Smart locks are keyless electronic locks that use Wi-Fi or Bluetooth connectivity to interact with other devices. The locking and unlocking operations can be done either with a keyless fob or through a smart lock app installed on the user’s smartphone. These operate when they receive instructions from authorized devices, either by a wireless protocol or cryptographic key to authenticate the authorization process.
Smart door locks offer various advantages such as enhanced security, convenience, and control over access to the property. With remote access, flexible access control, and integration with other smart home devices, it offers a more intelligent and seamless way to manage the home's security. In addition, the widespread adoption of smartphones has provided a platform for smart door lock control and management. With dedicated mobile apps, users can easily control their smart locks, receive alerts, and manage access permissions. The familiarity and ubiquity of smartphones have accelerated the adoption of smart door locks and is expected to boost the growth of the market during the forecast period.
Rise in adoption of Internet of Things (IoT) and artificial intelligence (AI) in the safety and systems, boosts the growth of the smart door locks market. The surge in concerns over safety and security among the population is expected to Increase the demand for smart door locks, and further boost the growth of the smart door locks market. The rise in penetration of the internet, along with an Increase in the desire for controlling most amenities, with one click, is projected to promote the sales of smart door locks. In addition, the rise in initiatives undertaken by authorities and the government for promoting the use of smart door locks is anticipated to provide lucrative opportunities for the growth of the smart door locks market. Furthermore, an Increase in threats against the safety of individuals and households is further expected to propel the growth of the smart door locks market. The rise in demand for a comfortable and luxury lifestyle globally has Increased the demand for smart door lock systems, which boosts the growth of the smart door locks market. However, the lack of availability of internet connectivity and the high capital cost required for smart door locks restrain the growth of the smart door locks market. Furthermore, technological innovation in the smart door locks is expected to provide lucrative opportunities for the growth of the smart doorbell market.
The smart door locks market is segmented on the basis of product, technology, end user, and region. By product, the market is categorized into deadbolts, lever handles, padlocks, and others. By technology, it is bifurcated into Bluetooth and Wi-Fi. By end user, the market is categorized into single-family and multi-family. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players that operate in the global market have adopted key strategies such as product launches and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in September 2022, Assa Abloy launched a new product under the Yale brand, namely Yale Assure Lock 2, which is the smartest residential lock for security purposes. This aims to improve the product portfolio and strengthen the intense competition.
The overall economic impact of inflation can influence consumer confidence and spending behavior. If inflation leads to economic uncertainty or reduced disposable Income, it may result in lower market demand for non-essential products such as smart door locks. Consumer priorities may shift toward more essential items, impacting the growth potential of the smart door lock market.
Smart door locks offer various advantages such as enhanced security, convenience, and control over access to the property. With remote access, flexible access control, and integration with other smart home devices, it offers a more intelligent and seamless way to manage the home's security. In addition, the widespread adoption of smartphones has provided a platform for smart door lock control and management. With dedicated mobile apps, users can easily control their smart locks, receive alerts, and manage access permissions. The familiarity and ubiquity of smartphones have accelerated the adoption of smart door locks and is expected to boost the growth of the market during the forecast period.
Rise in adoption of Internet of Things (IoT) and artificial intelligence (AI) in the safety and systems, boosts the growth of the smart door locks market. The surge in concerns over safety and security among the population is expected to Increase the demand for smart door locks, and further boost the growth of the smart door locks market. The rise in penetration of the internet, along with an Increase in the desire for controlling most amenities, with one click, is projected to promote the sales of smart door locks. In addition, the rise in initiatives undertaken by authorities and the government for promoting the use of smart door locks is anticipated to provide lucrative opportunities for the growth of the smart door locks market. Furthermore, an Increase in threats against the safety of individuals and households is further expected to propel the growth of the smart door locks market. The rise in demand for a comfortable and luxury lifestyle globally has Increased the demand for smart door lock systems, which boosts the growth of the smart door locks market. However, the lack of availability of internet connectivity and the high capital cost required for smart door locks restrain the growth of the smart door locks market. Furthermore, technological innovation in the smart door locks is expected to provide lucrative opportunities for the growth of the smart doorbell market.
The smart door locks market is segmented on the basis of product, technology, end user, and region. By product, the market is categorized into deadbolts, lever handles, padlocks, and others. By technology, it is bifurcated into Bluetooth and Wi-Fi. By end user, the market is categorized into single-family and multi-family. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players that operate in the global market have adopted key strategies such as product launches and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in September 2022, Assa Abloy launched a new product under the Yale brand, namely Yale Assure Lock 2, which is the smartest residential lock for security purposes. This aims to improve the product portfolio and strengthen the intense competition.
The overall economic impact of inflation can influence consumer confidence and spending behavior. If inflation leads to economic uncertainty or reduced disposable Income, it may result in lower market demand for non-essential products such as smart door locks. Consumer priorities may shift toward more essential items, impacting the growth potential of the smart door lock market.
COMPETITION ANALYSIS
Key companies profiled in the smart door locks market report Include ASSA ABLOY Group, Honeywell International Inc., Haven Lock Inc., Panasonic Corporation, Samsung Group, Salto Systems, Schlage, Spectrum Brands Holdings Inc., Vivint Smart Home Inc., and Xiaomi Corporation.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart door locks market analysis from 2020 to 2032 to identify the prevailing smart door locks market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart door locks market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global smart door locks market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Deadbolts
- Lever Handles
- Padlocks
- Others
By Technology
- Wi-Fi
- Bluetooth
By End-User
- Single-family
- Multi-family
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Assa Abloy
- Haven Lock, Inc.
- Honeywell International Inc.
- Panasonic Corporation
- SALTO Systems
- Samsung Group
- Schlage
- Spectrum Brands Holdings, Inc
- Vivint Smart Home, Inc.
- Xiaomi Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART DOOR LOCKS MARKET, BY PRODUCT TYPE
CHAPTER 5: SMART DOOR LOCKS MARKET, BY TECHNOLOGY
CHAPTER 6: SMART DOOR LOCKS MARKET, BY END-USER
CHAPTER 7: SMART DOOR LOCKS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Smart Door Locks Market,' The smart door locks market was valued at $1.8 billion in 2020, and is estimated to reach $12.5 billion by 2032, growing at a CAGR of 17.6% from 2023 to 2032.Smart locks are keyless electronic locks that use Wi-Fi or Bluetooth connectivity to interact with other devices. The locking and unlocking operations can be done either with a keyless fob or through a smart lock app installed on the user’s smartphone. These operate when they receive instructions from authorized devices, either by a wireless protocol or cryptographic key to authenticate the authorization process.
The increase in the use of smartphones across the globe has fueled the adoption of smart door locks. Smart door locks mobile applications give real-time notifications. These allow the customer to access their locks through the smartphone app and grant access to anyone if required. Thus, an increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the smart locks market. In addition, Smart door locks are often designed to be controlled and managed through mobile applications. These apps enable users to lock or unlock their doors remotely, monitor door activity, and manage access permissions. The widespread use of smartphones means that users have a convenient and familiar interface to interact with their smart door locks. In addition, Smart door locks offer convenience by eliminating the need for physical keys and providing keyless entry methods such as PIN codes, fingerprint recognition, or smartphone access. It also enhances security by providing features like activity monitoring, temporary access codes, and remote locking and unlocking. The desire for convenience and improved security is a significant driver for the adoption of smart door locks. Moreover, the growth of the smart home ecosystem has been a major driver for smart door locks. As more homeowners adopt smart home devices and systems, the integration of smart door locks becomes a natural extension. Integration with voice assistants, home automation platforms, and other smart devices allows users to create seamless and interconnected smart home experiences and is expected to boost the growth of the smart door locks market.
Rising awareness of home automation technologies, including smart door locks is increasing the adoption of smart door locks. In addition, the availability of wireless technologies like Wi-Fi and Bluetooth allows homeowners to remotely control and monitor their locks, providing a seamless user experience. Moreover, technological advancements have played a significant role in the growth of smart door locks. However, the high initial investments and high-security threats are anticipated to restrain market growth during the forecast period.
The smart door locks market is witnessing various obstructions in its regular operations due to the COVID-19 pandemic and inflation. Earlier, the worldwide lockdowns resulted in reduced industrial activities, eventually leading to reduced demand for smart door locks from various sectors such as construction and industrial. However, COVID-19 has subsided, and the major manufacturers in 2023 are performing well. Contrarily, the rising global inflation is a new major obstructing factor for the entire industry. The inflation, which is a direct result of the Ukraine-Russia war, and few long-term impacts of the coronavirus pandemic, has introduced volatility in the prices of raw materials used for manufacturing smart door locks. However, India and China are performing relatively well. In addition, inflation is expected to worsen in the coming years, as the possibility of the ending of the war between Ukraine and Russia is less. Moreover, the cost of construction has risen substantially, discouraging builders from initiating new projects, which is also expected to negatively affect the smart door locks market growth. However, with the continued talks between different countries, a peace agreement between Ukraine and Russia can be devised.
The smart door locks market is segmented on the basis of product, technology, end-user, and region. By product, the market is categorized into deadbolts, lever handles, padlocks, and others. By technology, it is bifurcated into Bluetooth and Wi-Fi. By end user, the market is categorized into single-family and multi-family. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The Key companies profiled in the smart door locks market report include ASSA ABLOY Group, Honeywell International Inc., Haven Lock Inc., Panasonic Corporation, Samsung Group, Salto Systems, Schlage, Spectrum Brands Holdings Inc., Vivint Smart Home Inc., and Xiaomi Corporation.
Key Market Insights
- By product type, the deadbolts segment is expected to experience rapid growth in the market, and lever handles are projected to grow at a CAGR of 17.9% from 2023 to 2032.
- By technology, the Wi-Fi segment is projected to grow at a CAGR of 17.9% during the forecast period.
- By end user, the multi-family segment is projected to grow at a CAGR of 17.8% during the forecast period.
- Region-wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 18.7% during the forecast period.
Companies Mentioned
- Assa Abloy
- Haven Lock, Inc.
- Honeywell International Inc.
- Panasonic Corporation
- SALTO Systems
- Samsung Group
- Schlage
- Spectrum Brands Holdings, Inc
- Vivint Smart Home, Inc.
- Xiaomi Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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