Global Smart Door Lock Market to capture a CAGR of 16.8% between 2023 and 2030 according to a new research report

The Global Smart Door Lock Market size is expected to grow from USD 1.92 Billion in 2022 to USD 6.63 Billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).

Market Overview:

With the advent of technologies such as Machine Learning and Artificial Intelligence, the spread of the Internet of Things (IoT) is expected to accelerate the mass adoption of smart locks during the forecast period. Increasing consumer awareness of the benefits and conveniences of these locks has contributed to increased demand, especially in the home and hospitality sectors around the world. Smart locks bring a new security experience to your home with the customization and the ability to control what happens to your home. They are far beyond the capabilities of normal rock. Many smart door locks come with both Bluetooth and Wi-Fi connections, improving the ability to use remote features.

Top Key Players for Smart Door Lock Market:

Master Lock, Onity, Salto Systems, Allegion, Cansec Systems, ASSA ABLOY AB, Honeywell, Haven Lock, Spectrum brands, Yale and Other Major Players.

Report:

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Smart Door Lock Market:

Drivers:

The Number of People Using Smartphones Increasing

The number of people using smartphones increased by about 10% in 2020 compared to 2019.

This steadily increasing acceptance has led to the significant reliance on smartphones and mobile apps to perform important tasks. Well-known players on the market have integrated a variety of innovative technologies into their smart lock models, including Wi-Fi-enabled lock / unlock and Bluetooth-based (BLE) lock / unlock on smartphones and other devices. A touch panel is also integrated to facilitate password entry and pattern-based locking/unlocking. The growing global acceptance of Smart homes and the influx of companies developing innovative home automation technologies are also driving the growing demand for smart locks.

Opportunities:

The Growth Of Technologies Like Iot And Smart Devices

With the growth of technologies like IoT and smart devices integrated into security systems, the market presents a great opportunity in the Smart Door Lock Market. To realize the Internet of Things (IoT) vision, many IoT devices have been developed to improve daily life, and smart home devices are the most popular. Smart locks rely on smartphones to facilitate physical key management and track door open/closed status. Security is a top priority for IoT environments, and smart lock security and IoT security provide seamless security with the fort-like impregnable security standard.

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Segmentation Analysis of the Smart Door Lock Market:

By Type, The deadbolt segment is expected to continue to dominate the industry during the forecast period, with the highest share of sales of over 47% in 2020. Sales are increasing due to increased use in the living area, which takes advantage of many advantages such as ease of use and a durable locking mechanism.

• Deadbolt
• Lever Handles
• Padlock
• Others

By Application, Residential is the dominating in the application segment for the smart door lock market. High levels of revenue generation are primarily due to the increasing global penetration of smart homes and the increasing number of new and remodeling projects across the industry in recent years.

• Residential
• Hospitality
• Enterprise
• Critical
• Infrastructure
• Others

Regional Analysis of the Smart Door Lock Market:

North America is dominating in Smart Door Lock Market with the largest market share of over 42% in 2020 and maintains its dominance over the forecast period. This is mainly due to the introduction of high tech in the United States and the proliferation of smart homes. About 30% of broadband households in the United States will purchase smart locks by the end of 2021. The high purchasing power of customers and the growing security concerns of critical infrastructure and residential applications have created regulatory scenarios that are suitable for customer deployment.

• North America (US, Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In February 2023, Yale Home collaborated with Pantone, an American limited liability company, to bring its Pantone color, PANTONE Viva Magenta, to a Yale Assure Lock 2 model without compromising on the simplicity or security of a smart lock.

In March 2023, Kwikset introduced Home Connect 620 smart lock on the ISC West program. This smart lock offers options, such as a 10-button keypad with one-touch locking to allow dealers to integrate safety into smart home environments.

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