., Spectrum Brands Holdings, Inc., and Panasonic Corporation.)"" provides a detailed analysis of Global Smart Lock Industry.

Type - Market breakup from 4 Viewpoints:

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

Technology - Market breakup from 4 Viewpoints:

1. Keypads
2. Rfid cards
3. Biometrics
4. Wireless

Application - Market breakup from 4 Viewpoints:

1. Residential
2. Commercial
3. Critical infrastructure
4. Others

Distribution Channel - Market breakup from 2 Viewpoints:

1. Online
2. Offline

Region - Market breakup from 5 Viewpoints:

1. North America
2. Latin America
3. Europe
4. Asia-Pacific
5. Middle East and Africa

Company has been covered from 3 Viewpoints:

• Overview
• Recent Developments
• Revenue

Company Analysis:

1. Allegion plc.
2. Avent
3. AssaAbloy
4. DormaKaba Holding AG
5. Samsung
6. Zhejiang Dahua Technology Co. Ltd.
7. Spectrum Brands Holdings, Inc.
8. Panasonic Corporation