Smart Lock Market (By Type: Deadbolt, Lever Handle, Padlock; By Application: Residential, Hospitality, Enterprise) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The global smart lock market was valued at USD 1.78 billion in 2021 and it is predicted to surpass around USD 8.54 billion by 2030 with a CAGR of 19.03% from 2022 to 2030.

Report Highlights

• In 2021, the deadbolt category accounted for about 49.8% in terms of volume, and it is expected to continue to rise during the forecast period.
• In terms of volume, the lever handle segment is predicted to grow at a CAGR of over 25.3% from 2022 to 2030. 
• In 2021, the residential application segment had the highest revenue share of almost 64.6%, and the segment is likely to continue dominating throughout the forecast period. 
• The hospitality segment is expected to expand at the fastest CAGR of over 24.2% from 2022 to 2030.
• In terms of volume, North America had the largest market share in 2021, accounting for around 39.85%.
• From 2022 to 2030, Asia Pacific is predicted to grow at a CAGR of 26.72% in terms of volume.

Key factors driving the growth include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. Smart pre-lock technology includes passwords, ID codes, machine keys, paper clips, and code names which are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. During the last year, drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes have helped businesses increase their ROI during these essential lockdown instances.

Scope of The Report

Type Insights

In 2021, the deadbolt category accounted for about 49.8% 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 25.3% 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 64.6%, 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 39.85%, 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 Vision Research Reports 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 26.72% 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 Players

• Yale
• Schlage
• August Home
• Kwikset
• Goji
• SDS Smart Locks
• Mul-T-Lock
• UniKey Technologies Inc.

Market Segmentation

• By Type Outlook

• Deadbolt
• Lever Handles
• Padlock
• Others
• By Application Outlook
• Residential
• Hospitality
• Enterprise
• Critical Infrastructure
• Others
• By Regional Outlook
• North America

• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• Korea
• Japan
• Latin America
• Middle East & Africa (MEA)