Smart Door Locks Market Expected to Reach $12.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Door Locks Market," The Smart Door Locks Market size was valued at $1.8 billion in 2020, and is estimated to reach $12.5 billion by 2032, growing at a CAGR of 17.6% from 2023 to 2032.

A smart door lock is a smart home device that uses Wi-Fi or Bluetooth connectivity to lock or unlock a door without the need for a traditional key. It can be controlled with a smartphone app, a voice command, or a keypad. It provides keyless entry through a keypad fingerprint or remote fob and it also comes in several different styles.

The increase in the use of smartphones across the globe has fueled the adoption of smart door locks. Smart lock mobile applications give real-time notifications. These allow the customer to access their locks through the smartphone app and grant access to anyone if required. Thus, an increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the smart door locks market growrth. Smart door locks offer a more secure and sustainable method for authentication of the identity of a person, as compared to traditional security solutions such as mechanical locks and passwords. They provide leverage over limitations of traditional methods such as losing or forgetting a key, or breaking a key, as smart door locks rely on security protocols such as those used in online banking. The surge in crime and privacy intrusion rates have increased concerns among people and organizations to secure their assets and personal details. Smart door locks are more secure than traditional keys, as mechanical key locks can be easily broken into by external forces. In addition, to provide standardized security with the use of advanced technology, smart door locks have witnessed increased usage in the market. However, the high-security threats and surge in initial investment costs constrain the growth of the market.

In 2022, Asia-Pacific dominated the global smart door locks market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to a rise in concerns about safety & security among the people. In addition, Rise in construction activities and government initiatives and smart city developments are driving the growth of the market. Moreover, several countries such as China, India, and Japan in the Asia-Pacific region are actively investing in smart city development and promoting the adoption of smart technologies. These initiatives often include incentives and policies that encourage the use of smart home technologies, including smart door locks. Government support and initiatives are propelling market growth in the region. These factors are anticipated to drive the adoption of the smart door locks market in the region.

Various manufacturers in the smart door locks market such as Assa Abloy, Spectrum brand holdings Inc., and Vivint smart homes Inc. offer a wide variety of smart door locks for residential as well as non-residential applications. For instance, in January 2023, Schlage, a leading provider of home security and access solutions for over a century, launched the Schlage EncodeTM Smart Wi-Fi Lever at the 2023 NAHB International Builders' Show (IBS). Schlage is expanding the award-winning Schlage Encode family, the latest smart lock is designed to work on standard single bore-hole doors, offering the security and convenience of the smart lock experience to more areas of the home.

Currently, the market is mainly impacted by the worldwide economic downturn, which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak. Furthermore, raw material and energy costs have become highly volatile, and many nations are experiencing high rates of inflation, such as countries in Europe, Latin America, and North America. However, India and China are performing relatively well.

Key Benefits for Stakeholders

• The report provides an extensive analysis of the current and emerging smart door locks market trends and dynamics.
• An in-depth smart door locks market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
• An extensive analysis of the smart door locks market is conducted by following key product positioning and monitoring the top competitors within the market framework.
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
• The smart door locks market forecast analysis from 2023 to 2032 is included in the report.
• The key market players within the smart door locks market overview are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the smart door locks industry.