In 2022, it was calculated that the smart lock market would be worth US$ 2,996.70 million. It is expected that the initiative will be appreciated at US$ 3,404.70 million by 2023. The global smart lock market is expected to rise at a 14.90% CAGR during the projection years, reaching a value of US$ 13,611.40 million by 2033.
The growth of the sharing economy is one of the main factors propelling the smart lock market. Car-sharing platforms, coworking spaces, and short-term holiday rentals are examples of services that fall within the sharing economy. These companies need to provide both hosts and visitors with secure, adaptable, and remote access options.
Smart locks are becoming a vital part of the sharing economy due to their ability to meet the unique requirements of this expanding industry. Some of its features include remote control and temporary access credentials.
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Key Takeaways from the Market Analysis
- Throughout the projected period, the smart lock market in the United States is predicted to expand at a 90% CAGR.
- From 2023 to 2033, the smart lock market in the United Kingdom is expected to develop at a CAGR of 9.20%.
- During the forecast period, the smart lock market in Germany is anticipated to rise at a CAGR of 10.90%.
- The smart lock market in China is anticipated to expand at a rate of 90% CAGR between 2023 and 2033.
- During the forecast period, the smart lock market in India is anticipated to evolve at a 70% CAGR.
- By 2023, the biometric lock market share is predicted to reach 80% of the global market shares.
- The Wi-Fi category is projected to gain 9% of the global market in 2023.
- The residential segment is likely to account for 2% of the global market in 2023.
“Consumers are shifting towards smart lock equipped with touchless access features in response to public health concerns. Integrated technologies like IoT and Wi Fi are also being used by the manufacturers to enhance security in these locks,”
Competitive Landscape
Smart locks are part of the fully smart home ecosystems being developed by numerous industry leaders. In order to give users a more convenient way to embrace their products, they are trying to create gadgets and applications that are interoperable and function together effortlessly.
In order to gain the trust and appeal of the consumers to those who are security-conscious, businesses are investing in cutting-edge security features and technologies. Adoption of smart locks depends on these features, which include biometric authentication techniques, encryption protocols, as well as proactive security measures to thwart unwanted access and hacker attempts.
Key Developments
- In 2022, Yale Assure Lock® 2, the brand-new flagship line of smart locks from Yale Home, was launched. Reimagined with the newest advancements in smart home technology, it offers easy, everyday access to every home. The series, which was designed with both style and security in mind, features a brand-new, streamlined, and compact design and gives every model access to the finest of Yale’s intelligent features for the first time.
- Level Home Inc. unveiled Level Lock+, the newest model in their premium line of smart locks, in 2022. Once the home key has been registered to Apple Wallet, Level Lock+, an exclusive to Apple, easily incorporates Apple’s house keys technology. Owners may now securely lock and enter their homes by only pushing the Level Lock+ button on their iPhone or Apple Watch.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global smart lock market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global smart lock market, the market is segmented on the basis of product type (biometric lock, electronic / sensor lock, remote control lock, pin code reader lock), technology (bluetooth, wi-fi, Z- wave), price range (economical, mid-range, premium) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
About the Consumer Product Division at Future Market Insights
The consumer product domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Segmentation Analysis of the Smart Lock Market:
By Product Type:
- Biometric Lock
- Electronic / Sensor Lock
- Remote Control Lock
- Pin Code Reader Lock
By Technology:
- Bluetooth
- Wi Fi
- Z Wave
By Price Range:
- Economical
- Mid Range
- Premium
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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