The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

 

Introduction: A Flourishing Industry

The smart locks market has experienced remarkable growth in recent years, fueled by technological innovation and a growing demand for enhanced security solutions. From 2023 to 2024, the market size is projected to increase from $2.39 billion to $2.72 billion, boasting a compound annual growth rate (CAGR) of 13.9%.

 

 

Factors Driving Growth

• Increased product affordability
• Evolving design and aesthetics
• Growing residential and commercial construction
• Smartphone penetration
• Consumer demand for convenience

 

 

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Projected Expansion and Emerging Trends

The upward trajectory continues, with expectations to reach $4.6 billion by 2028, boasting a CAGR of 14.0%. The forecast period introduces compelling trends shaping the industry:

• Government initiatives and regulations
• Expansion of e-commerce and online sales
• Integration with smart building solutions
• Focus on energy efficiency and sustainability
• Growing interest in smart access control for businesses

 

 

Key Players in the Market

A multitude of companies contribute to the smart locks market, including industry leaders like:

• Allegion PLC
• Assa Abloy AB
• August Home
• Honeywell International Inc.
• Samsung Electronics Co., Ltd.
• Schlage
• Vivint Inc.
• And many more…

 

 

Residential and Commercial Projects Drive Market Growth

The surge in residential and commercial projects worldwide is poised to propel the smart locks market forward. Both sectors prioritize safety and security, making smart locks an integral component of modern construction projects:

• Residential projects witness increased adoption of smart locks for enhanced security measures.
• Commercial projects integrate smart lock technology to safeguard business premises and assets.

 

 

Technological Advancements Redefine the Landscape

Technological innovation stands at the forefront of the smart lock market evolution, with companies striving to meet consumer demands for advanced security solutions:

• Yale Home India’s introduction of the Yale YDM7220 BioSecure showcases cutting-edge technology designed to mitigate microbial contamination.
• Assa Abloy’s strategic acquisition of Kwikset and Baldwin signifies a transformative shift in the industry landscape, consolidating top brands in the smart door locks category.

 

 

Market Segmentation

The smart locks market encompasses diverse segments, delineated by product, communication technology, authentication method, and application:

1. Product:
   • Deadbolts
   • Commercial
   • Padlocks
   • Other Products
2. Communication Technology:
   • Wi-Fi
   • Bluetooth
   • Zigbee
   • Z-Wave
3. Authentication Method:
   • Biometric
   • Pin Code
   • RFID Cards
4. Application:
   • Residential
   • Hospitality
   • Enterprise
   • Critical Infrastructure
   • Other Applications

 

 

Regional Dynamics: North America Leads, Asia-Pacific Surges Ahead

In 2023, North America emerged as the largest region in the smart locks market. However, the Asia-Pacific region is positioned for significant growth in the forecast period, driven by burgeoning construction activities and increasing awareness regarding security solutions.

 

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The Smart Locks Global Market Report 2024 provides an overviewof the smart locks market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The smart locks market forecast analyzessmart locksmarket size, smart locks market share,leading competitor and their market positions.

 

 

Explore Similar Reports From The Business Research Company:

Smart Home Devices Global Market Report 2024

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