The smart lock market size was projected to be USD 2,996.70 million in 2022. By the end of 2023, the industry is likely to reach a valuation of USD 3,404.70 million. During the forecast period, the global market for smart lock is expected to garner a 14.90% CAGR and reach a size USD 13,611.40 million by 2033.
Key industry Trends and Highlights
| Attributes | Details |
|---|---|
| Estimated Market Value in 2022 | USD 2,996.70 million |
| Expected Market Value in 2023 | USD 3,404.70 billion |
| Expected Market Value in 2033 | USD 13,611.40 million |
| Value based CAGR from 2023 to 2033 | 14.90% |
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| Report Attributes | Details |
|---|---|
| Market value in 2022 | USD 2,996.70 million |
Smart lock usage is being driven by the growth of rental as well as sharing economies, including coworking spaces and short term vacation rentals. Smart locks with features like temporary access codes give these businesses the flexible and safe access control solutions that they need for their tenants, visitors, and members.
Consumers are more conscious of personal hygiene and the value of avoiding contact with shared surfaces. In response to these worries, smart locks are growing more popular. These permit touchless entry through techniques like key cards, smartphone apps, or biometric scans. The unique factor has sped up the use of smart locks in a variety of contexts where contactless access is essential, such as homes, businesses, and lodging establishments.
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The table below lists the top five nations expected to experience prominent growth during the forecast period. India and China are predicted to have the maximum development among these nations.
Forecast CAGRs from 2023 to 2033
| Countries | CAGR from 2023 to 2033 |
|---|---|
| The United States | 10.90% |
| The United Kingdom | 9.20% |
| Germany | 10.90% |
| China | 11.90% |
| India | 13.70% |
The United States market for smart lock is likely to garner a 10.90% CAGR during the forecast period.
The use of smart lock is being propelled by the expanding trends of home automation along with the Internet of Things (IoT). Smart lock are an essential part of the ecosystem of connected homes as consumers seek more integrated solutions that let them monitor and control their properties from a single platform.
The United States market for smart lock is also being driven by the desire for increased convenience and security. Advanced security features like access management, remote monitoring, and the capacity to provide guests with temporary access are all available with smart lock. For homeowners looking for a more user friendly and safe locking option, the simplicity of remote control and keyless entry is appealing.
The smart lock market in the United Kingdom is poised to expand at a 9.20% CAGR from 2023 to 2033.
The United Kingdom is witnessing an increase in high density housing as well as shared accommodations, like apartment buildings and co living spaces. This is due to ongoing urbanization within the nation. In these urban living conditions, smart lock are becoming more and more popular since they provide tenants, property managers, and landlords with a convenient and safe access solution.
In the United Kingdom, home safety and security are highly valued. Since they come with features like access control, notifications, and remote monitoring, smart lock are seen as a way to improve home security. Smart lock adoption is fueled by the active search for solutions that offer increased security and peace of mind.
The Germany market for smart lock is poised to develop at a 10.90% CAGR during the forecast period.
Security and privacy are highly valued in German culture. Protecting private areas and improving home security are two benefits of using smart lock. The adoption of smart lock in the country is fueled by the need for sophisticated security features like remote monitoring as well as access control.
Germany is renowned for its emphasis on quality and technological innovation. German customers will probably embrace smart lock technology as it develops and becomes more dependable, particularly if well engineered, high quality products that satisfy their security and usage requirements are made available.
The China market for smart lock is likely to expand with a 11.90% CAGR from 2023 to 2033.
The market for smart lock in China is driven in a particular way by the cultural importance of door symbolism. Doors are viewed as symbols of opportunity and security in Chinese culture. The modern security features that smart lock provide are in line with the cultural value placed on securing a house and personal area. This cultural affinity may encourage China to adopt smart lock.
The India smart lock market is poised to expand with a 13.70% CAGR during the forecast period.
The growing popularity of domestic help and delivery services is one of the distinctive market drivers in India for smart locks. In India, many households employ domestic help, and the e commerce sector is expanding rapidly. With smart locks, homeowners can remotely grant temporary access to delivery or housekeeping teams. The adoption of smart locks may be greatly influenced by this convenience factor, especially given the Indian way of life.
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The table below highlights how biometric locks are projected to take up a significant global market share by product type.
The Wi Fi technology segment is likely to garner the dominant market share in 2023.
| Category | Market share in 2023 |
|---|---|
| Biometric Lock | 33.80% |
| Wi Fi Technology | 58.9% |
The biometric lock segment is expected to acquire a market share of 33.80% in 2023.
Biometric locks offer a convenient as well as user friendly experience. Lockout risks are decreased because users are not required to carry actual keys or memorize passwords. Customers find it easy to unlock doors using a fingerprint or face scan, which is why biometric locks are becoming more and more common in both residential and commercial establishments.
A higher level of security is provided by biometric locks, which include facial recognition and fingerprint, as opposed to conventional key or PIN based locks. Since biometric data is specific to each individual, unwanted access is more difficult. Businesses and individuals alike are choosing biometric solutions more frequently as security and privacy concerns rise.
Based on the technology, the Wi Fi segment is anticipated to take up a significant global market share. In 2023, the Wi fi segment is likely to acquire 58.9% global market share.
With a smartphone app or online interface, consumers with Wi Fi connectivity may track and operate their smart lock from a distance. With this feature, homeowners may provide temporary access to visitors or service providers, lock or unlock doors from anywhere, and get real time updates regarding lock activity. The ease of remote access improves the property's general security and accessibility.
A smart lock with WiFi connectivity can be easily integrated into larger smart home networks. With this connectivity, customers may set up automation as well as security scenarios, such as turning on security cameras, adjusting temperatures, and locking the door automatically when they leave the house. The demand for these solutions is fueled by the potential of Wi Fi connected smart lock to function with other smart devices, thus improving the whole smart home experience
The smart lock market is changing very quickly. Over the past few years, it has proceeded to consolidate as top businesses have been vying for the largest market share. A lot of businesses engage in collaborations, research and development, acquisitions, and investments in order to set themselves apart from competitors and make a lasting impression on the market.
As industry leaders unveiled solutions that required less human engagement, the use of IoT to advance non contact lock technology gained traction.
Some of the prominent developments by the important companies in this domain are
| Company | Key Developments |
|---|---|
| Alfred International Inc. |
|
| Level Home Inc |
|
| Attribute | Details |
|---|---|
| Projected market value in 2023 | USD 3,404.70 million |
| Projected market value in 2033 | USD 13,611.40 million |
| Forecast CAGR from 2023 to 2033 | 14.90% |
| Forecast period | 2023 to 2033 |
| Historical period | 2018 to 2022 |
| Market analysis | Value in USD million |
| Key regions covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key countries profiled |
The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key market segments |
Product Type, Technology, Price Range, Region |
| Key companies profiled |
AT&T Intellectual Property,; Comcast, Lowe’s Companies, Inc.; Staples, Inc.,; UniKey Technologies, Inc.,; Yale Real Living,; MIWA Lock Co.; HAVEN |
The global smart lock market is expected to reach US$ 3,404.70 million by 2023.
The global smart lock market is set to expand by a CAGR of 14.90% by 2033.
The global smart lock market is forecast to reach US$ 13,611.40 million by 2033.
The biometric locks are projected to attain a 33.80% share in 2023.
The wi fi segment is likely to acquire a 53.9% share in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Biometric Lock 5.2. Electronic / Sensor Lock 5.3. Remote Control Lock 5.4. Pin Code Reader Lock 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Bluetooth 6.2. Wi-Fi 6.3. Z-Wave 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Price Range 7.1. Economical 7.2. Mid-Range 7.3. Premium 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Residential 8.2. Commercial 8.3. Industrial 8.4. Automotive 8.5. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. Introduction 9.2. Historical Market Size Value (USD Million) & Volume (Units) Analysis By Region, 2018 to 2022 9.3. Current Market Size Value (USD Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 9.3.1. North America 9.3.2. Latin America 9.3.3. Western Europe 9.3.4. Eastern Europe 9.3.5. South Asia and Pacific 9.3.6. East Asia 9.3.7. Middle East and Africa 9.4. Market Attractiveness Analysis By Region 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 18.1. Competition Dashboard 18.2. Competition Benchmarking 18.3. Market Share Analysis of Top Players 18.3.1. By Regional 18.3.2. By Product Type 18.3.3. By Technology 18.3.4. By Price Range 18.3.5. By Application 19. Competition Analysis 19.1. Competition Deep Dive 19.1.1. AT&T Intellectual Property 19.1.2. Comcast, Lowe’s Companies, Inc 19.1.3. Staples, Inc. 19.1.4. UniKey Technologies, Inc. 19.1.5. Yale Real Living 19.1.6. MIWA Lock Co. 19.1.6.1. Overview 19.1.6.2. Product Portfolio 19.1.6.3. Profitability by Market Segments 19.1.6.4. Sales Footprint 19.1.6.5. Strategy Overview 19.1.7. HAVEN 20. Assumptions & Acronyms Used 21. Research Methodology
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Smart Lock Market
