Smart Lock Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for smart lock market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global smart lock market from 2023 to 2030.

The Smart Lock market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 14.6%, projecting an escalation from US$3.3 billion in 2023 to reach US$8.5 billion by the conclusion of 2030.

Key Insights

Smart Lock Market Size (2023E): US$3.3 Billion

Projected Market Value (2030F): US$8.5 Billion

Global Market Growth Rate (CAGR 2023 to 2030): 14.6%

Historical Market Growth Rate (CAGR 2018 to 2022): 12.1%

Smart Lock Market - Report Scope

Biometric authentication methods, including fingerprint, facial, and iris recognition, offer heightened security compared to traditional methods like keys or PIN codes. Advances in algorithms and sensors enhance precision, reducing the risk of unauthorized access in smart lock systems. Integration of multiple biometric modalities, such as fingerprint and facial recognition, adds an extra layer of protection. Gesture recognition and continuous authentication further enhance adaptability and security. Contactless biometric solutions, like facial and iris scanning, address health and safety concerns by minimizing physical contact and contribute to the appeal of smart lock systems.

Market Growth Drivers for Smart Lock Market

The growing trend of home automation sees increased adoption as homeowners seek user-friendly solutions. Smart locks provide keyless entry via smartphones, seamlessly integrating into broader smart home ecosystems. This integration enables automation scenarios, like locking doors when the security system is armed or granting temporary access through connected apps. Emphasizing security, smart locks offer features such as biometric authentication and real-time monitoring, enhancing overall home security. Remote monitoring and control appeal to users, allowing them to check lock status and grant access while away. Integration with voice-activated devices like Amazon Alexa enhances the hands-free nature of home automation. Additionally, smart locks contribute to energy efficiency by adjusting settings based on user presence, aligning with the trend of creating smart, energy-efficient homes. Customizable automation routines cater to different lifestyle needs, offering tailored solutions for various scenarios.

Market Restraints

Growing cybersecurity concerns surround smart locks, as they are susceptible to unauthorized access and hacking. Inadequate data protection may lead to privacy breaches, exposing sensitive information. Without robust encryption, communication between the smart lock and devices is vulnerable to interception. The complexity of installation, requiring technical expertise, may deter less tech-savvy users. Compatibility with various door types poses a challenge, emphasizing the need for clear and user-friendly installation instructions to prevent frustration and errors.

Market Opportunities

Smart locks, with IoT integration, play a key role in comprehensive home automation. They easily connect with other IoT devices like lighting controls and security cameras, enabling remote monitoring and control through mobile apps or web interfaces. This connectivity enhances convenience and security, allowing users to manage access and check lock status from anywhere with an internet connection. IoT-enabled smart locks offer advanced security features, including real-time alerts, geofencing, and integration with security systems. The data generated provides valuable insights for manufacturers and users, improving smart lock design and functionality. Integration with voice-activated devices enhances convenience and contributes to hands-free home automation. Smart locks' interoperability with various devices enables complex automation scenarios, such as automatic door locking when the security system is armed. As smart city initiatives expand, integrating smart locks into urban infrastructure becomes more significant, contributing to overall efficiency and security.

Key Questions Answered in Report::

What is the current market size and growth rate of the industry?
What are the primary drivers influencing market trends?
How do key market players compare in terms of market share and strategies?
What technological advancements are impacting the industry?
What are the major challenges and potential risks faced by the market?
How is consumer behaviour evolving within the industry?
What regulatory factors are affecting the market landscape?

Competitive Intelligence and Business Strategy

August Home, a leading supplier of smart locks, employs a comprehensive strategy to maintain its market leadership. Emphasizing product innovation, they invest significantly in research and development for advanced smart locks with enhanced security and seamless integration into smart home ecosystems. Actively engaging in strategic partnerships within the smart home industry, August Home gains access to new technologies, distribution channels, and marketing opportunities, reinforcing its market presence. With a commitment to global expansion, the company targets new markets, adapting its approach to each region's preferences, regulations, and market dynamics to establish a strong international brand presence.

Key Companies Profiled
August Home
Kwikset (Spectrum Brands)
Schlage (Allegion)
Yale (Assa Abloy)

Nest (a subsidiary of Google, part of Alphabet Inc.)

Samsung SmartThings
Danalock
Ultraloq (U-tec Group, Inc.)
Igloohome
Lockly
Smart Lock Market Segmentation

The smart lock market is categorized into biometric, electronic/sensor, remote control, and pin code reader locks. Electronic/sensor locks dominate, driven by convenience through RFID cards, fingerprint recognition, and smartphone apps. Among technology segments (Bluetooth, Wi-Fi, Z-wave), Bluetooth is the largest, facilitating remote control via dedicated mobile apps. This enhances user experience with centralized access management, notifications, and customization.

In North America, where safety is culturally emphasized, smart locks, especially those with remote access and real-time monitoring, offer added protection and convenience due to higher crime rates in the region.

By Product Type:
Biometric Lock
Electronic / Sensor Lock
Remote Control Lock
Pin Code Reader Loc
By Technology:
Bluetooth
Wi-Fi
Z-Wave
By Price Range:
Economical
Mid-Range
Premium
By Application:
Residential
Commercial
Industrial
Automotive
Others
By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33565

1. Executive Summary

1.1. Global Smart Lock Market Snapshot, 2023 and 2030
1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Product Type Lifecycle Analysis
2.4. Smart Lock Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of Application
- 2.4.5. Profitability Analysis
2.5. Porter Five Force's Analysis
2.6. Geopolitical Tensions: Market Impact
2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
2.8. Forecast Factors - Relevance and Impact
2.9. Regulatory and Technology Landscape

3. Global Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
3.3. Global Smart Lock Market Outlook: Product Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Product Type, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
  - 3.3.3.1. Biometric Lock
  - 3.3.3.2. Electronic / Sensor Lock
  - 3.3.3.3. Remote Control Lock
  - 3.3.3.4. Pin Code Reader Loc
3.4. Market Attractiveness Analysis: Product Type
3.5. Global Smart Lock Market Outlook: Technology
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Technology, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
  - 3.5.3.1. Bluetooth
  - 3.5.3.2. Wi-Fi
  - 3.5.3.3. Z- Wave
3.6. Market Attractiveness Analysis: Technology
3.7. Global Smart Lock Market Outlook: Price Range
- 3.7.1. Introduction / Key Findings
- 3.7.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Price Range, 2018 - 2022
- 3.7.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
  - 3.7.3.1. Economical
  - 3.7.3.2. Mid-Range
  - 3.7.3.3. Premium
3.8. Market Attractiveness Analysis: Price Range
3.9. Global Smart Lock Market Outlook: Application
- 3.9.1. Introduction / Key Findings
- 3.9.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Application, 2018 - 2022
- 3.9.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
  - 3.9.3.1. Residential
  - 3.9.3.2. Commercial
  - 3.9.3.3. Industrial
  - 3.9.3.4. Automotive
  - 3.9.3.5. Others
3.10. Market Attractiveness Analysis: Application

4. Global Smart Lock Market Outlook: Region

4.1. Key Highlights
4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
4.4. Market Attractiveness Analysis: Region

5. North America Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Product Type
- 5.3.3. By Technology
- 5.3.4. By Price Range
- 5.3.5. By Application
5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 5.5.1. Biometric Lock
- 5.5.2. Electronic / Sensor Lock
- 5.5.3. Remote Control Lock
- 5.5.4. Pin Code Reader Loc
5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 5.6.1. Bluetooth
- 5.6.2. Wi-Fi
- 5.6.3. Z- Wave
5.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 5.7.1. Economical
- 5.7.2. Mid-Range
- 5.7.3. Premium
5.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 5.8.1. Residential
- 5.8.2. Commercial
- 5.8.3. Industrial
- 5.8.4. Automotive
- 5.8.5. Others
5.9. Market Attractiveness Analysis

6. Europe Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Product Type
- 6.3.3. By Technology
- 6.3.4. By Price Range
- 6.3.5. By Application
6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. T rkiye
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 6.5.1. Biometric Lock
- 6.5.2. Electronic / Sensor Lock
- 6.5.3. Remote Control Lock
- 6.5.4. Pin Code Reader Loc
6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 6.6.1. Bluetooth
- 6.6.2. Wi-Fi
- 6.6.3. Z- Wave
6.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 6.7.1. Economical
- 6.7.2. Mid-Range
- 6.7.3. Premium
6.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 6.8.1. Residential
- 6.8.2. Commercial
- 6.8.3. Industrial
- 6.8.4. Automotive
- 6.8.5. Others
6.9. Market Attractiveness Analysis

7. East Asia Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By Technology
- 7.3.4. By Price Range
- 7.3.5. By Application
7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 7.5.1. Biometric Lock
- 7.5.2. Electronic / Sensor Lock
- 7.5.3. Remote Control Lock
- 7.5.4. Pin Code Reader Loc
7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 7.6.1. Bluetooth
- 7.6.2. Wi-Fi
- 7.6.3. Z- Wave
7.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 7.7.1. Economical
- 7.7.2. Mid-Range
- 7.7.3. Premium
7.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 7.8.1. Residential
- 7.8.2. Commercial
- 7.8.3. Industrial
- 7.8.4. Automotive
- 7.8.5. Others
7.9. Market Attractiveness Analysis

8. South Asia & Oceania Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By Technology
- 8.3.4. By Price Range
- 8.3.5. By Application
8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 8.5.1. Biometric Lock
- 8.5.2. Electronic / Sensor Lock
- 8.5.3. Remote Control Lock
- 8.5.4. Pin Code Reader Loc
8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 8.6.1. Bluetooth
- 8.6.2. Wi-Fi
- 8.6.3. Z- Wave
8.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 8.7.1. Economical
- 8.7.2. Mid-Range
- 8.7.3. Premium
8.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 8.8.1. Residential
- 8.8.2. Commercial
- 8.8.3. Industrial
- 8.8.4. Automotive
- 8.8.5. Others
8.9. Market Attractiveness Analysis

9. Latin America Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By Technology
- 9.3.4. By Price Range
- 9.3.5. By Application
9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 9.5.1. Biometric Lock
- 9.5.2. Electronic / Sensor Lock
- 9.5.3. Remote Control Lock
- 9.5.4. Pin Code Reader Loc
9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 9.6.1. Bluetooth
- 9.6.2. Wi-Fi
- 9.6.3. Z- Wave
9.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 9.7.1. Economical
- 9.7.2. Mid-Range
- 9.7.3. Premium
9.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 9.8.1. Residential
- 9.8.2. Commercial
- 9.8.3. Industrial
- 9.8.4. Automotive
- 9.8.5. Others
9.9. Market Attractiveness Analysis

10. Middle East & Africa Smart Lock Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By Technology
- 10.3.4. By Price Range
- 10.3.5. By Application
10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 10.5.1. Biometric Lock
- 10.5.2. Electronic / Sensor Lock
- 10.5.3. Remote Control Lock
- 10.5.4. Pin Code Reader Loc
10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Technology, 2023 - 2030
- 10.6.1. Bluetooth
- 10.6.2. Wi-Fi
- 10.6.3. Z- Wave
10.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By Price Range, 2023 - 2030
- 10.7.1. Economical
- 10.7.2. Mid-Range
- 10.7.3. Premium
10.8. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 10.8.1. Residential
- 10.8.2. Commercial
- 10.8.3. Industrial
- 10.8.4. Automotive
- 10.8.5. Others
10.9. Market Attractiveness Analysis

11. Competition Landscape

11.1. Market Share Analysis, 2022
11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Remote Control Lock
- 11.2.3. Apparent Product Capacity
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. August Home
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Product
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. Kwikset (Spectrum Brands)
  - 11.3.2.1. Overview
  - 11.3.2.2. Segments and Product
  - 11.3.2.3. Key Financials
  - 11.3.2.4. Market Developments
  - 11.3.2.5. Market Strategy
- 11.3.3. Schlage (Allegion)
  - 11.3.3.1. Overview
  - 11.3.3.2. Segments and Product
  - 11.3.3.3. Key Financials
  - 11.3.3.4. Market Developments
  - 11.3.3.5. Market Strategy
- 11.3.4. Yale (Assa Abloy)
  - 11.3.4.1. Overview
  - 11.3.4.2. Segments and Product
  - 11.3.4.3. Key Financials
  - 11.3.4.4. Market Developments
  - 11.3.4.5. Market Strategy
- 11.3.5. Nest (a subsidiary of Google, part of Alphabet Inc.)
  - 11.3.5.1. Overview
  - 11.3.5.2. Segments and Product
  - 11.3.5.3. Key Financials
  - 11.3.5.4. Market Developments
  - 11.3.5.5. Market Strategy
- 11.3.6. Samsung SmartThings
  - 11.3.6.1. Overview
  - 11.3.6.2. Segments and Product
  - 11.3.6.3. Key Financials
  - 11.3.6.4. Market Developments
  - 11.3.6.5. Market Strategy
- 11.3.7. Danalock
  - 11.3.7.1. Overview
  - 11.3.7.2. Segments and Product
  - 11.3.7.3. Key Financials
  - 11.3.7.4. Market Developments
  - 11.3.7.5. Market Strategy
- 11.3.8. Ultraloq (U-tec Group, Inc.)
  - 11.3.8.1. Overview
  - 11.3.8.2. Segments and Product
  - 11.3.8.3. Key Financials
  - 11.3.8.4. Market Developments
  - 11.3.8.5. Market Strategy
- 11.3.9. Igloohome
  - 11.3.9.1. Overview
  - 11.3.9.2. Segments and Product
  - 11.3.9.3. Key Financials
  - 11.3.9.4. Market Developments
  - 11.3.9.5. Market Strategy
- 11.3.10. Lockly
  - 11.3.10.1. Overview
  - 11.3.10.2. Segments and Product
  - 11.3.10.3. Key Financials
  - 11.3.10.4. Market Developments
  - 11.3.10.5. Market Strategy

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations