PUBLISHER: KBV Research | PRODUCT CODE: 1401235
PUBLISHER: KBV Research | PRODUCT CODE: 1401235
The Global Smart Locks Market size is expected to reach $6.4 billion by 2030, rising at a market growth of 15.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 11,321.2 thousand Units experiencing a growth of 15.1% (2019-2022).
Smart locks integrating with broader smart home ecosystems allow users to create holistic home automation experiences. The versatility of Wi-Fi connectivity enhances the overall user experience, allowing for seamless integration with smart home ecosystems and voice-activated assistants. Consequently, the Wi-Fi segment would account for nearly 60 percent of the total market share by 2030. These locks become part of a comprehensive and interconnected home automation system by connecting with devices such as security cameras, doorbell cameras, lights, thermostats, and voice-activated assistants. Integration with smart home ecosystems enables centralized control through dedicated platforms or mobile apps. Integration with smart home ecosystems have been a pivotal factor in driving the growth of the market.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in November, 2023, Assa Abloy AB partnered with Aliro, to develop new protocols for improving interoperability between access control readers and different devices. The partnership would deliver a better mobile access experience at the door or place of entry to the customers. Moreover, in May, 2021, Allegion Plc announced a partnership with Hombase, LLC. Under the partnership, Allegion would provide hardware for Homebase's smart access control solution. The partnership would lead to the creation of industry-leading home security solutions for multifamily residences.
Based on the Analysis presented in the KBV Cardinal matrix; Samsung Electronics Co., Ltd. is the forerunner in the Market. In December, 2022, Samsung Electronics Co., Ltd. teamed up with Zigbang, a Korean real estate services provider. Under the collaboration, the two companies would unveil the SHP-R80 UWB digital key door lock featuring an ultra-wideband chip. Companies such as Honeywell International, Inc., Assa Abloy AB and Vivint Smart Home, Inc. are some of the key innovators in the Market.
Market Growth Factors
Expansion of urbanization and modern lifestyles
Urbanization trends and shifting toward modern lifestyles drive the demand for innovative and technologically advanced solutions. These locks cater to the needs of urban dwellers who seek secure, connected, and convenient access control for their homes and businesses. Urban centers are hubs for technological innovation and early technology adoption. The tech-savvy urban population is more likely to embrace smart home solutions, including these locks, as part of their modern lifestyle. Modern urban living trends include communal living spaces and co-living arrangements. These locks offer flexible access control solutions, allowing residents to manage access permissions for shared spaces and individual living units. The market is expanding significantly due to the expansion of urbanization and modern lifestyles.
Increasing awareness and education
Growing awareness and education about the benefits of smart home technologies play a crucial role. Consumers are becoming more informed about the features, installation processes, and potential advantages of these locks, leading to greater adoption. Online platforms that host consumer reviews and testimonials contribute to awareness. Credibility and trust are enhanced through the positive feedback of users who have experienced firsthand the advantages of these locks; these influences other to consider the adoption of such technologies. As a result of the increasing awareness and education, the market is anticipated to increase significantly.
Market Restraining Factors
Complex installation processes
The installation of these locks can be more complex than traditional locks, requiring technical know-how. Consumers uncomfortable with technology or DIY installations may find the process daunting, impacting the adoption rate, especially among older demographics. Complexity increases the likelihood of installation errors, which can compromise the effectiveness and security of smart lock systems. If users struggle to install the devices correctly, it may result in malfunctions, security vulnerabilities, or the need for additional support, negatively impacting the user experience. Thus, complex installation processes can slow down the growth of the market.
Technology Outlook
Based on technology, the market is classified into Bluetooth and Wi-Fi. The Bluetooth segment acquired a substantial revenue share in the market in 2022. Wi-Fi-Bluetooth provides seamless connectivity between these locks and various devices, primarily smartphones and tablets. The seamless connectivity significantly improves the user experience, which enables homeowners to operate and monitor their locks effortlessly. The simplicity of pairing and maintaining a connection contributes to the growing adoption of Bluetooth-enabled locks. Bluetooth-enabled locks often come with dedicated mobile applications that enable users to manage their locks remotely. The integration of Bluetooth technology enhances the functionality of these mobile apps, contributing to the overall appeal of smart lock systems.
Product Outlook
On the basis of product, the market is divided into deadbolts, lever handles, padlocks, and others. The lever handles segment recorded a remarkable revenue share in the market in 2022. The progress in the lever handles segment involves integrating smart lock technology without compromising design and functionality. Smart lever handles offer dual functionality, combining the traditional manual operation of lever handles with the advanced features of these locks. This dual functionality appeals to consumers who appreciate the familiarity of lever handles but seek the added benefits of keyless entry, remote access, and advanced security features provided by smart technology.
End User Outlook
By end user, the market is categorized into commercial and residential. The residential segment covered a considerable revenue share in the market in 2022. The locks' seamless and convenient access aligns with modern lifestyles, where residents appreciate the simplicity of entering their homes without fumbling for keys. These locks can contribute to overall energy efficiency in smart homes. Integrating home automation systems allows residents to create energy-saving routines, such as adjusting thermostat settings or turning off lights when the smart lock is engaged. This interconnectedness supports environmentally conscious and energy-efficient living.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The urban population in North America often seeks solutions that enhance security while aligning with contemporary living standards, making these locks a fitting choice.These locks in North America leverage various connectivity options, including Wi-Fi, Bluetooth, and Zigbee. The diverse range of connectivity options ensures compatibility with different devices and home networks, contributing to the region's widespread adoption of these locks.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Zhejiang Dahua Technology Co., Ltd., Samsung Electronics Co., Ltd. (Samsung Group), Assa Abloy AB, Unikey Technologies Inc., Vivint Smart Home, Inc. (NRG Energy, Inc.), Allegion Plc, HavenLock Inc. and Salto Systems, S.L.
Recent Strategies Deployed in Smart Locks Market
Partnerships, Collaborations & Agreements:
Nov-2023: Assa Abloy AB partnered with Aliro, a quantum computing solutions provider, to develop new protocols for improving interoperability between access control readers and different devices. The partnership would deliver a better mobile access experience at the door or place of entry to the customers.
Dec-2022: Samsung Electronics Co., Ltd. teamed up with Zigbang, a Korean real estate services provider. Under the collaboration, the two companies would unveil the SHP-R80 UWB digital key door lock featuring an ultra-wideband chip.
Apr-2022: Samsung Electronics Co., Ltd. signed a partnership with ABB, a Swedish automation company, to develop solutions for expanding Samsung SmartThings integration into more residential areas. The partnership expands Samsung Electronics SmartThings' customer base.
May-2021: Allegion Plc announced a partnership with Hombase, LLC, a smart apartment solutions provider. Under the partnership, Allegion would provide hardware for Homebase's smart access control solution. The partnership would lead to the creation of industry-leading home security solutions for multifamily residences.
Apr-2021: Salto Systems, S.L. signed a partnership with Livly, an American software company, to integrate its electronic access control features with Livly's multifamily management platform and resident app. The partnership would provide the Lively platform users to conveniently manage property access using the SALTO electronic lock management system.
Feb-2021: Honeywell International, Inc. came into partnership with IDEMIA, an identity-based services provider, to develop intelligent building ecosystem solutions. The partnership would facilitate the occupants to have secure and contactless engagement with the building.
Jul-2020: Vivint Smart Home, Inc. entered a partnership with Chamberlain Group, a garage door manufacturer, to develop smart garage door access solutions. The two companies would combine their respective offerings to provide comprehensive access control technology solutions to the customers.
Product Launches and Product Expansions:
Nov-2021: Salto Systems, S.L. unveiled XS4 Original+, a smart locking solution built on mechanisms of the XS4 Original electronic lock product family. The XS4 Original+ includes Bluetooth LE, RFID Mifare DESFire, and NFC technology functionality. Additionally, it features an aesthetic slim reader in two colors.
Jan-2020: Allegion Plc announced the launch of Schlage Control mobile-enabled smart locks. The smart locks feature Bluetooth mobile credential compatibility and open integration capability.
Mergers & Acquisition:
Oct-2023: Assa Abloy AB announced the acquisition of Securitech Group Inc., an electronic door hardware products manufacturer. The acquisition strengthens Assa Abloy's core offering for high-security markets.
Sep-2023: Assa Abloy AB took over Forte, a Peruvian residential door locks manufacturer. The acquisition strengthens Assa Abloy's position in the Peruvian market.
Market Segments covered in the Report:
By Technology (Volume, Thousand Units, USD Billion, 2019-2030)
By Product (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
Companies Profiled
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