What’s the Projected Growth And Market Size For The Global Smart Locks Market?
The smart locks market size has seen notable growth in recent years. It is projected to grow from USD 2.66 billion in 2024 to USD 3 billion in 2025 at a compound annual growth rate (CAGR) of 12.7%. Factors contributing to this growth include better product affordability, evolving design aesthetics, rising levels of residential and commercial construction, increasing smartphone penetration, and heightened consumer demand for convenience.
Furthermore, the smart locks market is set to grow even more rapidly in the coming years. Predicted to reach USD 5.35 billion by 2029 at a CAGR of 15.6%, this boom can be attributed to government initiatives and regulations, the expansion of e-commerce and online sales, integration with smart building solutions, and an increased interest in smart access control for businesses. Among the major trends anticipated for this period, expect to see more customization and aesthetics, energy-efficient designs, smart locks for rental properties, user-friendly installation processes, and advancements in biometric authentication.
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Which Drivers Are Contributing To The growth Of The Smart Locks Market?
A rise in the number of residential and commercial projects worldwide is expected to drive the growth of the smart locks market. Both commercial and residential projects are adopting smart locks for their security benefits and versatility in technology. For instance, according to the UK’s Office of National Statistics in November 2023, total new work increased by £18,161 million in 2022, showing growth in both private and public sectors, which rose by 16.8% and 13.1% respectively. Such increases in residential and commercial projects contribute significantly to the growth of the smart locks market.
What Are The Primary Segments In The Global Smart Locks Market?
The smart locks market is segmented as follows –
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
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Which Key Players Are Shaping The Global Smart Locks Market?
Key players operating in the smart locks market include Allegion PLC, Assa Abloy AB, August Home, Cansec Systems Ltd., Dorma + Kaba Holding AG, Gantner Electronic GmbH, HAVENLock, Honeywell International Inc., Master Lock Company LLC, Onity Inc., Salto Systems, Samsung Electronics Co., Ltd., Schlage, Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security, Goji, SDS Smart Locks, Mul-T-Lock, Panasonic Corporation, Guangdong Be-Tech Security Systems, DESSMANN, The Chamberlain Group, Inc., Kaadas, Kwikset, Techlicious LLC, Godrej Group, Adel Marketing (M) Sdn. Bhd.
What Trends Are Affecting The Smart Locks Market Landscape?
A key trend in the smart locks sector is the focus on technological advancements. Companies are developing new solutions to meet consumer demands. For example, in November 2022, Yale Home India, a digital lock manufacturer, launched the Yale YDM7220 BioSecure based on ioSecure technology. This smart lock system, loaded with advanced technology, ensures household touchpoints receive regular cleaning and sanitization to reduce microbial contamination and disease spread.
Which Region Is Expected To Show The Fastest Growth In The Smart Locks Market?
North America was the largest region in the smart locks market in 2024. However, Asia-Pacific is forecast to be the fastest-growing region in the coming years. Other regions covered in the smart locks market report include Western Europe, Eastern Europe, South America, the Middle East, and Africa.
What Does The Smart Locks Market Report 2025 Offer?
Smart locks are mechanical and electrical locks that open wirelessly with authorization from approved users by connecting to the home’s Wi-Fi network. This allows for the receipt of code or smartphone commands to lock or unlock, enhancing security. The Smart Locks Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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