Smart Lock Market to Touch Valuation of US$ 51.9 Bn by 2030

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The global Smart Lock market size is expected to be worth around US$ 51.9 billion by 2030, according to a new report by Vision Research Reports.

The global Smart Lock market size was valued at US$ 2.38 billion in 2020 and is anticipated to grow at a CAGR of 30.4% during forecast period 2021 to 2030.

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Smart Lock Market (By Product: Deadbolt, Lever Handles, Padlock, Others; By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Growth Factors

Rising awareness among consumers regarding the benefits and convenience offered by security solutions and surging adoption of connected devices are primarily driving the industry growth. Besides, the hospitality sector has witnessed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly relying on them to ensure security and accessibility to both customers and owners.

The rising global smartphone penetration has further opened new growth prospects for industry participants due to their continuous efforts to launch apps to manage the locking/unlocking procedures. Furthermore, prominent market players are incorporating various innovative techniques, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, in their smart lock models. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.

The COVID-19 pandemic had momentarily hindered the growth of new smart lock installations over the initial couple of quarters of 2020. The dramatic changes, such as restrictions in cross-border trade, economic instability, stringent norms mandating temporary shutdowns of manufacturing sites, and stay-at-home orders for the general populace, created a challenging situation for the industry during the past year.  

Report Highlights

The deadbolt segment registered the highest revenue share of over 57% in 2020 and is expected to continue dominating the industry over the forecast period. The high revenue generation can be attributed to its rising deployment across the residential sector owing to numerous benefits such as ease of use as well as a durable locking mechanism.

Lever handles are expected to expand at the fastest CAGR of over 33.0% during the forecast period owing to substantial growth in the construction sector. Modernization activities across the hospitality sector to fulfill the security requirements of tourists are also expected to foster the growth of the segment. Smart lever handles are being extensively used in inner doors across commercial settings. They possess easy locking/unlocking procedures compared to their counterparts due to the push-down style handle instead of a knob, which requires grasping and turning.

The residential segment dominated the smart lock market in 2020, capturing over 75% of the revenue share. It is expected to retain its dominance over the next seven years. Its high revenue generation can primarily be attributed to the rising global smart home penetration as well as an increasing number of new and renovation projects across the sector over the past few years. Additionally, increased affordability of advanced security tools, including door and window opening sensors, motion detectors, and remote door locking/unlocking, is expected to further drive the adoption of these devices.

The hospitality segment is expected to expand at the fastest CAGR of over 25% from 2021 to 2030. The industry has been aggressively deploying smart locks to address customers’ growing security concerns during their stays. The need to increase in-room security measures at hotels is presumed to bolster the adoption of these keyless access devices in the future as well. Leading market players are offering innovative solutions for the hospitality industry.

North America captured the largest market share of over 52% in 2020 and is expected to maintain its dominance over the forecast period. The high spending capacity of customers and rising security concerns, especially across the critical infrastructure and residential applications, have led to a favorable regulatory scenario for their adoption.

Report Coverage Details
Market Size US$ 51.9 billion by 2030
Growth Rate CAGR of 30.4% From  2021 to 2030
Base Year 2020
Forecast Period 2021 to 2030
Segments Covered Type, Application, Region
Companies Mentioned Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, UniKey Thnologies Inc.

Key Players

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

Market Segmentation

  • Type Outlook
    • Deadbolt
    • Lever Handles
    • Padlock
    • Others
  • Application Outlook
    • Residential
    • Hospitality
    • Enterprise
    • Critical Infrastructure
    • Others
  • Regional Outlook
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • Korea
      • Japan
    • Latin America
    • Middle East & Africa (MEA)

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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