Asia Pacific Smart Door Lock Market Forecast to 2028 -Regional Analysis

The Asia Pacific smart door lock market is expected to grow from US$ 912.21 million in 2023 to US$ 2,196.82 million by 2028. It is estimated to grow at a CAGR of 19.2% from 2023 to 2028.

Technological Advancements in Smart Door Locks Drive Asia Pacific Smart Door Lock Market

Various market players are incorporating artificial intelligence (AI), machine learning (ML), and other similar technologies in their smart locks. AI- and ML-integrated door locks ensure better home security by keeping track of who opens and closes the doors. Further, these locks provide greater control over who can lock and unlock particular doors. They also allow users to automatically lock or unlock doors as they leave or approach their homes. The AI- or ML-integrated locks may also help recognize break-in or lock-tampering attempts. In December 2022, Viomi launched the Viomi AI Smart Door Lock Super 2E. This fully automatic smart door lock supports six unlocking methods: fingerprint, password, virtual password, temporary password, door card, and key. It features AI self-learning technology, which becomes more sensitive with use. In February 2023, Xiaomi introduced its new Xiaomi Smart Door Lock M20 series. This new model, Smart Guardian Can See, is equipped with an integrated peephole camera and a display screen that provide users with a comprehensive view of a front door in real time. In addition, the model is further incorporated with a doorbell function making it more convenient for users. Thus, the introduction of smart locks enabled with new technologies to enhance security will further fuel the growth of the Asia Pacific smart door lock market during the forecast period.

Asia Pacific Smart Door Lock Market Overview

The Asia Pacific smart door lock market in Asia Pacific is sub segmented into South Korea, India, China, Japan, Australia, and the Rest of Asia Pacific. The region includes developing economies such as India, China, Indonesia, and the Philippines. These countries are witnessing a gradual rise in the adoption of advanced technologies. Governments of various Asian countries are increasing their investments in smart city development projects. For instance, in the Union budget 2021-2022, India allocated US$ 868 million (INR 6,450 crore) under the Smart Cities Mission. Such government initiatives are likely to trigger the demand for smart door locks in this region. The growing dependency on the IoT in smart cities leads to a significant threat to security. Various countries and business organizations are collaborating to enhance their security capabilities to deal with these threats. The hospitality sector in Asian countries is witnessing a rapid revival from the repercussions of the COVID-19 pandemic. As a result, the market players are launching new products to cater to the rising demand for smart door lock systems in the hotel industry. For instance, in April 2023, Tuchware, one of the prominent manufacturers of electronic and RFID locks, launched the smart lock series XS along with dedicated hotel management services. The huge smartphone consumer base, along with the broad availability of internet in the developing economies of the region, particularly in Japan, India, and China, is primarily driving the adoption of the smart locks. The swift penetration of smartphones among people in Asia Pacific has further augmented the connectivity of objects, which mainly includes internet connection of home objects such as fans, door locks, and lights. Factors such as the instant growth of various technological advancements such as Bluetooth and Wi-Fi along with investment in various smart door locks are some of the significant factors driving the growth of the market in the region.

Asia Pacific Smart Door Lock Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Smart Door Lock Market Segmentation

The Asia Pacific smart door lock market is segmented into product, technology, end user, and country.

Based on product, the Asia Pacific smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. In 2023, the electronic cipher locks segment registered a largest share in the Asia Pacific smart door lock market.

Based on technology, the Asia Pacific smart door lock market is segmented into wi-fi, Bluetooth, Z wave, and others. In 2023, Bluetooth segment registered a largest share in the Asia Pacific smart door lock market.

Based on end user, the Asia Pacific smart door lock market is bifurcated into commercial and residential. In 2023, the commercial segment registered a larger share in the Asia Pacific smart door lock market.

Based on country, the Asia Pacific smart door lock market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. In 2023, China segment registered a largest share in the Asia Pacific smart door lock market.

ADEL Marketing (M) Sdn Bhd; Allegion Plc; Assa Abloy AB; Guangdong Level Intelligent Lock Industrial Co Ltd; Honeywell International Inc; Locstar Technology Co Ltd; Master Lock Company LLC; MIWA LOCK Co Ltd; Spectrum Brands Holdings Inc; and Zigbang are the leading companies operating in the Asia Pacific smart door lock market.