Smart Lock Market CAGR To Surpass 21.4% By 2028 Due To Growing Consumer Awareness Regarding The Benefits And Convenience Offered By These Locks | Grand View Research, Inc.

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Smart Lock Market CAGR To Surpass 21.4% By 2028 Due To Growing Consumer Awareness Regarding The Benefits And Convenience Offered By These Locks | Grand View Research, Inc.

May 11
08:32 2022
Smart Lock Market CAGR To Surpass 21.4% By 2028 Due To Growing Consumer Awareness Regarding The Benefits And Convenience Offered By These Locks | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are responsible for the growing smart lock demand.

Smart Lock Industry Overview

The global smart lock market size was valued at USD 1.38 billion in 2020 and is expected to reach 41.9 million units by 2028, registering a CAGR of 21.4% from 2021 to 2028

The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period. Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally.

Gather more insights about the market drivers, restrains and growth of the Global Smart Lock market

The number of individuals using a smartphone in 2020 has witnessed a significant surge of approximately 10% compared to that in 2019. This ever-increasing adoption has resulted in considerable dependency on smartphones and mobile apps to accomplish crucial tasks. Prominent market players incorporate various innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.

Asia Pacific smart lock market size, by type, 2018 - 2028 (USD Million)

The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are also responsible for the growing smart lock demand. Industry players focus on offering commercially viable products and developing advanced techniques, including remote locking/unlocking of entrances, doors, and windows. Moreover, since the number of households with voice assistants is continuously increasing, manufacturers are integrating their offerings with such devices, enabling the locks to be voice-controlled. Such innovations are expected to result in considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures.

Smart locks have witnessed significant demand across the residential area globally. With an increasing number of renovations and new construction activities across the Asia Pacific and North America, the industry has garnered immense potential in recent years due to a surge in new installations. When connected to a smart home hub, the lock acts as the most prominent element in a connected home. As a result, customers demand products that can suffice all their requirements and consider crucial factors such as battery life, size, design, and price when selecting a lock.

As per our analysis of the COVID-19 impact on the industry, smart locks have gained significant traction during these unprecedented times. The market is expected to witness numerous opportunities during the ongoing pandemic since the locking/unlocking procedures can be carried out using voice recognition and smartphones/smart gadgets, thereby reducing the need to physically touch the devices. Such technologies are enabling manufacturers to fulfill customer demands for touchless/contactless platforms to operate their devices, thus gaining an upper hand during these challenging times. New product development and incorporation of advanced/touchless technologies are the key strategies that a majority of the industry players are expected to adopt to expand their customer base over the next few years.

Smart Lock Market Segmentation

Based on the Type Insights, the market is segmented into Deadbolt, Lever Handles, Padlock and Others.

  • The deadbolt segment registered the highest revenue share of over 47% in 2020 and is expected to continue dominating the industry over the forecast period.
  • Lever handles are expected to expand at the fastest CAGR of over 23.0% during the forecast period owing to substantial growth in the construction sector.

Based on the Application Insights, the market is segmented into Residential, Hospitality, Enterprise, Critical Infrastructure and Others.

  • The residential segment dominated the smart lock market in 2020, capturing over 65% of the revenue share. It is expected to retain its dominance over the next seven years.
  • The hospitality segment is expected to expand at the fastest CAGR of over 25% from 2021 to 2028. The industry has been aggressively deploying smart locks to address customers’ growing security concerns during their stays. 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America captured the largest market share of over 42% in 2020 and is expected to maintain its dominance over the forecast period.
  • Asia Pacific is anticipated to emerge as the fastest-growing region, exhibiting a CAGR of over 24% from 2021 to 2028. 

Browse through Grand View Research’s Technology Industry Related Reports.

  • Machine Learning MarketThe global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work.
  • Artificial Intelligence MarketThe global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals.

Market Share Insights:

  • March 2020: Kwikset launched its expanded line of products featuring the Microban SilverShield technology, which helps to mitigate the bacterial growth on door hardware. The company is also focusing on expanding its partnership with Microban for introducing keyless entry and advanced smart locks by the end of 2021.
  • October 2018: Hoomvip, an app-based service for accessing rental properties, implemented ENTR smart door lock by TESA, one of the brands of Assa Abloy, to enhance security and ensure hassle-free access to rental properties.

Key Companies Profile:

The industry is undergoing rapid transformation and moving toward consolidation over the past few years, with leading companies constantly striving to capture a dominating market share.

Some prominent players in the global Smart Lock market include

  • Yale
  • Schlage
  • August Home
  • Kwikset
  • Goji
  • SDS Smart Locks
  • Mul-T-Lock
  • UniKey Technologies Inc.

Order a sample PDF (free) of the Smart Lock Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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