Global Smart Lock Market to Hit Market Valuation of USD 15.42 Billion By 2032 | North America and Europe Generates More than 62% Market Revenue says Astute Analytica

The global smart lock market is in a period of rapid growth led by a desire for greater security, convenience, and seamless integration into smart home ecosystems. Traditional lock giants are evolving with the market, while tech innovators focus on biometric solutions and partnerships to cater to a wide range of consumer needs.

New Delhi, Feb. 19, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the global Smart Lock Market is projected to reach a total valuation of US$ 15.42 billion by 2032, up from US$ 6.33 billion in 2023. This represents a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2024 to 2032.

The smart lock industry is evolving rapidly, fueled by strategic partnerships between legacy lock manufacturers and technology powerhouses. Products are getting smaller and more feature-rich, like August's Wi-Fi Smart Lock with its DoorSense technology. Companies like Schlage are pushing boundaries – the Encode Plus Smart WiFi Deadbolt offers compatibility with Apple Home Key, letting users unlock their door using only their iPhone. Privacy and security are paramount in this landscape, with greater emphasis on advanced encryption and authentication measures to address consumer concerns – a valid point, considering 65% of consumers remain wary of smart device security. As per Astute Analytica, major players like Kwikset prioritize affordability alongside capability, and companies like Level make discreet design their strength. This diverse range of product choices fuels further adoption. Interestingly, smart locks are becoming a standard fixture in connected home systems, with integration into platforms like Google Home and Amazon Alexa offering unprecedented convenience.

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The future looks bright for the industry.  Landlords and building managers increasingly see the benefits of keyless entry, which could drive adoption in the lucrative rental and apartment sector. The Matter smart home standard holds promise, potentially allowing smart locks to function seamlessly across different ecosystems.  Expect future lock products to get even 'smarter,' potentially harnessing AI for face recognition, proactive security alerts, and personalized automation.

*Current and Future Outlook of Global Smart Lock Market is Bright *

Currently, demand is strongest in North America due to its tech-forward consumer base and well-established smart home market. The Asia-Pacific region promises huge potential with its focus on smart cities and new construction. Surveys highlight homeowner interest, with 76% indicating a desire for smart home devices like smart locks. Security remains the primary purchase motivator, followed closely by convenience, and this sentiment aligns with impressive CAGR of nearly 10.4% projected for the global smart lock market through 2032.

While residential use leads the charge, commercial adoption is picking up. Notably, fingerprint-based smart locks are seeing the fastest growth within the industry. Adoption isn't solely about futuristic features – nearly 40% of smart lock owners cite using theirs to remotely unlock doors for friends and family, and over half appreciate the increased peace of mind. With smart locks integrating smoothly into the majority of existing smart home systems, it's clear they hold a secure place in the connected future of homes.

*Key Findings in the Global Smart Lock Market*

Market Forecast (2032) US$ 15.42 Billion
CAGR 10.4%
Largest Region (2023) North America (34.5%)
By Lock Mechanism Deadbolts (35.7%)
By Application Residential (36.8%)
By Technology Smart Card (38.4%)
Top Trends · Smartphones and wearables are replacing traditional keys due to Bluetooth/NFC/Wi-Fi enabled unlocking.
· Smart locks are becoming a core component of smart home ecosystems, enabling voice control and automation.
· New smart locks emphasize discreet design or mimic traditional styles for wider appeal.

Top Drivers · Consumers seek better protection than traditional locks, driving demand for advanced smart lock features.
· The ease of remote locking/unlocking, temporary access, and monitoring attracts busy homeowners.
· The proliferation of smart home devices fuels demand for connected security solutions like smart locks.

Top Challenges · High-profile smart lock vulnerabilities highlight the need for strong security measures and consumer trust-building.
· Ensuring seamless compatibility across different smart home ecosystems and devices can be complex.
· Smart locks tend to be more expensive than traditional locks, potentially putting off price-sensitive consumers.

*North America and Europe are Major Smart Lock Market: Collectively Contribute More than 62% Revenue Share *

North America and Europe confidently hold their positions as frontrunners in the smart lock industry. This dominance attributed to socioeconomic factors and a technology-ready environment. In addition, consumers across Europe and North America have higher disposable income, thus fueling investments in latest technology like smart home upgrades. They ​also tend to have a greater appetite for innovation and technological adoption, further contributing to the rapid adoption of new concepts like smart locks. Moreover, established smart home ecosystems with industry leaders​ like Google and Amazon offer seamless integration points and foster broader smart lock demand.  Crucially, a heightened desire for enhanced security drives consumers away from traditional solutions and towards the advanced features promised by smart locks. Importantly, reliable high-speed internet and established wireless networks within these regions form the necessary backbone for these connected security devices.

These fundamentals and favorable consumer behavior create a market environment that appeals to large-scale investors and manufactures in the smart lock market. North America was the top smart lock market in 2023 with revenue share of over 34.5%, and projections indicate over 40 million North American households will use smart home tech by 2025. In the UK, a significant portion of renters expresses willingness to pay more for properties featuring smart solutions. Furthermore, European electronic lock sales (including a substantial smart lock portion) stood at an impressive USD 2.65 billion in 2023, reflecting an established market. Interestingly, smart lock sales growth outpaced traditional locks in North America in 2023, says analysts at Astute Analytica. Convenience plays a key role, with 74% of US homeowners seeing it as a major benefit. Europe witnesses increasing device spending per household alongside significant venture capital investment - all signaling continued smart lock market growth and dynamism.

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*Biometric enabled Smart Lock are Gaining Popularity, Despite Smart Card Being Popular Choie*

Biometric-enabled smart locks are seeing a surge in popularity across the global smart lock market, driven by their superior security, unmatched convenience, and the intrinsic appeal of cutting-edge technology.  Ultraloq U-Bolt Pro (fingerprint), Lockly Vision (fingerprint and video doorbell combo), eufy Security Smart Lock Touch & WiFi (fingerprint and keypad), and Gate Labs Smart Deadbolt (facial recognition) are some of the most popular smart locks enabled with biometrics in the global market. While smart cards still hold a place for those wanting better security than traditional keys, they have some fundamental limitations that biometrics can easily overcome. Cards, even with advanced security features, can be misplaced, stolen, or copied – in fact, Astute Analytica’s research indicates that lost or stolen cards were linked to a staggering 39% of smart card system breaches.

Biometrics, like fingerprints, facial features, or voice patterns, elegantly solve this problem. These identifiers are truly unique to each individual, eliminating the possibility of unauthorized duplication. Furthermore, anyone who's ever searched for their keys while juggling bags can instantly appreciate the hassle-free nature of biometric smart locks. It's no surprise then that roughly 70% of users report finding fingerprint locks more convenient and satisfying compared to other access methods.

Beyond these core benefits, biometric locks are becoming increasingly reliable and affordable.  Better algorithms and powerful sensors now lead to far more accurate authentication, drastically reducing any frustration or misreads. This rising dependability builds consumer trust, which is vital when people are securing their homes. 

*Top 5 Players Capture More than 40% Market Share of Global Smart Lock Market *

The top 5 players in the smart lock market Assa Abloy AB, Allegion plc, Carrier Global Corporation, Spectrum Brands Holdings, Inc, and Samsung Electronics Co., Ltd, hold their leadership positions through a potent combination of legacy advantages, broad product offerings, and strong market outreach.  Their backgrounds as traditional lock manufacturers translate into deep industry knowledge, brand recognition, and proven distribution networks. Moreover, these industry giants offer comprehensive smart lock portfolios catering to a wide range of consumers—from homeowners seeking smart replacements for standard locks to enterprise clients requiring multi-unit access control solutions.

Strategic partnerships within existing smart home ecosystems (Google, Amazon, Apple) are crucial, facilitating easy adoption and boosting appeal for tech-savvy users.   They continually tap into new market potential through investments in cutting-edge smart lock features and strategic acquisition of smaller, innovative companies. Assa Abloy AB stands out, leveraging its ownership of popular brands like Yale and August to target diverse price points and consumer needs. Its emphasis on secure and reliable solutions speaks to a core user concern.  On the other hand, Allegion PLC distinguishes itself with a significant focus on the commercial and enterprise sectors and expertise derived from its ownership of the Schlage brand.

To broaden their reach further, leaders in the smart lock market capitalize on targeted marketing, online presence, diverse product lines, and partnerships with retailers and integrators. This blend of brand building, product diversification, and seamless technology integration underpins their dominance within the competitive global smart lock landscape.

*Some of the Key Players Are:*

· 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

*Key Segmentation:*

*By Lock Mechanism:*

· Deadbolts
· Lever Handles
· Padlocks
· Other Locks

· Knob locks
· Rim/mortise locks
· Rim latch locks

*By Technology:*

· Keypad
· Smart Card
· Biometric
· Wireless (includes Smartphone/ App based)

· Bluetooth
· Wi-Fi
· Others

· Z-wave
· ZigBee
· Thread
· NFC

*By Application:*

· Commercial

· Retail stores and malls
· Hospitality
· Corporate
· Healthcare

· Industrial

· Oil & gas
· Manufacturing
· Energy & power
· Transportation
· Logistics
· Others

· Residential

· Condominium
· Individual houses

· Government Institution
· Others

*By Region*

· North America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)
· South America

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*About Astute Analytica*

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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/