FELTON, Calif., Dec. 6, 2022 /PRNewswire/ -- Felton, Dec 06, 2022 - The global smart lock market size was USD 1.64 billion in 2021 which is anticipated to expand at a CAGR of 19.5% and reach USD 8.13 billion by 2030. Factors driving the growth include an increase in the implementation of the internet of things (IoT), machine learning (ML), and artificial intelligence (AI). Additionally, a rise in consumers' awareness of smart locks owing to their high complexity and efficiency is also increasing the demand and striving to boost the market during the forecast period.
Key Industry Insights & Findings from the report:
- Based on type insights, the deadbolt segment accounted for a 49.7% share in 2021 owing to distribution, durability, protection, and easy installation features.
- The lever handle segment is expected to grow at a CAGR of 25% in the forecast period due to its increased use on interior doors, and the presence of an easy lock process.
- Based on application insights, the residential application segment dominated the smart lock market with a 64% revenue share in 2021 owing to the evolution of smart homes, and restoration projects.
- The hospitality segment is constituted to reveal a CAGR of 24.2% during the forecast period on the account of smart lock implementation, security provision, and innovative solutions.
- Based on regional insights, North America dominated the market with a revenue share of 39.8% owing to factors like advanced technology, and penetration of smart homes.
- Asia Pacific is projected to reveal a CAGR of 26.5% in the forecast period owing to the evolution in residential and commercial projects, smart city, and smart home programs.
Read 132 page full market research report for more Insights, "Smart Lock Market Size, Share & Trends Analysis Report By Type, By Application, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Smart Lock Market Growth & Trends
The market continued to expand during the COVID-19 pandemic owing to generous contributions initiated by organizations that resulted in an increase in smart lock penetration. Besides, the use of gadgets and voice recognition for the purpose to operate smart lock processes without physical handling is also expected to boost the market growth in the forecast period. The adoption of smart locks in supermarkets, homes, hotels, financial institutions, banks, commercial, and corporate buildings is projected to increase the demand for the product.
The infusion of automation technology in smart locks has resulted in the rising demand for the product, thus positively impacting the market growth in the forecast period. The design and manufacturing of innovative locking and unlocking devices by various organizations have successfully grabbed the attention of consumers towards the product. The hospitality sector is compelled to make maximum use of smart locks in the form of Bluetooth and Wi-Fi to upgrade its security systems.
Smart Lock Market Segmentation
Million Insights has segmented the global smart lock market based on type, application, and region:
Smart Lock Market - Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- Deadbolt
- Lever Handles
- Padlock
- Others
Smart Lock Market - Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- Residential
- Hospitality
- Enterprise
- Critical Infrastructure
- Others
Smart Lock Market - Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Korea
- Japan
- Latin America
- Middle East & Africa (MEA)
List of Key Players of Smart Lock Market
- Yale
- Schlage
- August Home
- Kwikset
- Goji
- SDS Smart Locks
- Mul-T-Lock
- UniKey Technologies Inc.
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