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Smart Door Lock Market is expected to reach US$ 6,309.13 million by 2028 | The Insight Partners
Smart Door Lock Market
The increased adoption of smart locks, coupled with ongoing investments in smart cities, is pushing the smart door lock market players to provide innovative solutions. For instance, in September 2022, Yale Home unveiled Yale Assure Lock 2, integrated with Bluetooth for at-home control and Wi-Fi to manage the lock remotely. It is also integrated with Z-Wave for Ring Alarm and Samsung SmartThings customers, and a Matter Smart Module, making it the first matter-compatible smart lock. Thus, the growing adoption of IoT-connected devices in smart homes is providing significant growth opportunities for the market.
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According to the SmartAmerica Challenge, in February 2022, the US government announced that they would invest ~US$ 41 trillion till 2042 to upgrade their infrastructure by harnessing IoT capabilities. Similarly, in February 2023, the Ministry of Housing and Urban Affairs (MoHUA) announced that ~67.22% or 5,246 projects, valued at US$ 12.12 billion (INR 98,796 crore), of the total 7,804 Smart Cities Mission (SCM) projects, valued at ~US$ 22.24 billion (INR 181,322 crore), were complete as of January 2023. The remaining 32.77% or 2,558 projects, valued at US$ 10.12 billion (INR 82,526 crore), are scheduled for completion by June 2023. Such a rise in resource investments by governments of different countries in their respective smart city projects is likely to trigger the demand for smart solutions such as smart door locks in the coming years, fueling the smart door lock market growth.
Top Company Profiled:
Adel Marketing (M) SDN BHD
Allegion plc
Assa Abloy
Guangdong level intelligent lock industrial co ltd
Honeywell International Inc
Spectrum Brands
Locstar Technology Co Ltd
Master Lock Company LLC
Miwa Lock Co, Zigbang
The availability of efficient infrastructure in developed countries such as the US and Canada enables manufacturing companies to explore the limits of science, technology, and commerce. The US is characterized by the acceptance of modern technology, a high standard of living, the availability of well-developed infrastructure, and many other aspects of being a developed nation. Technological advancements have led to a highly competitive market across North America. To sustain this competition, key players in the market focus on innovation, new product launches, partnerships, and collaborations. For instance, in March 2023, KoreLock Inc, a US-based company, started offering turnkey smart lock solutions patented for a Wi-Fi- and radio-enabled control over the on and off state of a lock, delivering advanced intelligence and power savings. This power-saving feature is predicted to play an essential role in extending the battery life of locking devices.
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Further, Wi-Fi-enabled intelligent door lock systems are gaining popularity in North America due to the well-established internet infrastructure and high internet penetration. As a result, several smart lock manufacturers are launching Wi-Fi-enabled locks to attract new customers. In January 2023, Schlag, one of the prominent providers of home security and access solutions, launched Schlage Encode Smart Wi-Fi Lever. This Wi-Fi-enabled smart lock can seamlessly integrate with other smart home technologies, Google Home, and Amazon Alexa. Developed countries such as US and Canada are the prominent revenue generators as the population is aware of the connected ecosystem and is capable of owning a premium system for security, comfort, and convenience. Thus, the growing adoption of Internet-based security solutions, increasing demand for smart homes, and rising urbanization are a few other significant factors contributing to the smart door lock market growth.
Different smart door lock market players are launching advanced smart door lock for the advanced security purposes these are as follows:
In April 2023, Geonfino a smart door lock manufacturer, launched three smart door locks, which feature a unique six-in-one unlocking method to ensure maximum security and convenience. The smart door locks are enabled with biometric features and voice control.
In February 2023, Xiaomi launched a smart door lock integrated with the peephole camera and a display screen, which provide users with a comprehensive view of the front door in real time.
The COVID-19 pandemic raised the demand for contactless entry systems as consumers realized how critical it was to lower the risk of spreading germs through high-touch surfaces. The smart door lock market benefited from increased demand for contactless and remote access control solutions since they gave homeowners a convenient and secure option to regulate entry to their homes without needing touch. Concerns around social distancing and hygiene management are providing notable opportunities to companies in the smart door lock market as locking and unlocking operations of these locks are based on voice recognition, smartphones, and other smart devices, which results in a decreased need for physical contact with the devices. In 2020, Latchable, Inc. (US) launched LatchOS, an operating system for smart locks, which offers configurable smart-building solutions for various commercial and residential applications.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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