Smart Door Locks Market By Product Type (Deadbolts, Lever Handles, Padlocks, Others), By Technology (Wi-Fi, Bluetooth), By End-User (Single-family, Multi-family): Global Opportunity Analysis and Industry Forecast, 2023-2032
Smart locks are keyless electronic locks that use Wi-Fi or Bluetooth connectivity to interact with other devices. The locking and unlocking operations can be done either with a keyless fob or through a smart lock app installed on the user’s smartphone. These operate when they receive instructions from authorized devices, either by a wireless protocol or cryptographic key to authenticate the authorization process.
Smart door locks offer various advantages such as enhanced security, convenience, and control over access to the property. With remote access, flexible access control, and integration with other smart home devices, it offers a more intelligent and seamless way to manage the home's security. In addition, the widespread adoption of smartphones has provided a platform for smart door lock control and management. With dedicated mobile apps, users can easily control their smart locks, receive alerts, and manage access permissions. The familiarity and ubiquity of smartphones have accelerated the adoption of smart door locks and is expected to boost the growth of the market during the forecast period.
Rise in adoption of Internet of Things (IoT) and artificial intelligence (AI) in the safety and systems, boosts the growth of the smart door locks market. The surge in concerns over safety and security among the population is expected to increase the demand for smart door locks, and further boost the growth of the smart door locks market. The rise in penetration of the internet, along with an increase in the desire for controlling most amenities, with one click, is projected to promote the sales of smart door locks. In addition, the rise in initiatives undertaken by authorities and the government for promoting the use of smart door locks is anticipated to provide lucrative opportunities for the growth of the smart door locks market. Furthermore, an increase in threats against the safety of individuals and households is further expected to propel the growth of the smart door locks market. The rise in demand for a comfortable and luxury lifestyle globally has increased the demand for smart door lock systems, which boosts the growth of the smart door locks market. However, the lack of availability of internet connectivity and the high capital cost required for smart door locks restrain the growth of the smart door locks market. Furthermore, technological innovation in the smart door locks is expected to provide lucrative opportunities for the growth of the smart doorbell market.
The smart door locks market is segmented on the basis of product, technology, end user, and region. By product, the market is categorized into deadbolts, lever handles, padlocks, and others. By technology, it is bifurcated into Bluetooth and Wi-Fi. By end user, the market is categorized into single-family and multi-family. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players that operate in the global market have adopted key strategies such as product launches and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in September 2022, Assa Abloy launched a new product under the Yale brand, namely Yale Assure Lock 2, which is the smartest residential lock for security purposes. This aims to improve the product portfolio and strengthen the intense competition.
The overall economic impact of inflation can influence consumer confidence and spending behavior. If inflation leads to economic uncertainty or reduced disposable income, it may result in lower market demand for non-essential products such as smart door locks. Consumer priorities may shift toward more essential items, impacting the growth potential of the smart door lock market.COMPETITION ANALYSIS
Key companies profiled in the smart door locks market report include ASSA ABLOY Group, Honeywell International Inc., Haven Lock Inc., Panasonic Corporation, Samsung Group, Salto Systems, Schlage, Spectrum Brands Holdings Inc., Vivint Smart Home Inc., and Xiaomi Corporation.Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart door locks market analysis from 2020 to 2032 to identify the prevailing smart door locks market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the smart door locks market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global smart door locks market trends, key players, market segments, application areas, and market growth strategies.Key Market SegmentsBy Product Type
Rest of Europe
Rest of Asia-Pacific
Key Market Players
Haven Lock, Inc.
Honeywell International Inc.
Spectrum Brands Holdings, Inc
Vivint Smart Home, Inc.
Xiaomi CorporationPlease Note:
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