Europe Smart Lock Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Europe Smart Lock Market was valued at USD 4.1 billion in 2023 and is projected to grow at 11.9% CAGR from 2024 to 2032. The swift growth can be attributed to the rising adoption of smart home technologies. As concerns about home safety escalate, homeowners are gravitating towards smart locks, which not only offer enhanced security but also unparalleled convenience. These locks empower homeowners with superior control and monitoring capabilities over who accesses their properties. Supporting this trend, a report from the European Commission highlights a projected annual growth of 20% for Europe's smart home market from 2020 to 2025.

Smart locks are increasingly integrated into IoT-based security systems. Their ability to seamlessly connect with devices like cameras and alarms forms a holistic security network. This integration enables users to monitor and control their locks remotely. With features like keyless entry and remote access, smart locks present a modern solution for securing both homes and businesses. A report from the National Institute of Standards and Technology (NIST) underscores this trend, noting a 25% surge in smart lock adoption in the U.S. over the past year.

Europe smart lock industry is classified based on product type, connectivity type, price range, end user, distribution channel, unlocking mechanism, and region.

Segmented by product type, the Europe market includes deadbolt locks, lever handles, padlocks, and other variants like latches and knobs. In 2023, deadbolt locks led the market with a revenue of USD 2.1 billion and are projected to grow at a CAGR of 12.7% from 2024 to 2032. Their dominance stems from robust security features, making them the go-to choice for both homeowners and businesses. Renowned for their sturdy construction, deadbolt locks offer heightened protection against unauthorized access. Their design also facilitates easier integration into existing doors compared to other lock types.

Segmented by connectivity types, the smart lock market includes Wi-Fi, Bluetooth, Z-wave, and others like Zigbee and NFC. In 2023, Wi-Fi connectivity led the market with a 54.2% share and is projected to grow at a CAGR of 12.7% through 2032. This dominance is due to the ubiquitous adoption of Wi-Fi in homes and businesses, ensuring seamless connectivity. Wi-Fi enabled smart locks stand out for their mobile app integration, allowing for convenient remote control and monitoring.

Germany smart lock market captured 19.4% of the revenue share in 2023 and is on track to hit USD 2.1 billion by 2032. Germany's leadership in smart home technology adoption in Europe is evident. The robust tech industry, coupled with a consumer base keen on advanced security solutions, fuels this growth. Furthermore, German companies are at the forefront of smart lock technology development, consistently innovating with new features. This blend of innovation and market interest solidifies Germany's pivotal role in Europe's smart lock landscape.

Product Code: 10854

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast parameters
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 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factors affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailers
3.2 Impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Increase in adoption of smart homes
  - 3.2.1.2 Rise in security concerns
  - 3.2.1.3 Increased use of smartphones
  - 3.2.1.4 Integration of enhanced features with traditional lock systems
- 3.2.2 Industry pitfalls and challenges
  - 3.2.2.1 Rise in cost of Smart Locks
  - 3.2.2.2 Increasing rumors of unsafe smart locks
3.3 Technology and innovation landscape
3.4 Consumer buying behavior analysis
- 3.4.1 Demographic trends
- 3.4.2 Factors affecting buying decision
- 3.4.3 Consumer product adoption
- 3.4.4 Preferred distribution channel
3.5 Growth potential analysis
3.6 Regulatory landscape
3.7 Pricing analysis
3.8 Porter's analysis
3.9 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Product Type, 2021 - 2032, (USD Billion) (Million Units)

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

Chapter 6 Market Estimates and Forecast, By Unlocking Mechanism, 2021 - 2032, (USD Billion) (Million 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 and Forecast, By Connectivity Type, 2021 - 2032, (USD Billion) (Million Units)

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

Chapter 8 Market Estimates and Forecast, By Price Range, 2021 - 2032, (USD Billion) (Million Units)

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

Chapter 9 Market Estimates and Forecast, By End-use Industry, 2021 - 2032, (USD Billion) (Million 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 and Forecast, By Distribution Channel, 2021 - 2032, (USD Billion) (Million 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 and Forecast, By Region, 2021 - 2032, (USD Billion) (Million Units)

11.1 Key trends
11.2 Europe
- 11.2.1 Germany
- 11.2.2 UK
- 11.2.3 France
- 11.2.4 Spain
- 11.2.5 Italy
- 11.2.6 Poland
- 11.2.7 Romania
- 11.2.8 Netherlands
- 11.2.9 Ukraine
- 11.2.10 Belgium
- 11.2.11 Sweden
- 11.2.12 Rest of Europe

Chapter 12 Company Profiles (Business Overview, Financial Data, Product Landscape, Strategic Outlook, SWOT Analysis)

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