DUBLIN--(BUSINESS WIRE)--The "Global Smart Lock Market" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Lock Market is set for remarkable growth, forecasted to expand from US$ 6.33 Bn in 2023 to US$ 13.14 Bn by 2030, progressing at a CAGR of 11.7%. In terms of volume, the market recorded 24.02 million units in 2023, highlighting a rising trend in smart security solutions.
The market's robust growth is primarily driven by the growing trend of the Internet of Things (IoT) and rising consumer awareness about the benefits of advanced security systems. Smart locks are becoming increasingly popular for their convenience and enhanced security features. However, the market faces challenges due to the high costs associated with smart locks, which could impede its widespread adoption.
Deadbolts dominate with over 36% share in 2023, while Lever Handles are witnessing the fastest growth. In terms of technology, Smart Card technology leads, holding more than 38% market share. The Residential sector emerges as a significant application area, generating revenue exceeding US$ 2.3 Bn in 2023. Geographically, North America holds the largest market share of over 34%, while Asia Pacific displays the highest CAGR of 13.45%.
The market comprises major players like Allegion plc, ASSA ABLOY AB, Samsung Electronics Co., Ltd., and Spectrum Brands Holdings, Inc. These companies, among others, play a pivotal role in shaping market trends through innovations and strategic developments.
North America, with its robust technological infrastructure and high consumer spending power, leads the market. The US, Canada, and Mexico are key contributors in this region. Asia Pacific, led by countries like China, India, and Japan, is the fastest-growing region, showing a high adoption rate of smart lock technologies due to increasing security concerns and technological advancements.
Report Insights:
- Projected market growth to US$ 13.14 Bn by 2030 with a CAGR of 11.7%.
- IoT trends and consumer awareness driving market growth.
- North America leads the market, with Asia Pacific showing the highest growth rate.
- Deadbolts and Smart Card technologies are key market segments.
Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- 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
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
2.1 Qualitative Research
2.2 Quantitative Research
2.3 Breakdown of Primary Research Respondents, By Region
2.4 Assumption for the Study
2.5 Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Global Smart Lock Market
Chapter 4. Global Smart Lock Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material Provider
4.1.2. Manufacturer
4.1.3. Distributor
4.1.4. End users
4.2. Industry Outlook
4.2.1. Lock Mechanisms in the market
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. COVID-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Market Volume Estimates and Forecast ('000 Units), 2017 - 2030
4.7.3. Price Trend Analysis, By Lock Mechanism
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2021
4.8.3. Competitor Mapping
4.8.4. Regulatory Compliance
Chapter 5. Smart Lock Market Analysis, By Lock Mechanism
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and '000 Units)
5.2.1. Deadbolts
5.2.2. Lever Handles
5.2.3. Padlocks
5.2.4. Other Locks
5.2.4.1. Knob locks
5.2.4.2. Rim/mortise locks
5.2.4.3. Rim latch locks
Chapter 6. Smart Lock Market Analysis, By Technology
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and '000 Units) 6.2.1. Keypad
6.2.2. Smart Card
6.2.3. Biometric
6.2.4. Wireless (includes Smartphone/ App based)
6.2.4.1. Bluetooth
6.2.4.2. Wi-Fi
6.2.4.3. Others
6.2.4.3.1. Z-wave
6.2.4.3.2. ZigBee
6.2.4.3.3. Thread
6.2.4.3.4. NFC
6.2.4.3.4. Others (EnOcean, KNX, Insteon etc)
Chapter 7. Smart Lock Market Analysis, By Application
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and '000 Units)
7.2.1. Commercial
7.2.1.1. Retail stores and malls
7.2.1.2. Hospitality
7.2.1.3. Corporate
7.2.1.4. Healthcare
7.2.2. Industrial
7.2.2.1. Oil & gas
7.2.2.2. Manufacturing
7.2.2.3. Energy & power
7.2.2.4. Transportation
7.2.2.5. Logistics
7.2.2.6. Others
7.2.3. Residential
7.2.3.1. Condominium
7.2.3.2. Individual houses
7.2.4. Government Institution
7.2.5. Others
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