Global Smart Locks Market Growth Rate 2024, Forecast To 2033
26 Feb, 2024
The smart locks market has experienced rapid growth, escalating from $2.39 billion in 2023 to $2.72 billion in 2024, with a CAGR of 13.9%. Historical growth is linked to affordable products, evolving design, residential and commercial construction, smartphone penetration, and consumer convenience demand. Forecasts predict continued rapid growth to $4.6 billion in 2028, with a CAGR of 14.0%, driven by government initiatives, e-commerce expansion, smart building integration, energy efficiency focus, and interest in smart access control. Notable trends include customization, energy-efficient design, smart locks for rentals, user-friendly installation, and biometric authentication advancements.
Global Smart Locks Market Key Driver
The smart locks market is thriving due to a surge in residential and commercial projects globally. As per the UK's Office of National Statistics, monthly construction output increased by 3.5% in November 2021. Furthermore, India's construction industry is expected to reach $1.4 trillion by 2025, contributing to the rising demand for smart locks in various projects.
Get A Free Sample Of The Global Smart Locks Market ReportGlobal Smart Locks Market Segments
The smart locks market covered in this report is segmented –
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the smart locks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Smart Locks Industry Players
Allegion PLC; Assa Abloy AB.; August Home.; Cansec Systems Ltd.; Dorma + Kaba Holding AG.; Gantner Electronic GmbH.; HAVENLock.; Honeywell International Inc.; Master Lock Company LLC.; Onity Inc.; Salto Systems.; Samsung Electronics Co., Ltd.; Schlage.; Spectrum Brands Holdings, Inc.; UniKey Technologies Inc.; U-tec Group Inc.; Vivint Inc.; Avent Security.; Goji.; SDS Smart Locks.; Mul-T-Lock.; Panasonic Corporation.; Guangdong Be-Tech Security Systems.; DESSMANN.; The Chamberlain Group, Inc.; Kaadas.; Kwikset.; Techlicious LLC.; Godrej Group.; Adel Marketing (M) Sdn. Bhd.
Get The Full Global Smart Locks Market Report
Smart Locks Market Overview
Smart locks refer to a mechanical and electrical lock that may be opened wirelessly with authentication from authorized users by connecting to the home's Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock to enhance security.
Smart Locks Global Market Report 2023 provides data on the global smart locks market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart locks market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.