Smart Locks Market Forecasts to 2030 – Global Analysis By Product (Wi-Fi-Based Smart Lock, Touch Screen Locks, Remote Locks, Radio Frequency Identification (RFID) Locks, Motion Sensor Locks, Magnetic Strip Door Locks, Keypad Locks, Fingerprint Recognition

Smart Locks Market Forecasts to 2030 – Global Analysis By Product (Wi-Fi-Based Smart Lock, Touch Screen Locks, Remote Locks, Radio Frequency Identification (RFID) Locks, Motion Sensor Locks, Magnetic Strip Door Locks, Keypad Locks, Fingerprint Recognition Door Locks, Face Recognition Door Locks, Electronic Cipher Locks, Bluetooth-Based Smart Lock, Biometric Smart Lock, App Based Locks and Other Products), Lock Type, Communication Protocol, Authentication Method, End User and By Geography

According to Stratistics MRC, the Global Smart Locks Market is accounted for $2.83 billion in 2024 and is expected to reach $6.50 billion by 2030 growing at a CAGR of 14.9% during the forecast period. The seamless integration of technology into conventional locking mechanisms for smart locks is transforming home security. By enabling remote door locking and unlocking through smartphone apps or voice commands, these cutting-edge gadgets provide convenience. Homeowners have more control and visibility over who enters and leaves their properties owing to smart lock features like activity logs, temporary access codes, and keyless entry. Moreover, in order to improve overall automation and security, some models also provide integration with other smart home systems.

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Market Dynamics:

Driver:

Growing uptake of automation systems for smart homes

Customers are embracing the efficiency and convenience that smart home technology offers to daily living as it becomes more widely available. An obvious continuation of this trend is the creation of interconnected ecosystems in homes and businesses through the seamless integration of smart locks with other smart devices and platforms. Additionally, smart locks improve the overall usability and aesthetics of smart home setups with features like voice assistant integration, automation capabilities, and remote locking and unlocking capabilities.

Restraint:

Uncertainties about security and reliability

There are still questions about the security and dependability of smart lock systems, even with technological advancements. People are concerned that their security measures may be compromised by possible weaknesses like system failures, hacking, or connectivity problems. Furthermore, there are concerns regarding the resilience of these systems and their capacity to resist advanced cyber threats in light of reported cases of smart lock malfunctions or vulnerability to hacking incidents.

Opportunity:

Smart city initiatives with integration

By increasing security, maximizing resource use, and boosting urban mobility, smart lock technology can be essential to the creation of smart cities. Smart locks present an opportunity to be integrated into larger smart city initiatives as cities all over the world invest in digital technologies and smart infrastructure to address urban challenges. Moreover, to control crowds, secure parcel delivery, and secure access points, for example, smart locks can be installed in government buildings, transportation hubs, and public areas.

Threat:

Market fragmentation and lack of standards

The market for smart locks is fragmented and faces interoperability issues due to the diversity of manufacturers, products, and technologies available. The adoption of these technologies may be hampered by consumer confusion caused by incompatibilities and a lack of industry standards amongst various smart lock systems. Additionally, the usefulness and functionality of these systems may be limited by users' inability to integrate smart locks with third-party devices or current smart home ecosystems.

Covid-19 Impact:

The market for smart locks has seen differing effects from the COVID-19 pandemic. The pandemic sped up the adoption of contactless access control solutions in response to increased hygiene concerns, even though early disruptions in supply chains and construction activities hampered market growth. As remote work became more common, homeowners looking to improve convenience and safety placed a greater focus on home automation and security, which in turn increased demand for smart locks. Furthermore, the adoption rates in certain segments, especially the commercial and institutional sectors, may have been hindered by budgetary constraints and economic uncertainties.

The Bluetooth segment is expected to be the largest during the forecast period

In the smart lock market, the Bluetooth segment has the largest market share. Bluetooth technology is a preferred option for both smart lock manufacturers and consumers because it strikes a balance between connectivity range, energy efficiency, and affordability. Keyless entry without the need for physical keys is made convenient with Bluetooth-enabled smart locks, which let users unlock doors with their smart phones. Moreover, the extensive usage of Bluetooth in smart phones and other mobile devices guarantees consumer convenience and wide compatibility.

The Biometric segment is expected to have the highest CAGR during the forecast period

In the smart lock market, the biometric smart lock segment is anticipated to grow at the highest CAGR. With a high degree of security and convenience, biometric smart locks use sophisticated authentication techniques like iris, face, or fingerprint scanning to provide access. Without the need for traditional keys or access cards, these locks offer users a seamless and extremely secure method of accessing their homes or properties. Additionally, because of their superior security features and user-friendly interface, biometric smart locks are expected to become more and more popular as concerns about identity theft and security continue to rise.

Region with largest share:

The market for smart locks worldwide is dominated by North America. Numerous elements contribute to this dominance, such as the rapid uptake of smart home technologies, the prominence of major industry players, and the growing public awareness of home automation and security options. The region's smart lock market is expanding due in part to strong infrastructure, technological advancements, and favorable economic conditions. Furthermore, due to the fact that smart home products are widely accepted and there is a growing need for creative security solutions, the United States, in particular, holds a sizable portion of the market share.

Region with highest CAGR:

The smart lock market is expected to grow at the highest CAGR in the Asia-Pacific region. Rising urbanization, rising disposable incomes, and the expansion of the middle class in nations like China, India, and Southeast Asia are some of the factors contributing to this rapid growth. The demand for smart locks in the area is also being driven by rising home security awareness and the uptake of smart home technologies. Additionally, government programs encouraging the development of smart cities and infrastructure expenditures are opening doors for the use of sophisticated access control systems, such as smart locks.

Key players in the market

Some of the key players in Smart Locks market include Samsung Electronics Co., Ltd, Danalock International AS, Panasonic Corporations, Kwikset (Spectrum Brands Inc.), Allegion plc, Salto Systems SL, UniKey Technologies, Inc., Haven lock, Inc., Master Lock Company LLC, August Home, Inc., Vivint, Inc., Onity Inc. (Carrier Global Corporation), Honeywell International Inc, Sentrilock, LLC, Yale Locks & Hardware and U-TEC Group Inc.

Key Developments:

In March 2024, Panasonic Energy Co., Ltd., a Panasonic Group Company, and Mazda Motor Corporation announced they have signed an agreement towards the supply of cylindrical automotive lithium-ion batteries.

In December 2023, Carrier Global Corporation, global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its security business, Global Access Solutions, which includes the industry-leading brands of LenelS2, Supra and Onity, to Honeywell for an enterprise value of $4.95 billion, which represents approximately 17x 2023 expected EBITDA. The sale agreement is a successful first step in Carrier's portfolio transformation.

In April 2023, Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, and AMD today announced they have signed a multi-year agreement extension to bring multiple generations of high-performance, ultra-low-power AMD Radeon graphics solutions to an expanded portfolio of Samsung Exynos SoCs.

Products Covered:
• Wi-Fi-Based Smart Lock
• Touch Screen Locks
• Remote Locks
• Radio Frequency Identification (RFID) Locks
• Motion Sensor Locks
• Magnetic Strip Door Locks
• Keypad Locks
• Fingerprint Recognition Door Locks
• Face Recognition Door Locks
• Electronic Cipher Locks
• Bluetooth-Based Smart Lock
• Biometric Smart Lock
• App Based Locks
• Other Products

Lock Types Covered:
• Deadbolt Locks
• Lever Handles
• Padlock
• Server locks and Latches
• Knob Locks
• Other Lock Types

Communication Protocols Covered:
• Bluetooth
• Near-Field Communication (NFC)
• WiFi
• Z-Wave
• Zigbee
• Other Communication Protocols

Authentication Methods Covered:
• Keypad
• Card Key
• Touch Based
• Key Fob
• Smartphone Based
• Biometric
• Other Authentication Methods

End Users Covered:
• Commercial
• Residential
• Institutional & Government
• Industrial
• Transportation & Logistic
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements