Smart Locks Global Market Report 2024

Description

“Smart Locks Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on smart locks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for smart locks? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart locks market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Product: Deadbolts; Commercial; Padlocks; Other Products
2) By Communication Technology: Wi-Fi; Bluetooth; Zigbee; Z-Wave
3) By Authentication Method: Biometric; Pin Code; RFID Cards
4) By Application: Residential; Hospitality; Enterprise; Critical Infrastructure; Other Applications
Companies Mentioned: Allegion PLC; Assa Abloy AB.; August Home.; Cansec Systems Ltd.; Dorma + Kaba Holding AG.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Smart locks are mechanical and electrical locks that can be wirelessly opened with authentication from authorized users by connecting to the home's Wi-Fi network. This connectivity allows them to receive codes or smartphone commands for locking or unlocking, enhancing security.

The main types of products in the smart lock market include deadbolts, lever handles, padlocks, and others. Padlocks, in this context, are locks used for fastening two things together. Various communication technologies, such as Wi-Fi, Z-Wave, and Zigbee, are employed, and authentication methods include biometrics, pin codes, and RFID cards. Smart locks find applications in residential, hospitality, enterprise, critical infrastructure, and other contexts.

The smart locks market research report is one of a series of new reports from The Business Research Company that provides smart locks market statistics, including smart locks industry global market size, regional shares, competitors with a smart locks market share, detailed smart locks market segments, market trends and opportunities, and any further data you may need to thrive in the smart locks industry. These smart locks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart locks market size has grown rapidly in recent years. It will grow from $2. 39 billion in 2023 to $2. 72 billion in 2024 at a compound annual growth rate (CAGR) of 13. 9%. The growth observed in the historical period can be attributed to factors such as increased affordability of smart locks, advancements in design and aesthetics, growth in residential and commercial construction, widespread smartphone penetration, and consumer demand for enhanced convenience.

The smart locks market size is expected to see rapid growth in the next few years. It will grow to $4. 6 billion in 2028 at a compound annual growth rate (CAGR) of 14. 0%.

The anticipated growth in the forecast period can be attributed to various factors, including government initiatives and regulations, the expansion of e-commerce and online sales, integration with smart building solutions, a focus on energy efficiency and sustainability, and a growing interest in smart access control for businesses. Major trends expected in the forecast period include a focus on customization and aesthetics, considerations for energy-efficient designs, the use of smart locks for rental properties, an emphasis on user-friendly installation, and advancements in biometric authentication technologies.

The smart locks market is poised for growth, driven by an upswing in the number of residential and commercial projects. Residential projects encompass buildings dedicated to housing, while commercial projects are structures utilized for business purposes. The adoption of smart locks, which employ various technologies to enhance safety, is prevalent in both residential and commercial settings. In November 2021, the UK's Office of National Statistics reported a 3. 5% increase in monthly construction output volume. Furthermore, Invest India, a national investment promotion agency in India, anticipates the country's construction industry to reach $1. 4 trillion by 2025. This surge in residential and commercial projects is a catalyst for the growth of the smart locks market.

The smart lock market is experiencing growth fueled by the increasing awareness of home security systems. Home security systems involve a collection of tangible electrical components, such as smart security cameras, sensors, and sirens, working together to safeguard residences. The prevalence of smart locks has risen due to heightened security concerns compared to conventional locks, contributing to increased rates of arrest in cases of theft and burglary. In July 2023, digital camera shipments saw a substantial increase, rising from 262,228 units in January to 548,242 units by May, marking a significant 117% surge. The growing awareness of home security systems is expected to be a driving force for the smart lock market.

Technological advancements are a prominent trend in the smart lock market, with major companies concentrating on developing innovative solutions to meet consumer demands. In November 2022, India-based digital lock manufacturer Yale Home India introduced the Yale YDM7220 BioSecure, leveraging ioSecure technology. This smart lock system employs advanced technology to ensure regular cleaning and sanitization at every touchpoint in a home, reducing microbial contamination and the spread of diseases.

Companies in the smart locks market are actively involved in creating innovative products with enhanced features to strengthen their position in emerging markets. Smart door lock security systems, equipped with state-of-the-art features, deliver a seamless and user-friendly experience. For instance, in September 2023, US-based Ultraloq launched the latest version of its flagship ULTRALOQ Bolt smart Wi-Fi deadbolts series, providing customers with unmatched home integration, security, connectivity, and utility.

In September 2021, Sweden-based manufacturing company Assa Abloy acquired Kwikset and Baldwin for $4. 3 billion. This acquisition brings together four of the top five brands in the smart door locks category sold through the professional installation channel. Kwikset, a US-based manufacturer, specializes in residential locksets and smart locks, while Baldwin, also based in the US, designs and manufactures door hardware products.

Major companies operating in the in the smart locks market report are Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.

North America was the largest region in the smart locks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart locks market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart lock market consists of sales of adapted smart locks and native smart locks. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10595

1. Executive Summary

2. Smart Locks Market Characteristics

3. Smart Locks Market Trends And Strategies

4. Smart Locks Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Smart Locks Market Size and Growth

5.1. Global Smart Locks Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Smart Locks Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Smart Locks Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Locks Market Segmentation

6.1. Global Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Deadbolts
Commercial
Padlocks
Other Products
6.2. Global Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Wi-Fi
Bluetooth
Zigbee
Z-Wave
6.3. Global Smart Locks Market, Segmentation By Authentication Method, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Biometric
Pin Code
RFID Cards
6. 4. Global Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Residential
Hospitality
Enterprise
Critical Infrastructure
Other Applications

7. Smart Locks Market Regional And Country Analysis

7.1. Global Smart Locks Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Smart Locks Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Smart Locks Market

8.1. Asia-Pacific Smart Locks Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Smart Locks Market

9.1. China Smart Locks Market Overview
9.2. China Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Smart Locks Market

10.1. India Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Smart Locks Market

11.1. Japan Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Smart Locks Market

12.1. Australia Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Smart Locks Market

13.1. Indonesia Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Smart Locks Market

14.1. South Korea Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Smart Locks Market

15.1. Western Europe Smart Locks Market Overview
15.2. Western Europe Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Smart Locks Market

16.1. UK Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Smart Locks Market

17.1. Germany Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Smart Locks Market

18. 5. France Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Smart Locks Market

19. 9. Italy Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Smart Locks Market

20.13. Spain Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Smart Locks Market

21.1. Eastern Europe Smart Locks Market Overview
21.2. Eastern Europe Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Smart Locks Market

22.1. Russia Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Smart Locks Market

23.1. North America Smart Locks Market Overview
23.2. North America Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Smart Locks Market

24.1. USA Smart Locks Market Overview
24.2. USA Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Smart Locks Market

25.1. Canada Smart Locks Market Overview
25.2. Canada Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Smart Locks Market

26.1. South America Smart Locks Market Overview
26.2. South America Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Smart Locks Market

27.1. Brazil Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Smart Locks Market

28.1. Middle East Smart Locks Market Overview
28.2. Middle East Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Smart Locks Market

29.1. Africa Smart Locks Market Overview
29.2. Africa Smart Locks Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Smart Locks Market, Segmentation By Communication Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Smart Locks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Smart Locks Market Competitive Landscape And Company Profiles

30.1. Smart Locks Market Competitive Landscape
30.2. Smart Locks Market Company Profiles
- 30.2.1. ACI Worldwide Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. Allegion PLC
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. Assa Abloy AB.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. August Home.
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. Cansec Systems Ltd.
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Smart Locks Market Competitive Benchmarking

32. Global Smart Locks Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Locks Market

34. Smart Locks Market Future Outlook and Potential Analysis

34.1 Smart Locks Market In 2028 - Countries Offering Most New Opportunities
34.2 Smart Locks Market In 2028 - Segments Offering Most New Opportunities
34. 3 Smart Locks Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer