The global Smart Lock market was valued at US$1,609.94 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 15.4% between 2022 and 2029, mainly driven by increasing awareness regarding secure home solutions. A steady rise in the adoption of portable connected smart devices, and the Bring Your Own Device (BYOD) trend are expected to drive the market growth during the forecast period.
AgileIntel’s global Smart Lock market study is a 162 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, type, and application perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Figure 1: Global Smart Lock Market during 2018-2029 in US$ million
Key insights from the Global Smart Lock report
Insights on Lock Type:
The Smart Lock market is classified into the deadbolt, lever handles, padlock, and others based on the lock type.
The deadbolt segment, comprising of locks that can be opened only through a knob or a key and cannot be easily bored or battered, accounted for a revenue share of around 47% in 2021. The segment is projected to dominate the market during the forecast period due to its growing usage in residential projects. Additionally, major industry players such as Kwikset are manufacturing advanced deadbolts with built-in features such as low battery warning, one-touch locking, and personal user codes into their product portfolio to attract consumers.
Furthermore, Lever handles segment is expected to grow exponentially, registering over 23% CAGR during the forecast period, mainly due to growth in the construction and hospitality sector. Smart lever handles provide the convenience of easy locking/unlocking procedures and are used extensively in hotels and other hospitality sectors. Meanwhile, the padlock segment is also expected to grow considerably during the forecast period as they offer high security and are also smartphone compatible. Smart padlocks are being used by travellers to ensure the safety of the luggage. For instance, eGeeTouch Smart TSA Travel Lock sends notificationto the users in case theirluggageis tampered. It also has features such as no-combination opening and responsive proximity sensor.
Figure 2: Global Smart Lock Market by Lock Type in 2021
Insights on Application:
The Smart Lock market is classified into residential, hospitality, enterprise, critical infrastructure, and others based on application.
The residential segment dominated the Smart Lock market with a revenue share of 66% in 2021 and is expected to grow significantly during the forecast period. This growth can be attributed to the rising adoption of smart home solutions globally. The affordability of advanced security tools, such as door and window opening sensors, motion detectors, and remote door locking/unlocking, is expected to boost the adoption of Smart Lock devices. For instance, Netatmo, a French smart home devices manufacturer, launched Netatmo Smart Door Lock, a smart door lock that is compatible with Apple’s HomeKit standard.
Furthermore, the hospitality industry is gradually adopting Bluetooth-enabled locks to maximize the safety of their guests and staff. For instance, in August 2021, Hyatt Group of Hotels announced that they have implemented smart locks which allow users to use digital keys linked to Apple wallet to open their rooms. Hotel rooms will automatically open for users who hold their iPhone or Apple watch near the doors. This technology has been implemented in six locations, and eventually will be rolled out for other locations around the world.
Figure 3: Global Smart Lock Market by Application in 2021
Insights on Regional Growth:
North America dominated the Smart Lock market with a revenue share of around 42% in 2021, mainly due to the rising technology adoption and growing penetration of smart home ecosystems across the U.S. and Canada. Due to the rising smart home facilities, homeowners are extensively deploying advanced security solutions, such as motion detectors, window and door opening sensors, and remote door locking, thereby increasing the adoption of these solutions in the residential sector.
Meanwhile, the Smart Lock market in Asia Pacific is estimated to grow significantly during the forecast period, primarily due to the rise in new residential and commercial projects over the past few years in countries such as India, China, and Southeast Asia.
Figure 4: Global Smart Lock Market by Region in 2021
Insights on Key Markets:
The U.S. Smart Lockwas valued at US$641.7 million in 2021, comprising of approximately 40% of the global market share in terms of value. The growing preference of Smart Locks over traditional is expected to be more prevalent in mature markets such as the U.S. as buyers are not price sensitive and they are more awareof the benefits of using smart locks as compared to end-users in the emerging countries.
Meanwhile, China is expected to remain one of the fastest-growing markets for Smart Lock devices, registering a CAGR of 19% during the forecast period. The Smart Lock market in China is mainly driven by thegrowing number of residential and commercial construction projects inresidential and hospitality segments, respectively.
Figure 5: Global Smart Lock Market by Key Countries in 2021
Market dynamics
Trends
Drivers
Opportunities
Challenges
Impact of COVID-19
The Smart Lock market has been adversely affected due to the COVID-19 pandemic. The government-induced lockdowns have brought the construction activities in the residential and commercial sector to a near standstill, thereby delaying numerous projects across the globe. This has negatively impacted the worldwide sales of Smart Locks.
However, as the pandemic situation improves, economic and construction activities are gaining traction and the Smart Lock market is expected to gain its pre-pandemic growth levels. Market growth will also be supported by technological innovation, voice recognition, and the introduction of touchless/contactless devices, which are much sought after during the pandemic.
Scope of the Global Smart Lock report
This report provides analysis of the latest industry trends and estimates revenue growth at global, regional, and country levels. For this report, AgileIntel has segmented the global Smart Lock market report based on lock type,application, and region:
Insights on Lock Type(Revenue in US$million, 2018-2029)
Insights on Application (Revenue in US$million, 2018-2029)
Insights on Regional market (Revenue in US$million, 2018-2029)
Table of Contents
List of tables
List of figures
Chapter-1: Introduction
1.1 Objective of the report
1.2 Market Definition
1.3 Scope of the report
1.3.1 Markets covered
1.3.2 Years covered
1.4 Conventions
1.5 Stakeholder
1.6 Summary Methodology
1.7 Data Collection
1.7.1 Secondary research
1.7.2 Primary research
1.8 Market size estimation
1.8.1 Bottom-up approach
1.8.2 Top-down approach
1.9 Data triangulation
1.10 Assumptions and limitations
1.11 COVID-19 impact
Chapter-2: Market Overview
2.1 Introduction
2.2 COVID-19 impact on the market
2.3 Market Dynamics
2.3.1 Drivers
2.3.2 Restraints
2.3.3 Opportunities
2.3.4 Challenges
2.4 Key Players
2.5 Trends
2.6 Recent Developments
Chapter-3: Markets Analysis by Type
3.1.1 Market overview, 2018-2029 (US$ million)
3.2.1 Smart Lock Market: Deadbolt (US$ million)
3.3.1 Smart Lock Market: Lever Handles (US$ million)
3.3.1 Smart Lock Market: Padlock (US$ million)
3.3.1 Smart Lock Market: Others (US$ million)
Chapter- 4: Markets Analysis by Application
4.1.1 Market overview, 2018-2029 (US$ million)
4.2.1 Smart Lock Market: Residential (US$ million)
4.3.1 Smart Lock Market: Hospitality (US$ million)
4.3.1 Smart Lock Market: Enterprise (US$ million)
4.3.1 Smart Lock Market: Critical Infrastructure (US$ million)
4.3.1 Smart Lock Market: Others (US$ million)
Chapter-5: Regional Analysis
5.1.1 Market overview, 2018-2029 (US$ million)
5.2.1 Smart Lock Market: APAC (US$ million)
5.3.1 Smart Lock Market: North America (US$ million)
5.4.1 Smart Lock Market: Europe (US$ million)
5.5.1 Smart Lock Market: South America (US$ million)
5.6.1 Smart Lock Market: Middle East and Africa (US$ million)
Chapter-6: Regional Market Analysis by Type
6.1 Smart Lock regional Market by Type
6.1.1 Smart Lock Market: APAC Deadbolt (US$ million)
6.1.2 Smart Lock Market: APAC Lever Handles (US$ million)
6.1.3Smart Lock Market: APAC Padlock (US$ million)
6.1.4 Smart Lock Market: APAC Others (US$ million)
6.1.1 Smart Lock Market: North America Deadbolt (US$ million)
6.1.2 Smart Lock Market: North America Lever Handles (US$ million)
6.1.3Smart Lock Market: North America Padlock (US$ million)
6.1.4 Smart Lock Market: North America Others (US$ million)
6.1.1 Smart Lock Market: Europe Deadbolt (US$ million)
6.1.2 Smart Lock Market: Europe Lever Handles (US$ million)
6.1.3Smart Lock Market: Europe Padlock (US$ million)
6.1.4 Smart Lock Market: Europe Others (US$ million)
6.1.1 Smart Lock Market: South America Deadbolt (US$ million)
6.1.2 Smart Lock Market: South America Lever Handles (US$ million)
6.1.3Smart Lock Market: South America Padlock (US$ million)
6.1.4 Smart Lock Market: South America Others (US$ million)
6.1.1 Smart Lock Market: MEA Deadbolt (US$ million)
6.1.2 Smart Lock Market: MEA Lever Handles (US$ million)
6.1.3Smart Lock Market: MEA Padlock (US$ million)
6.1.4 Smart Lock Market: MEA Others (US$ million)
Chapter-7: Regional Markets Analysis by Application
7.1 Smart Lock regional Market by Application
7.1.1 Smart Lock Market: APAC Residential (US$ million)
7.1.2 Smart Lock Market: APAC Hospitality (US$ million)
7.1.3 Smart Lock Market: APAC Enterprise (US$ million)
7.1.4 Smart Lock Market: APAC Critical Infrastructure (US$ million)
7.1.5 Smart Lock Market: APAC Others (US$ million
7.1.6 Smart Lock Market: North America Residential (US$ million)
7.1.7 Smart Lock Market: North America Hospitality (US$ million)
7.1.8 Smart Lock Market: North America Enterprise (US$ million)
7.1.9 Smart Lock Market: North America Critical Infrastructure (US$ million)
7.1.10 Smart Lock Market: North America Others (US$ million
7.1.11 Smart Lock Market: Europe Residential (US$ million)
7.1.12 Smart Lock Market: Europe Hospitality (US$ million)
7.1.13 Smart Lock Market: Europe Enterprise (US$ million)
7.1.14 Smart Lock Market: Europe Critical Infrastructure (US$ million)
7.1.15 Smart Lock Market: Europe Others (US$ million
7.1.16 Smart Lock Market: South America Residential (US$ million)
7.1.17 Smart Lock Market: South America Hospitality (US$ million)
7.1.18 Smart Lock Market: South America Enterprise (US$ million)
7.1.19 Smart Lock Market: South America Critical Infrastructure (US$ million)
7.1.20 Smart Lock Market: South America Others (US$ million
7.1.21 Smart Lock Market: MEA Residential (US$ million)
7.1.22 Smart Lock Market: MEA Hospitality (US$ million)
7.1.23 Smart Lock Market: MEA Enterprise (US$ million)
7.1.24 Smart Lock Market: MEA Critical Infrastructure (US$ million)
7.1.25 Smart Lock Market: MEA Others (US$ million
Chapter-8: Key Markets Analysis
8.1 Smart Lock key market size
8.1.1 Market overview, 2018-2029 (US$ million)
8.2.1 Smart Lock Market: US, North America (US$ million)
8.3.1 Smart Lock Market: Canada, North America (US$ million)
8.4.1 Smart Lock Market: Mexico, North America (US$ million)
8.5.1 Smart Lock Market: Germany, Europe (US$ million)
8.6.1 Smart Lock Market: Italy, Europe (US$ million)
8.7.1 Smart Lock Market: France, Europe (US$ million)
8.8.1 Smart Lock Market: China, APAC (US$ million)
8.9.1 Smart Lock Market: India, APAC (US$ million)
8.10.1 Smart Lock Market: Japan, APAC (US$ million)
8.11.1 Smart Lock Market: Brazil, South America (US$ million)
8.12.1 Smart Lock Market: Middle East and Africa (US$ million)
Chapter-9: Company Profiles
9.1 August Home
9.2 Kwikset
9.3 Goji
9.4 SDS Smart Locks
9.5 Mul-T-Lock
9.6 UniKey Technologies Inc.
9.7 Yale
9.8 Schlage
Appendix
Glossary of terms
Disclaimer
About Us
List of Tables
Table 1: By value: Smart Lock Market by Type during 2018-2029 in US$ million
Table 2: By value: Smart Lock Market by Application during 2018-2029 in US$ million
Table 3: By value: Smart Lock Market by region during 2018-2029 in US$ million
List of Figures
Figure1: By value: Deadbolt Market segment share during 2018-2029 in %
Figure 2: By value: Share of Deadbolt in Smart Lock Market during 2018-2029 in %
Figure 3: By value: Lever Handles segment share during 2018-2029 in %
Figure 4: By value: Share of Lever Handles in Smart Lock Market during 2018-2029 in %
Figure 5: By value: Padlock segment share during 2018-2029 in %
Figure 6: By value: Share of Padlock in Smart Lock Market during 2018-2029 in %
Figure 7: By value: Others segment share during 2018-2029 in %
Figure 8: By value: Share of Others in Smart Lock Market during 2018-2029 in %
Figure 9: By value: Share of Residential in Smart Lock Market during 2018-2029 in %
Figure 10: By value: Residential segment share during 2018-2029 in %
Figure 11: By value: Share of Hospitality in Smart Lock Market during 2018-2029 in %
Figure 12: By value: Hospitality segment share during 2018-2029 in %
Figure 13: By value: Share of Enterprise in Smart Lock Market during 2018-2029 in %
Figure 14: By value: Enterprise segment share during 2018-2029 in %
Figure 15: By value: Share of Critical Infrastructure in Smart Lock Market during 2018-2029 in %
Figure 16: By value: Critical Infrastructure segment share during 2018-2029 in %
Figure 17: By value: Share of Others in Smart Lock Market during 2018-2029 in %
Figure 18: By value: Others segment share during 2018-2029 in %
Figure 19: By Value: key regional Markets in US$ million
Figure 20: By value: Market region share during 2018-2029 in %
Figure 21: By value: Share of APAC Market during 2018-2029 in %
Figure 22: By value: APAC Market during 2018-2029 in US$ million
Figure 23: By value: Share of North America Market during 2018-2029 in %
Figure 24: By value: North America Market during 2018-2029 in US$ million
Figure 25: By value: Share of Europe Market during 2018-2029 in
Figure 26: By value: Europe Market during 2018-2029 in US$ million
Figure 27: By value: Share of South America Market during 2018-2029 in %
Figure 28: By value: South America Market during 2018-2029 in US$ million
Figure 29: By value: Share of Middle East and Africa Market during 2018-2029 in %
Figure 30: By value: Middle East and Africa Market during 2018-2029 in US$ million
Figure 31: By value: Share of APAC Deadbolt Market during 2018-2029 in %
Figure 32: By value: APAC Deadbolt Market during 2018-2029 in US$ million
Figure 33: By value: Share of APAC Lever Handles Market during 2018-2029 in %
Figure 34: By value: APAC Lever Handles Market during 2018-2029 in US$ million
Figure 35: By value: Share of APAC Padlock Market during 2018-2029 in %
Figure 36: By value: APAC Padlock Market during 2018-2029 in US$ million
Figure 37: By value: Share of APAC Others Market during 2018-2029 in %
Figure 38: By value: APAC Others Market during 2018-2029 in US$ million
Figure 39: By value: Share of APAC Residential Market during 2018-2029 in %
Figure 40: By value: APAC Residential Market during 2018-2029 in US$ million
Figure41: By value: Share of APAC Hospitality Market during 2018-2029 in %
Figure 42: By value: APAC Hospitality Market during 2018-2029 in US$ million
Figure 43: By value: Share of APAC Enterprise Market during 2018-2029 in %
Figure 44: By value: APAC Enterprise Market during 2018-2029 in US$ million
Figure 45: By value: Share of APAC Critical Infrastructure Market during 2018-2029 in %
Figure 46: By value: APAC Critical Infrastructure Market during 2018-2029 in US$ million
Figure 47: By value: Share of APAC Others Market during 2018-2029 in %
Figure 48: By value: APAC Others Market during 2018-2029 in US$ million
Figure 49: By value: Share of North America Deadbolt Market during 2018-2029 in %
Figure 50: By value: North America Deadbolt Market during 2018-2029 in US$ million
Figure 51: By value: Share of North America Lever Handles Market during 2018-2029 in %
Figure 52: By value: North America Lever Handles Market during 2018-2029 in US$ million
Figure 53: By value: Share of North America Padlock Market during 2018-2029 in %
Figure 54: By value: North America Padlock Market during 2018-2029 in US$ million
Figure 55: By value: Share of North America Others Market during 2018-2029 in %
Figure 56: By value: North America Others Market during 2018-2029 in US$ million
Figure 57: By value: Share of North America Residential Market during 2018-2029 in %
Figure 58: By value: North America Residential Market during 2018-2029 in US$ million
Figure59: By value: Share of North America Hospitality Market during 2018-2029 in %
Figure 60: By value: North America Hospitality Market during 2018-2029 in US$ million
Figure 61: By value: Share of North America Enterprise Market during 2018-2029 in %
Figure 62: By value: North America Enterprise Market during 2018-2029 in US$ million
Figure 63: By value: Share of North America Critical Infrastructure Market during 2018-2029 in %
Figure 64: By value: North America Critical Infrastructure Market during 2018-2029 in US$ million
Figure 65: By value: Share of North America Others Market during 2018-2029 in %
Figure 66: By value: North America Others Market during 2018-2029 in US$ million
Figure 67: By value: Share of Europe Deadbolt Market during 2018-2029 in %
Figure 68: By value: Europe Deadbolt Market during 2018-2029 in US$ million
Figure 69: By value: Share of Europe Lever Handles Market during 2018-2029 in %
Figure 70: By value: Europe Lever Handles Market during 2018-2029 in US$ million
Figure 71: By value: Share of Europe Padlock Market during 2018-2029 in %
Figure 72: By value: Europe Padlock Market during 2018-2029 in US$ million
Figure 73: By value: Share of Europe Others Market during 2018-2029 in %
Figure 74: By value: Europe Others Market during 2018-2029 in US$ million
Figure 75: By value: Share of Europe Residential Market during 2018-2029 in %
Figure 76: By value: Europe Residential Market during 2018-2029 in US$ million
Figure 77: By value: Share of Europe Hospitality Market during 2018-2029 in %
Figure 78: By value: Europe Hospitality Market during 2018-2029 in US$ million
Figure 79: By value: Share of Europe Enterprise Market during 2018-2029 in %
Figure 80: By value: Europe Enterprise Market during 2018-2029 in US$ million
Figure 81: By value: Share of Europe Critical Infrastructure Market during 2018-2029 in %
Figure 82: By value: Europe Critical Infrastructure Market during 2018-2029 in US$ million
Figure 83 By value: Share of Europe Others Market during 2018-2029 in %
Figure 84: By value: Europe Others Market during 2018-2029 in US$ million
Figure 85: By value: Share of South America Deadbolt Market during 2018-2029 in %
Figure 86: By value: South America Deadbolt Market during 2018-2029 in US$ million
Figure 87: By value: Share of South America Lever Handles Market during 2018-2029 in %
Figure 88: By value: South America Lever Handles Market during 2018-2029 in US$ million
Figure 89: By value: Share of South America Padlock Market during 2018-2029 in %
Figure 90: By value: South America Padlock Market during 2018-2029 in US$ million
Figure 91: By value: Share of South America Others Market during 2018-2029 in %
Figure 92: By value: South America Others Market during 2018-2029 in US$ million
Figure 93: By value: Share of South America Residential Market during 2018-2029 in %
Figure 94: By value: South America Residential Market during 2018-2029 in US$ million
Figure 95: By value: Share of South America Hospitality Market during 2018-2029 in %
Figure 96: By value: South America Hospitality Market during 2018-2029 in US$ million
Figure 97: By value: Share of South America Enterprise Market during 2018-2029 in %
Figure 98: By value: South America Enterprise Market during 2018-2029 in US$ million
Figure 99: By value: Share of South America Critical Infrastructure Market during 2018-2029 in %
Figure 100: By value: South America Critical Infrastructure Market during 2018-2029 in US$ million
Figure 101: By value: Share of South America Others Market during 2018-2029 in %
Figure 102: By value: South America Others Market during 2018-2029 in US$ million
Figure 103: By value: Share of MEA Deadbolt Market during 2018-2029 in %
Figure 104: By value: MEA Deadbolt Market during 2018-2029 in US$ million
Figure 105: By value: Share of MEA Lever Handles Market during 2018-2029 in %
Figure 106: By value: MEA Lever Handles Market during 2018-2029 in US$ million
Figure 107: By value: Share of MEA Padlock Market during 2018-2029 in %
Figure 108: By value: MEA Padlock Market during 2018-2029 in US$ million
Figure 109: By value: Share of MEA Others Market during 2018-2029 in %
Figure 110: By value: MEA Others Market during 2018-2029 in US$ million
Figure 111: By value: Share of MEA Residential Market during 2018-2029 in %
Figure 112: By value: MEA Residential Market during 2018-2029 in US$ million
Figure 113: By value: Share of MEA Hospitality Market during 2018-2029 in %
Figure 114: By value: MEA Hospitality Market during 2018-2029 in US$ million
Figure 115: By value: Share of MEA Enterprise Market during 2018-2029 in %
Figure 116: By value: MEA Enterprise Market during 2018-2029 in US$ million
Figure 117: By value: Share of MEA Critical Infrastructure Market during 2018-2029 in %
Figure 118: By value: MEA Critical Infrastructure Market during 2018-2029 in US$ million
Figure 119: By value: Share of MEA Others Market during 2018-2029 in %
Figure 120: By value: MEA Others Market during 2018-2029 in US$ million
Figure 121: August Home
Figure 122: Kwikset
Figure 123: Goji
Figure 124: SDS Smart Locks
Figure 125: Mul-T-Lock
Figure 126: UniKey Technologies Inc.
Figure 127: Yale
Figure 128: Schlage
 |
| Report Parameters | Details |
|---|---|
| Time Period Considered | 2018-2029 |
| Historical Period | 2018-2021 |
| Forecast Period | 2022-2029 |
| Units considered | Revenue in US$million |
| Report Coverage | Value/Revenue forecast, competitive landscape, drivers, challenges, opportunities, and trends |
| COVID-19 | Impact of the COVID-19 pandemic has been factored in the revenue estimations, trends, and drivers |
| Segments | By Lock Type By Application By Region |
| Regions included in the study | Asia Pacific (APAC), North America, Europe, Middle East and Africa, South America |
| Companies Profiled | August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, UniKey Technologies Inc., Yale, Schlage |
The global Smart Lock market size was estimated at US$1,609.94 million in 2021 and is expected to reach US$1,919 million in 2022.
The global Smart Lock market is expected to grow at a compound annual growth rate of 15.4% from 2022 to 2029 to reach US$6,055 million by 2029.
North America dominated the Smart Lockmarket with a share of 42% in 2021. This can be attributed to rising technology adoption and growing penetration of smart home ecosystems across the U.S. and Canada.
The residential segment dominated the smart lock market with a revenue share of 66% in 2021 and is expected to grow significantly during the forecast period. This growth can be attributed to the rising adoption of smart home solutions globally.
Some key players operating in the Smart Lock market include August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, UniKey Technologies Inc., Yale, Schlageamong others.
Key factors that are driving the Smart Lockinclude the growing adoption of smart home solutions in modern households is expected to drive the market positively during the forecast period.
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