Smart Lock Market - By Product Type, By Unlocking Mechanism, By Connectivity Type, By Price Range, By End User, By Distribution Channel, Forecast 2024

Description

Smart Lock Market size is poised to expand at over 12.7% CAGR from 2024 to 2032 driven by the growing integration of smart security systems in smart homes.

With a large number of homes becoming more connected, consumers are increasingly investing in comprehensive solutions. The ability of smart locks to integrate with platforms like Google Home and Amazon Alexa is allowing users to effortlessly incorporate access control into their broader smart home networks. For instance, in September 2023, Finolex Cables Limited unveiled a line of voice-activated, touch-activated, and voice assistant-activated smart switches and door locks. This interconnectedness is enabling users to manage and monitor their smart locks alongside other devices for creating a unified and convenient home automation experience, fueling the market growth.

The industry is segmented into product type, unlocking mechanism, connectivity type, price range, end-user, distribution channel, and region.

Based on product type, the smart lock industry size from the padlock segment is expected to record 11.6% CAGR during 2024-2032. Traditional padlocks are undergoing a technological metamorphosis, integrating smart features to enhance security and convenience. Padlocks help address the rising demand from modern consumers for advanced, connected solutions in their security apparatus. The incorporation of biometric authentication, remote access control, and integration with smart home ecosystems will also fuel the product demand.

In terms of end-user, the smart lock market from the transportation and logistics segment is set to witness 11.7% growth rate between 2024 and 2032. The growth can be attributed to the rising adoption of IoT and connected vehicles equipped with smart locks for cryptographic authentication and secure communication protocols. Smart locks help safeguard against cyberattacks, preventing unauthorized access and ensuring data integrity for valuable cargo shipments. Additionally, the increasing adoption of AI-powered logistics platforms and telematics systems across the transportation and logistics sector will boost the segment growth.

Regionally, the Asia Pacific smart lock industry held a sizable revenue share in 2023 and is set to exhibit 14.6% CAGR from 2024 to 2032. The convenience and security of keyless access and remote monitoring is driving the rising product demand from the tech-savvy urbanites in megacities, such as Mumbai and Shanghai. Additionally, several businesses in the expanding hospitality sector are deploying smart locks to streamline access for guests. Moreover, with government initiatives, such as Smart Cities Mission in India, the demand for smart locks is expected to rise, accelerating the regional industry expansion.

Product Code: 7627

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Smart lock market 360 degree synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Unlocking mechanism trends
2.6 Connectivity type trends
2.7 Price range trends
2.8 End user trends
2.9 Distribution channel trends

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Connectivity type analysis
3.3 Key news and initiatives
- 3.3.1 Partnership/Collaboration
- 3.3.2 Merger/Acquisition
- 3.3.3 Investment
- 3.3.4 Product launch & innovation
3.4 Regulatory landscape
3.5 Impact forces
- 3.5.1 Growth drivers
- 3.5.2 Industry pitfalls & challenges
3.6 Consumer buying behavior analysis
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023

Chapter 5 Market Estimates & Forecast, By Product Type (USD Billion) and (Thousand Units)

5.1 Key trends
5.2 Deadbolt lock
5.3 Lever handle
5.4 Padlock
5.5 Others

Chapter 6 Market Estimates & Forecast, By Unlocking Mechanism (USD Billion) and (Thousand Units)

6.1 Key trends
6.2 Keyboard
6.3 Touchscreen
6.4 App based
6.5 Hybrid
6.6 Biometric
6.7 Others

Chapter 7 Market Estimates & Forecast, By Connectivity Type (USD Billion) and (Thousand Units)

7.1 Key trends
7.2 Wi-Fi
7.3 Bluetooth
7.4 Z-wave
7.5 Others

Chapter 8 Market Estimates & Forecast, By Price Range (USD Billion) and (Thousand Units)

8.1 Key trends
8.2 Low (< 100$)
8.3 Mid (100$-300$)
8.4 High (> 300$)

Chapter 9 Market Estimates & Forecast, By End User (USD Billion) and (Thousand Units)

9.1 Key trends
9.2 Commercial
- 9.2.1 HoReCa
- 9.2.2 Hospitals
- 9.2.3 Offices
- 9.2.4 Malls
- 9.2.5 Others
9.3 Residential
- 9.3.1 Condominium
- 9.3.2 Individual houses
9.4 Industrial
9.5 Government
9.6 Transportation and logistics
- 9.6.1 Trucks
- 9.6.2 Airports
- 9.6.3 Others
9.7 Others

Chapter 10 Market Estimates & Forecast, By Distribution Channel (USD Billion) and (Thousand Units)

10.1 Key trends
10.2 Online channels
- 10.2.1 E-commerce
- 10.2.2 Company websites
10.3 Offline channels
- 10.3.1 Specialty stores
- 10.3.2 Mega retail stores
- 10.3.3 Others

Chapter 11 Market Estimates & Forecast, By Region (USD Billion) and (Thousand Units)

11.1 Key trends
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
- 11.2.3 Rest of North America
11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
- 11.3.6 Russia
- 11.3.7 Rest of Europe
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 Australia
- 11.4.6 Malaysia
- 11.4.7 Indonesia
- 11.4.8 Rest of Asia Pacific
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
- 11.5.3 Argentina
- 11.5.4 Rest of Latin America
11.6 MEA
- 11.6.1 GCC
- 11.6.2 South Africa
- 11.6.3 Rest of MEA

Chapter 12 Company Profiles

12.1 Allegion plc
12.2 Assa Abloy
12.3 Avent Security
12.4 August Home Inc.
12.5 Cansec Systems Ltd.
12.6 Dormakaba
12.7 Honeywell International Inc.
12.8 Onity Inc.
12.9 Salto Systems S.L.
12.10 Schlage
12.11 Spectrum Brands, Inc.
12.12 U-tec Group Inc.
12.13 UniKey Technologies, Inc.
12.14 Yale Locks

Smart Lock Market - By Product Type, By Unlocking Mechanism, By Connectivity Type, By Price Range, By End User, By Distribution Channel, Forecast 2024 - 2032