This Smart Locks 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.
The smart locks market size has grown rapidly in recent years. It will grow from $2.66 billion in 2024 to $3 billion in 2025 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increased product affordability, evolving design and aesthetics, growing residential and commercial construction, smartphone penetration, consumer demand for convenience.
The smart locks market size is expected to see rapid growth in the next few years. It will grow to $5.35 billion in 2029 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to government initiatives and regulations, expansion of e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, growing interest in smart access control for businesses. Major trends in the forecast period include customization and aesthetics, energy-efficient design considerations, smart locks for rental properties, focus on user-friendly installation, biometric authentication advancements.
The growth in the number of residential and commercial projects is expected to drive the smart locks market moving forward. Residential projects refer to buildings used for living purposes, while commercial projects are those leased for business activities. Smart locks are increasingly adopted in both commercial and residential projects as they enhance security through various technologies. For example, in November 2023, the Office of National Statistics, a UK-based government department, reported that total new work in 2022 rose by £18.16 billion, reflecting growth in both the private and public sectors, which increased by 16.8% and 13.1%, respectively. Thus, the rise in residential and commercial projects is propelling 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 2024, ASSA ABLOY, a manufacturing company based in Sweden, acquired Level Lock Inc. for an undisclosed amount. The purpose of the acquisition is to strengthen its position in the smart lock market and broaden its portfolio of innovative access solutions. Level Lock Inc. is a technology company located in the U.S. that specializes in smart lock solutions for both residential and commercial properties.
Major companies operating in the smart locks market include 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 2024. 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.
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 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 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.
This product will be delivered within 3-5 business days.
The smart locks market size has grown rapidly in recent years. It will grow from $2.66 billion in 2024 to $3 billion in 2025 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increased product affordability, evolving design and aesthetics, growing residential and commercial construction, smartphone penetration, consumer demand for convenience.
The smart locks market size is expected to see rapid growth in the next few years. It will grow to $5.35 billion in 2029 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to government initiatives and regulations, expansion of e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, growing interest in smart access control for businesses. Major trends in the forecast period include customization and aesthetics, energy-efficient design considerations, smart locks for rental properties, focus on user-friendly installation, biometric authentication advancements.
The growth in the number of residential and commercial projects is expected to drive the smart locks market moving forward. Residential projects refer to buildings used for living purposes, while commercial projects are those leased for business activities. Smart locks are increasingly adopted in both commercial and residential projects as they enhance security through various technologies. For example, in November 2023, the Office of National Statistics, a UK-based government department, reported that total new work in 2022 rose by £18.16 billion, reflecting growth in both the private and public sectors, which increased by 16.8% and 13.1%, respectively. Thus, the rise in residential and commercial projects is propelling 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 2024, ASSA ABLOY, a manufacturing company based in Sweden, acquired Level Lock Inc. for an undisclosed amount. The purpose of the acquisition is to strengthen its position in the smart lock market and broaden its portfolio of innovative access solutions. Level Lock Inc. is a technology company located in the U.S. that specializes in smart lock solutions for both residential and commercial properties.
Major companies operating in the smart locks market include 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 2024. 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.
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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Smart Locks Market Characteristics3. Smart Locks Market Trends and Strategies4. Smart Locks Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Smart Locks Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Smart Locks Market34. Recent Developments in the Smart Locks Market
5. Global Smart Locks Growth Analysis and Strategic Analysis Framework
6. Smart Locks Market Segmentation
7. Smart Locks Market Regional and Country Analysis
8. Asia-Pacific Smart Locks Market
9. China Smart Locks Market
10. India Smart Locks Market
11. Japan Smart Locks Market
12. Australia Smart Locks Market
13. Indonesia Smart Locks Market
14. South Korea Smart Locks Market
15. Western Europe Smart Locks Market
16. UK Smart Locks Market
17. Germany Smart Locks Market
18. France Smart Locks Market
19. Italy Smart Locks Market
20. Spain Smart Locks Market
21. Eastern Europe Smart Locks Market
22. Russia Smart Locks Market
23. North America Smart Locks Market
24. USA Smart Locks Market
25. Canada Smart Locks Market
26. South America Smart Locks Market
27. Brazil Smart Locks Market
28. Middle East Smart Locks Market
29. Africa Smart Locks Market
30. Smart Locks Market Competitive Landscape and Company Profiles
31. Smart Locks Market Other Major and Innovative Companies
35. Smart Locks Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Smart Locks Global Market Report 2025 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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Description
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 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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Product: Deadbolts; Commercial; Padlocks; Other Products2) 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
Subsegments:
1) by Deadbolts: Keyless Deadbolts; Biometric Deadbolts; Smart Deadbolt With Keypad2) by Commercial: Electronic Keypad Locks; Smart Access Control Systems; RFID Locks; Keyless Entry Systems For Businesses
3) by Padlocks: Bluetooth Padlocks; Smart Combination Padlocks; Biometric Padlocks
4) by Other Products: Smart Door Handles; Smart Garage Door Locks; Smart Lockboxes
Key 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 Segmentation: 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.
Companies Mentioned
Some of the major companies featured in this Smart Locks market report include:- 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.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | February 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 3 Billion |
Forecasted Market Value ( USD | $ 5.35 Billion |
Compound Annual Growth Rate | 15.6% |
Regions Covered | Global |
No. of Companies Mentioned | 31 |