In 2022, the smart lock market size was projected to be USD 2,996.70 million. By the end of 2023, the industry is likely to reach a valuation of USD 3,404.70 million. Throughout the forecast period, the global market for smart locks is expected to achieve a 14.90% Compound Annual Growth Rate (CAGR), reaching a size of US$ 13,611.40 million by 2033.
- IoT Integration: The growing integration of smart locks into larger Internet of Things (IoT) ecosystems enables centralized control and automation. This allows users to create networked smart environments for their homes or buildings.
- Voice Control and Remote Monitoring: With capabilities like voice control and remote monitoring, users can conveniently manage their smart locks from anywhere using smartphone apps.
- Mobile Phone Friendly: Smart locks offer ease of use by allowing users to manage them remotely via smartphone apps. Users can grant access to guests and receive real-time notifications, enhancing convenience and security.
- Guest Access Management: Smart locks enable users to grant access to guests remotely, eliminating the need for physical keys and providing added flexibility in managing access to their properties.
- Real-Time Notifications: Users receive real-time notifications on their smartphones, allowing them to stay informed about any activities or security events related to their smart locks, enhancing peace of mind and security.
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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,” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
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.
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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).
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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
About Future Market Insights (FMI)
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 ~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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