How Has The Smart LocksMarket Size Evolved In Recent Years?
The smart locks market has seen considerable growth due to a variety of factors.
• The market size for smart locks has experienced swift expansion in the past few years. It is projected to enlarge from $2.66 billion in 2024 to $3 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.7%.
The surge experienced during the historical period can be credited to factors such as improved product affordability, development in design and aesthetics, increased residential and commercial construction activities, the prevalence of smartphone usage, and the consumer need for convenience.
What Is The Projected Growth Of The Smart Locks Market?
The smart locks market is expected to maintain its strong growth trajectory in upcoming years.
• The smart locks industry is projected to experience swift expansion in the coming years, with its market size predicted to reach $5.35 billion by 2029, increasing at a compound annual growth rate of 15.6%.
This growth throughout the forecast phase can be linked to factors like government policies and regulations, the surge in e-commerce and online sales, incorporation with smart building solutions, emphasis on energy efficiency and sustainability, and an elevated interest in smart access control for businesses. Noteworthy trends during the forecast duration encompass customization and aesthetics, considerations for energy-efficient design, smart locks intended for rental properties, attention to user-friendly installation, and advancements in biometric authentication.
What Are The Key Drivers Fueling Growth In The Smart Locks Market?
The smart locks market's expansion is anticipated to be fueled by a rise in residential and commercial projects. Residential projects are understood as buildings designed for living, while commercial projects are those rented out for business operations. Both types of projects are embracing smart locks due to the enhanced security they offer through various technologies. For instance, the Office of National Statistics, a governmental entity in the UK, reported in November 2023 that total new work had surged by £18,161 million in 2022, indicating growth in both the private and public sectors with increments of 16.8% and 13.1%, respectively. Consequently, the surge in residential and commercial projects is stimulating the growth of the smart locks market.
What Are The Principal Market Segments In The Global Smart Locks Industry?
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
Subsegments:
1) By Deadbolts: Keyless Deadbolts, Biometric Deadbolts, Smart Deadbolt With Keypad
2) By Commercial: Electronic Keypad Locks, Smart Access Control Systems, RFID Locks, Keyless Entry Systems For Businesses
3) By Padlocks: Bluetooth Padlocks, Smart Combination Padlocks, Biometric Padlocks
4) By Other Products: Smart Door Handles, Smart Garage Door Locks, Smart Lockboxes
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Which Emerging Market Trends Are Altering The Smart Locks Sector?
The smart lock market is increasingly being driven by technological advancements, a trend that is being spearheaded by leading companies in the industry. These companies are prioritizing the creation of new technology to meet the needs of consumers. A case in point is Yale Home India, a digital lock manufacturer based in India, which released the Yale YDM7220 BioSecure in November 2022, leveraging ioSecure technology. This smart lock model utilizes advanced technology to consistently clean and sanitize every touchpoint in a household to minimize microbial contamination and obstruct the transmission of illnesses.
Who Are the Key Players in the Smart Locks Market?
Major companies operating in the smart locks market include:
• 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.
What are the Regional Insights into the Smart Locks Market?
North America was the largest region in the smart locks market in 2024.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
