Smart Lock Market Size, Share & Trends Report

Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure), By Region, And Segment Forecasts, 2018 - 2024

  • Published Date: May, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-138-2
  • Format: Electronic (PDF)
  • Historical Data: 2013 - 2014
  • Number of Pages: 160

Industry Outlook

The global smart lock market size was estimated at USD 559.4 million in 2016. It is expected to witness a phenomenal CAGR of just over 60.0% over the forecast period. The demand for smart locks is projected to exceed 135 million units by 2024. Rising adoption of connected home solutions and soaring need to establish connectivity across all electronic devices in users’ houses as a consequence of growing penetration of smart homes are among the key trends escalating market growth.

U.S. smart lock market

Increasing penetration of smartphones is also fueling the demand for smart locks over the forecast period. Moreover, technological advancements are estimated to play an important role in the development of the market.

The industry is anticipated to witness significant opportunities for growth, particularly in cloud-based locking/unlocking management solutions, due to advent of innovative locking mechanisms through key fobs, smartphones, tablets, and other portable devices as well as rollout of integrated connectivity. Growing development and implementation of various innovative technologies, such as Z-wave/ZigBee, Near Field Communication (NFC), and Bluetooth Low Energy (BLE), to access locking functions is likely to stoke the growth of the market over the forecast period.Adoption of sophisticated keyless access devices is relatively more mainstream in mature markets, such as the U.S. and Europe, as compared to emerging economies. Lack of end-user awareness and price sensitivity are the two key roadblocks preventing widespread adoption of these devices in developing markets. However, smart locks are gradually gaining prominence across Asia Pacific, particularly in Japan and China, on account of growing level of awareness coupled with surging adoption of niche technology products among the populace.

To enhance consumer experience, smart lock vendors are also introducing add-on locks and capacitive touchscreens. They are developing contemporary technologies, such as Wi-Fi and Bluetooth-based locking/unlocking access, to tap into proliferation of IoT and rising popularity of the BYOD trend. Residential service providers, particularly smart home specialists, are also introducing wireless protocol-enabled door locks in their new ventures. All these factors are poised to bode well for the market.

Reducing costs of cloud infrastructure and mobile broadband are providing convenience to users to monitor and control different electronic devices remotely. Increasing adoption of back-end cloud services, low-energy communication protocols, and smartphones are establishing an ecosystem, which is expected to work in favor of the market.

Type Insights

The various types of smart locks analyzed in the report are deadbolt, lever handle, padlock, and others. Deadbolts were the largest selling product type in 2016 and are projected to dominate the market throughout the forecast period. Deadbolt locks are widely used in residences owing to their easy operations and robust locking mechanism.

Lever handles are mostly installed in hotels and other commercial establishments. The segment is estimated to witness the fastest growth over the forecast period due to increasing projects of new construction and renovation of hotels worldwide to accommodate rising number of tourists.

China smart lock market

Padlocks are anticipated to experience significant growth over the coming years owing to their extensive application in commercial vehicles, garages, perimeter gates, and water covers. Moreover, padlocks are weatherproof locks, made exclusively from stainless steel and other non-corrosive materials, and serve as a convenient alternative to conventional locks.

Application Insights

Smart locking/unlocking is a novel technology introduced and commercialized in recent past. Initially, electronic locks were limited to enterprise and commercial applications. However, they have been growing in importance in high-end residential applications over the last decade. Locks supporting Z-Wave and ZigBee technologies were particularly manufactured for mass-market residential usage. However, premium hospitality chains have also started deploying these locking solutions in hotels.

The residential segment accounted for the largest share in the smart lock market in 2016 and is expected to retain the dominance throughout the forecast period due to rising penetration of intelligent homes worldwide. Homeowners are finding technologically advanced security tools, such as window and door opening sensors, remote door locking, and motion detectors, affordable as a result of rising disposable income levels. Such favorable trends are likely to encourage the adoption of these locking solutions in residential applications.

Hospitality is poised to emerge as the fastest growing application over the forecast period. Rising disposable income levels are expected to boost the demand for accommodation services, thereby providing a significant push to hotel and motel construction.

Regional Insights

Asia Pacific is anticipated to witness noteworthy growth over the forecast period. The growth can be attributed to rising number of new residential and commercial construction projects. China is considered to be a key revenue generating region owing to increasing demand for various wireless protocol-enabled access devices for security and convenience.

Europe is likely to experience substantial demand for electronic locking/unlocking mechanisms in the near future. Spiraling adoption of these locking solutions is poised to have a negative impact on the sales of traditional deadbolts/lever handle locks, which are widely used in the Western Europe and North America regions.

However, government regulations in some countries, such as Australia, demand major product innovation and alteration. The technology stands in danger of being dysfunctional during a fire and does not comply with safety requirements of a person to unlock doors from within without a key.

Smart Lock Market Share Insights

The market is highly fragmented in nature with no company actively dominating the industry. The industry is characterized by limited product innovation and minimal dominance of companies, which ultimately provides a platform for new players to enter the industry.

UniKey Technologies Inc.; Yale; Haven; August Home; and Goji are some of the key market incumbents. They are known for developing innovative products that can be integrated seamlessly into a smart home solution. Other market players include SentriLock, Weiser, Schlage, SDS Smart Locks, Mul-T-Lock, Okidokeys, Kwikset, Aventsecurity, and Cansec System. A majority of the key market players are focusing on expansion of sustainable technologies.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2014

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S., Canada, Germany, U.K., India, China, Korea, Japan

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-markets from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global smart lock market report on the basis of type, application and region:

  • Type Outlook (Revenue, USD Million, 2014 - 2025)

    • Deadbolt

    • Lever Handles

    •  Padlock

    • Others

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Residential

    •  Hospitality

    •  Enterprise

    • Critical Infra

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Korea

      • Japan

    • Latin America

    • Middle East & Africa (MEA)

Key questions answered by the report
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