Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global smart lock market was valued at USD 1.64 billion in 2021 and is anticipated to register a CAGR of 19.5% from 2022 to 2030, based on a recent report by Grand View Research, Inc. The emergence of growing technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) are expected to boost the adoption of smart locks in the period forecasted. In addition, the growing awareness of consumers about the benefit and comfort offered by the locks is responsible for the ever-increasing demand for them, especially in all areas of accommodation and hospitality around the world. Their complexity and high efficiency have led to their deployment in various locations to strengthen security.

The growth of global smart home adoption and the influx of companies that come with home automation technology are also factors in the growing demand for smart locks. The players in the industry are focused on providing commercially viable products and developing advanced strategies, including remote locking/opening of doors, doors, and windows. In addition, as the number of homes with voice assistants grows steadily, manufacturers combine their offerings with such devices, enabling voice to control locks. Such innovations are expected to increase customers' popularity as they progressively seek advanced and straightforward locking/unlocking systems. There is a growing need to identify and certify various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings.

Since their inception, smart locks have provided efficient and easy-to-use resources. Increased security concerns are a significant factor in the rapid adoption of smart locks. Smart keys have seen a great need in the global residential environment worldwide. With the growth in the number of renewals and emerging construction projects across North America and the Asia Pacific, the industry has gained tremendous strength due to the increase in new installations. When connected to a smart home ecosystem, the lock is the most prominent part of a connected home.

One primary use of smart locks is in the Hospitality industry. Hotel management ensures the stay of customers is a pleasant and good experience. Various hotels have planned to use Wi-Fi or Bluetooth-enabled locks instead of RFID locks accessed by IC cards for hotels to improve the security of their premises. In smart home technology, connectivity is enabled via communication technologies like Z-wave, Wi-Fi, Thread, ZigBee, etc. All of these technologies can be installed on the same device.

For instance, in 2020, Netatmo, a French home-based smart device manufacturer, announced the launch of a new Smart Door Lock, and keys that support Apple's HomeKit standard. The company accommodates three other portable keys that use NFC to open the door quickly and securely.

As we analyze the impact of COVID-19 on the industry, smart locks have gained tremendous momentum in these unprecedented times. The market is expected to witness many opportunities during ongoing violence as locking/unlocking processes can be performed using voice recognition and smartphones/gadgets, thus reducing the need for physical touch.

Such technology allows manufacturers to meet customers' needs for virtual and virtual devices to use their devices, thus gaining maximum power during these challenging times. New product development and the introduction of advanced/uninterrupted technology are essential strategies that most industry players are expected to expand their customer base in the next few years.

Type Insights

In 2021, the deadbolt category accounted for about 49.7% in terms of volume, and it is expected to continue to rise during the forecast period. The growth is attributed to the growing deployment across various sectors and easy installation. Factors such as low installation costs, high durability, and adequate protection against strong intrusion or residential, commercial, and other direct attacks contribute to the growth. One of the leading companies, Kwikset, added advanced deadbolts with built-in features such as single-touch locks, low battery warning, and customized user codes to their portfolios, which ultimately attracted a large number of users.

In terms of volume, the lever handle segment is predicted to grow at a CAGR of over 25% from 2022 to 2030. Modernization operations in the hospitality sector to meet tourist security needs are also predicted to boost growth. Smart lever handles are frequently used in commercial environments on interior doors. In comparison to their competitors, they have simple locking/unlocking processes including the push-down style handle rather than a knob, which requires gripping and turning.

Due to benefits such as high-end security, user activity management, convenience, and smartphone connectivity, the padlock market is predicted to grow at a significant CAGR in the next years, resulting in broad adoption worldwide. Smart padlocks are increasingly being utilized while traveling, outside of the residential sector, to ensure the full security of the luggage.

Application Insights

In 2021, the residential application segment had the highest revenue share of almost 64%, and the segment is likely to continue dominating throughout the forecast period. Its substantial revenue output can be linked to expanding worldwide smart home penetration as well as an increase in new and restoration projects across the sector in recent years. Increased affordability of modern security solutions such as motion detectors, door, and window opening sensors, and remote door locking and unlocking is projected to drive adoption even further. The development of locks that are compatible with technologies like Z-Wave, ZigBee, and BLE is at the forefront, specifically for mass-market residential applications, attracting a broad client base.

The hospitality segment is expected to expand at the fastest CAGR of over 24.2% from 2022 to 2030. The industry has been rapidly implementing smart locks to accommodate consumers' growing security concerns throughout their visits. The obligation for hotels to improve in-room security is expected to boost the usage of these keyless access devices in the coming years. Innovative solutions for the hospitality industry are being offered by leading market players. To boost security and assure hassle-free access to rental houses, Hoomvip, an app-based rental property access service, installed an ENTR smart door lock by TESA, one of Assa Abloy's trademarks, in October 2018. The implementation of these locks also increases the hotel's brand value, which drives their acceptance even further across the industry.

Regional Insights

In terms of volume, North America had the largest market share in 2021, accounting for around 39.8%, and is expected to grow significantly over the next seven years as a result of advancements in smart locks technology. This is mainly due to extensive technology adoption and the rapid expansion of smart homes in the United States. According to a Grand View Research study, nearly 30% of internet households in the United States want to get a smart lock by the end of 2021. Customers' high spending power coupled with increasing safety concerns, particularly in key infrastructure and domestic applications, has resulted in a supportive regulatory environment for their adoption.

From 2022 to 2030, Asia Pacific is predicted to grow at a CAGR of 26.5% in terms of volume. Significant growth could be attributed to a dramatic increase in the number of residential and commercial projects and ongoing programs of smart cities in developing countries like India. In addition, smart home penetration across the region has seen significant growth, which plays a vital role in spreading awareness about advanced gadgets and technologies.

However, the norms set by government agencies in countries such as Australia require further development and product modification, which is expected to challenge the market growth. Several players in the APAC region are constantly developing new features for smart locks. In addition, lots of new start-up companies are testing new smart lock applications to improve safety.

Key Companies & Market Share Insights

The smart lock industry is going through rapid changes. It has continued to consolidate over a few years, with leading companies constantly pushing to hold the highest market share. Many companies take steps such as acquisitions, partnerships, investments, and R&D to be able to separate their portfolio from competitors and stand out with their market presence.

The implementation of IoT to improve the technology of non-contact locks gained momentum as leading companies introduced solutions that involved less human interaction. In March 2020, Kwikset unveiled its expanded product line that includes Microban SilverShield technology, which helps reduce viral growth in departmental platforms. The company is also focused on expanding its partnership with Microban by introducing key locks and smart locks developed by the end of 2021. Some prominent players in the global smart lock market include:

• Yale

• Schlage

• August Home

• Kwikset

• Goji

• SDS Smart Locks

• Mul-T-Lock

• UniKey Technologies Inc.

Smart Lock Market Report Scope

Global Smart Lock Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart lock market report based on type, application, and region:

• Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

  • Deadbolt

  • Lever Handles

  • Padlock

  • Others

• Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

  • Residential

  • Hospitality

  • Enterprise

  • Critical Infrastructure

  • Others

• Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Korea

    • Japan

  • Latin America

  • Middle East & Africa (MEA)