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Global smart lock market is projected to demonstrate a revenue opportunity of US$ 7,169.9 Mn and is estimated to reach US$ 13,147.7 Mn by 2030, at a CAGR of 10.4% over the forecast period, 2023-2030.
The smart lock market is a rapidly growing segment of the smart home industry, which allows homeowners to remotely control access to their homes using smartphones, tablets, or other smart devices. These locks use various technologies such as Bluetooth, Wi-Fi, or Zigbee to connect to a home's existing wireless network, and can be controlled through dedicated mobile apps or integrated with other smart home platforms.
Some popular features of smart locks include the ability to grant or revoke access to specific individuals, view a log of who has entered and left the home, and receive notifications when the lock is used. Many smart locks also feature keyless entry, allowing users to unlock the door using a code, fingerprint, or facial recognition.
Some of the leading players in the smart lock market include companies such as August, Schlage, Kwikset, and Yale. These companies offer a variety of smart lock models, ranging from basic models that simply allow remote access to more advanced models with additional features such as built-in cameras or integration with other smart home devices. Overall, the smart lock market is expected to experience significant growth in the coming years, driven by increasing consumer demand for convenience and security, as well as the growing popularity of smart home technology.
Key Market Dynamics of Global Smart Lock Market
Current Opportunity in the market
Growing Popularity of Smart Homes and Technology Advancement
The need for smart locks is on the rise as more people around the world use smart homes and more companies develop sophisticated and cutting-edge home automation technology. The leading smart lock manufacturers in the market are focusing on providing cost-effective products and creating advanced methods such as locking and unlocking doors, windows and entrances remotely. Additionally, manufacturers are connecting their products with voice assistants as the number of homes with these devices increases, making voice control of locks possible. As customers are increasingly looking for advanced and convenient ways to lock/unlock, such developments are expected to gain significant popularity among consumers.
Functions such as providing security via smart locks and instantly illuminating escape routes in the event of a fire alarm as well as primary tasks such as light control, color changing, turning off lights and closing curtains are all basic features incorporated into the smart homes. When a home is connected to a smart home hub, the most obvious part of the connection is the lock. End users want their products to meet all their needs. Therefore, when selecting a smart lock, they must consider such crucial factors as size, design, battery life and price.
Smart home users can assign and revoke timed virtual keys to anyone they like, including in-laws, dog walkers and visitors, using smart locks and garage door openers. Smart locks can also recognize when a resident is nearby and automatically unlocking doors.
Most of the smart locks available in the US market, such as the Wyze lock and the August smart lock, are positioned over conventional deadbolt locks. However, the best smart locks in Europe have easy-to-install adapters that allow you to integrate a smart lock into a smart home, as well as compatibility with special locking cylinders, which is ideal for new locks. The final touch to creating a home for sale
High Cost of Smart Locks
Since smart locks are much more expensive than conventional locks, price is a major factor limiting the global smart lock market growth. Additionally, smart locks have significant switching costs, which dissuade consumers from investing in them.
Since many smart lock models run on electricity or batteries, a power outage can also affect their functionality and leave them vulnerable. Therefore, the smart lock market is limited by the high cost of products. A professional may be required to install the lock and connect it to Bluetooth and Wi-Fi, as smart locks can cost significantly more than traditional lock and key systems. When smart locks break, fixing them can be expensive.
Lock Mechanism Analysis
Based on the locking mechanism, the deadbolt segment holds the highest market share due to its high durability, ease of use, and efficient protection. Deadbolts are one of the most popular exterior locks for homes. A large user base and prominent companies in the market, like Kwikset are adding advanced deadbolts with built-in features like low battery alert, one-touch lock, and configurable user codes to their portfolio.
Smart card is expected to continue dominating the smart lock market and is also expected to continue growing at the highest CAGR in the years to come. Smart cards provide techniques to securely authenticate and identify the cardholder and other parties who need access to the card. Because the tag card is easier to use and carry than keys, RFID locker locks are clear and easy to install. The key cards for these locks are easy to keep in your wallet. With RFID key cards, there is no need to physically touch the lock.
By application, the global smart lock market is segmented into Commercial, Industrial, Residential, Government Institution & Others.
The demand for smart locks in commercial applications is on the rise as it offers several benefits such as security, remote management, flexibility, cost-effectiveness and compliance. Smart locks provide advanced security features such as keyless entry, biometric authentication, and the ability to grant or revoke access to specific individuals, which can help to prevent unauthorized access and improve overall security in commercial buildings. With the ability to remotely manage access to a commercial building, it becomes easier for property managers and building owners to control who has access to the building and when. This flexibility also allows property managers and building owners to easily change access codes or revoke access for employees or tenants as needed.
Smart locks can be a cost-effective solution for commercial buildings, as they eliminate the need for traditional mechanical keys and can reduce the need for on-site security personnel. Additionally, smart locks can be integrated with remote monitoring systems, which allows for real-time monitoring of who is entering and exiting the building, and provides a record of access for security and auditing purposes. Furthermore, they can be integrated with energy management systems and sensors, they can trigger actions like turning off lights, heating, or cooling system when no one is in the room, saving energy. Lastly, smart locks can help commercial buildings to comply with regulations regarding access control, especially in restricted areas such as data centers, server rooms, and other sensitive areas.
North America is the largest shareholder in the global Smart Locks market with revenues of $1,968.2 million in 2021. This is due to the growing adoption of the technology in the region. People in countries like US, Canada and Mexico are more prone to smart technology which in turn leads to the adoption of smart locks in the region.
The demand for smart locks is increasing in both Europe and the Asia Pacific region. In Europe, the market is driven by factors such as the growing adoption of smart home technology and the increasing focus on security and convenience. The European market for smart locks is expected to grow at a steady pace over the forecast period, driven by the growing adoption of smart home technology, particularly in countries like the United Kingdom, Germany, and France. The market is also expected to be driven by the increasing focus on security and convenience among consumers.
In the Asia Pacific region, the market is driven by factors such as increasing urbanization and the growing adoption of smart home technology. The Asia Pacific smart lock market is expected to grow at the highest CAGR during the forecast period. The growing adoption of smart home technology, particularly in countries like China, South Korea, and Japan, is expected to drive the market in the region. The increasing number of smart city projects in the region is also expected to drive the market.
The increasing demand for smart locks in Europe and Asia Pacific is also driven by the growing awareness about the benefits of smart home technology, and the increasing affordability of smart locks. The smart lock market is expected to continue to grow as more consumers look for ways to make their homes more convenient and secure.
List of Key Companies Profiled:
Key Industry Players
Top 4 players, namely ASSA ABLOY AB, Allegion plc, Carrier Global Corporation, Spectrum Brands Holdings, Inc in the global smart lock market held a market share of close to 40% in 2021.
Major market players adopted recent strategies that includes:
The global Smart Lock Market is segmented into:
By Lock Mechanism segment of the Global Smart Lock Market is sub-segmented into:
By Technology segment of the Global Smart Lock Market is sub-segmented into:
By Application segment of the Global Smart Lock Market is sub-segmented into:
|Market Size Value in 2022||US$ 5,977.8 Million|
|Expected Revenue in 2030||US$ 6,996.34 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Lock, By Technology, By Application, By Region|
|Key Companies||Allegion plc, ASSA ABLOY AB, Aventsecurity, Cansec Systems Ltd., GANTNER Electronic GmbH, Haven Lock, Inc., Master Lock Company LLC, MIWA Lock Co., Mul-T-Lock., Okidokeys, Onity, Inc., Salto Systems S.L., Samsung Electronics Co., Ltd., SDS Smart Locks, SentriLock, Shenzhen Vians Electric Lock Co., Ltd., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., Weiser, Wyze Labs, Inc., Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The global Smart Lock market size was US$ 5,977.8 Million in 2022.
The global Smart Lock Market is studied from 2017-2030.
Yes, the global Smart Lock Market report includes COVID-19 impact analysis.
The global Smart Lock market is projected to grow at a CAGR of 10.4% during the forecast period 2023-2030 and is expected to reach a value of USD 13,147.7 million by the end of 2030.
Factor such as growing trend of IoT and rising consumer awareness regarding the benefits of advanced security are driving the growth of the global Smart Lock market.
The residential segment holds highest CAGR in the global Smart Lock market during the forecast period.
Asia-Pacific region is growing with the highest CAGR during the forecast period.
High cost of smart locks is a major limiting factor for the global Smart Lock market growth.
US holds the major share in term of revenue in the North America Smart Lock market.
Growing popularity of smart homes provide a lucrative growth opportunity in the global Smart Lock market.
Lock mechanism, technology, application, and region are the different segments in the global Smart Lock market.
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