Smart Lock Market To Attain Valuation Of US$ 15.42 Billion By 2032

(MENAFN- GlobeNewsWire - Nasdaq) Smart locks have become a crucial component of modern home security as they integrate with smart home ecosystems, including video doorbells and virtual assistants.

New Delhi, Feb. 05, 2025 (GLOBE NEWSWIRE) -- As detailed in the latest research from Astute Analytica, the global smart lock market was valued at US$ 6.33 billion in 2023 and is projected to hit the market valuation of US$ 15.42 billion by 2032 at a CAGR of 10.4% during the forecast period 2024–2032.

The increasing adoption of smart home technology globally, coupled with the influx of companies specializing in home automation, is significantly driving the demand for smart locks. As consumers seek more integrated and intelligent living environments, industry players are dedicated to providing commercially viable products that enhance convenience and security. This includes advanced features like remote locking and unlocking doors and windows, enabling homeowners to manage their security from anywhere.

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As the prevalence of voice assistants continues to grow, manufacturers are responding by integrating their smart lock offerings with these devices. This integration allows users to control locks using simple voice commands, further enhancing the convenience and appeal of smart locks. The ability to interact with home security systems in a hands-free manner is becoming a key selling point.

The increased adoption of smart locks can be attributed to a combination of factors, including a heightened demand for security and convenience and advancements in Internet of Things (IoT) and Artificial Intelligence (AI) technologies. Smart locks are finding applications not only in residential homes but also in hotels, retail stores, and various commercial spaces. Innovations in this sector, particularly the rise of smart door locks with integrated cameras, are capturing consumer interest as customers increasingly seek more sophisticated locking and unlocking systems.

Rise of the Smart Home Increasing the Adoption of Smart Lock

The global smart home market is projected to exceed $170 billion by 2025, reflecting a significant shift in consumer preferences towards smart technologies. Notably, 78% of potential home buyers express a willingness to pay a premium for a smart home, indicating a strong market demand. Furthermore, approximately 75% of smart home consumers are under 55, highlighting a trend among younger demographics more inclined to embrace technological advancements.

In 2022, global consumer spending on smart home systems was estimated at $135 billion, with expectations for this figure to rise to $170 billion by 2025, representing a 26% growth rate. This steady increase in consumer investment underscores the growing importance of smart technologies in everyday life.

The future of the smart lock industry appears promising, particularly as landlords and building managers recognize the benefits of keyless entry systems. This trend is likely to drive adoption within the lucrative rental and apartment sector, where convenience and security are paramount. The ability to offer tenants a modern, keyless entry solution can enhance property appeal and streamline management processes.

Another significant development in the smart lock market is the emergence of the Matter smart home standard. This standard holds great promise for the industry, as it aims to enable smart locks and other devices to function seamlessly across different ecosystems. By fostering interoperability among various smart home products, Matter could enhance user experience and drive further adoption of smart locks.

Biometrics Smart Locks are Gaining Attention Among Consumers

Biometric technologies, particularly fingerprint and facial recognition, have garnered significant attention in recent years due to the enhanced security features they provide and the convenience associated with keyless entry. As security concerns grow, biometric-enabled smart locks have become increasingly popular, offering users a reliable way to access their homes or offices without the need for traditional keys.

The appeal of biometric smart locks lies in their ability to enhance security while simplifying access. These locks utilize unique identifiers, such as fingerprints, facial features, or even voice patterns, which are distinct to each individual. This uniqueness effectively eliminates the risk of unauthorized duplication, providing a higher level of security compared to conventional locking mechanisms.

Moreover, the integration of Bluetooth and Wi-Fi-powered solutions has made smartphone-based smart locks the dominant choice in residential areas. The intuitive connection between a user's personal device and their home security system offers unparalleled ease of use, making these smart locks a natural entry point into the broader smart home ecosystem. As the prices of these technologies become more accessible, their influence on the future of smart locks is expected to grow.

The convenience of biometric smart locks cannot be overstated. Anyone who has ever struggled to find their keys while managing multiple bags can appreciate the hassle-free nature of these systems. Approximately 70% of users report that they find fingerprint locks to be more convenient and satisfying than other access methods. This level of user satisfaction highlights the transformative potential of biometric technology in everyday life.

The rising reliability of biometric smart locks is crucial in building consumer trust, which is vital when securing one's home. As users grow more confident in the effectiveness of biometric systems, their adoption is expected to rise, further solidifying the role of biometrics in the future of home security.

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Asia Pacific: the Growth Hotspots and Emerging Trends in the Smart Lock Market

The Asia Pacific region is rapidly emerging as a significant growth hub for the smart lock market, boasting the highest Compound Annual Growth Rate (CAGR) of 11.5%. This remarkable growth is primarily fueled by several key factors, including rapid urbanization, an expanding middle-class income level, and an increasing demand for home automation systems. Countries such as China, Japan, India, and South Korea are at the forefront of this trend, contributing significantly to the market's expansion.

A crucial driver of the smart lock market in Asia Pacific is the government's initiative to develop smart cities. Currently, over 100 smart city projects are underway across the region, which necessitates the implementation of advanced security systems, including smart locks. This push towards modernization and enhanced security is creating a robust demand for innovative locking solutions that can integrate seamlessly into smart home ecosystems.

In China, the sales of smart locks have seen a substantial increase, with 10.6 million units sold in the first half of 2024, marking a 5.5% year-on-year growth. Given the trend that production volumes in the second half of the year typically surpass those of the first half, it is anticipated that both production and sales will exceed 25 million units for the entire year, according to estimates from the China Daily Hardware Technology Development Center.

Chinese smart lock brands are establishing a leading position in the global market. Many domestically manufactured products are equipped with high-definition cat's-eye view screens and advanced identification technologies, including fingerprint recognition, 3-D face recognition, and iris recognition. This technological advancement not only enhances security but also appeals to consumers looking for modern and efficient locking solutions.

Top Players in the Global Smart Lock Market

• Allegion plc
• ASSA ABLOY AB
• Aventsecurity
• Cansec Systems Ltd.
• GANTNER Electronic GmbH
• Haven Lock, Inc.
• Master Lock Company LLC
• MIWA Lock Co.
• Mul-T-Lock
• Okidokeys
• Onity, Inc.
• Salto Systems S.L.
• Samsung Electronics Co., Ltd.
• SDS Smart Locks
• SentriLock
• Shenzhen Vians Electric Lock Co., Ltd.
• Spectrum Brands Holdings, Inc.
• UniKey Technologies Inc.
• Weiser
• Wyze Labs, Inc.
• Other Prominent Players

Market Segmentation Overview

By Lock Mechanism:

• Deadbolts
• Lever Handles
• Padlocks
• Other Locks

• • Knob locks

• • Rim/mortise locks

• • Rim latch locks

By Technology:

• Keypad
• Smart Card
• Biometric
• Wireless (includes Smartphone/ App based)

• • Bluetooth

• • Wi-Fi

• • Others

• • • Z-wave

• • • ZigBee

• • • Thread

• • • NFC

By Application:

• Commercial

• • Retail stores and malls

• • Hospitality

• • Corporate

• • Healthcare

• Industrial

• • Oil & gas

• • Manufacturing

• • Energy & power

• • Transportation

• • Logistics

• • Others

• Residential

• • Condominium

• • Individual houses

• Government Institution
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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