Global Smart Door Locks Market is valued at approximately USD 2.13 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 18.6% over the forecast period 2023-2030. Smart door locks are electronic locks that provide advanced features and connectivity options compared to traditional mechanical locks. These locks are designed to enhance security, convenience, and control over access to home or business. Smart door locks typically use wireless technologies such as Wi-Fi, Bluetooth, or Z-Wave to communicate with other devices such as smartphones, tablets, or home automation systems. This connectivity allows users to remotely control and monitor their door locks using dedicated mobile apps or web interfaces. The Smart Door Locks market is expanding because of factors such as rising development of smart homes, and growing Internet of Things (IoT) ecosystem in smart cities projects.
Smart door locks provide homeowners with convenient and easy access to their homes. With features like keyless entry through smartphones, keypads, or even voice commands, residents can enter their homes without fumbling for physical keys. This is particularly useful when carrying groceries, managing multiple entry points, or granting temporary access to guests or service providers. According to Statista, the global number of smart homes in year 2019 reached at 191.4 million which increased to 307.82 million in year 2022 and it is projected to reach at 672.57 million by year 2027. Along with these, Consumer spending on smart home related devices globally in 2019 stood at USD 95 billion which increased to USD 123 billion in year 2021 and it is projected to reach at USD 204 billion by 2027. These rising development of smart homes and rising consumer spending on smart home related devices is driving the market growth. In addition, increasing investment by start-ups to launch bluetooth-enabled Locks and rising government support for the development of smart cities is creating a lucrative market growth opportunity. However, the high cost of smart door locks stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Smart Door Locks Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the dominance of key market players, rising technological advancement and smart home penetration. Whereas, Asia Pacific region is expected to have fastest growth owing to factors such as rising number of government projects for smart cities, rising consumer spending on smart home devices and more.
Major market player included in this report are:
Guangdong Be-Tech Security Systems
Honeywell International, Inc.
The Chamberlain Group, Inc.
Recent Developments in the Market:
Ø In February 2023, Yale Home collaborated with American limited liability company Pantone to incorporate the Pantone colour, PANTONE Viva Magenta, into a Yale Assure Lock 2 model without compromising the use or security of a smart lock.
Ø In March 2023, Kwikset unveiled the Home Connect 620 smart lock. To enable dealers to incorporate safety into smart home environments, this smart lock includes options such a 10-button keypad with one-touch locking.
Global Smart Door Locks Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Product, Connecting Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Biometric Door Locks
Smart Card Door Locks
Electric Strike Door Locks
By Connecting Technology:
Middle East & Africa
Rest of Middle East & Africa