The US Smart Lock Market to Worth $2.33 Billion by 2029, Innovation of Mobile App-based Locks Gaining Popularity in the US Market - Arizton

According to Arizton's latest research report, the US smart lock market [https://www.arizton.com/market-reports/us-smart-lock-market] is growing at a CAGR of 15.16% during 2023-2029.

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Report Scope

Market Size (2029): $2.33 Billion

Market Size (2023): $999.19 Million

CAGR (2023-2029): 15.16%

Historic Year: 2020-2022

Base Year: 2023

Forecast Year: 2024-2029

Market Segmentation: Product, Communication Technology, Authentication Method, End-User, and Geography

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Companies in the U.S. smart locks market continually enhance their products by incorporating features like voice control, remote access, and biometric authentication to stand out from the competition. They aim to build consumer trust by addressing security concerns and implementing robust encryption measures.

A significant selling point for manufacturers is the compatibility of their smart locks with popular smart home platforms such as Google Assistant, Amazon Alexa, and Apple HomeKit. These advanced products often support voice control and integration with smart home systems.

Distribution channels for smart locks include home improvement stores, online retailers, and direct sales through company websites. Companies are also pursuing mergers and acquisitions to strengthen their market position. The smart locks market caters to various budget ranges, with some companies offering affordable options while others provide high-end features at a premium cost. New market entrants often target specific segments, such as commercial properties or vacation rentals, to address niche needs.

Market Trends

Popularity of Bluetooth- & Wi-Fi-enabled Smart Locks

Bluetooth- and Wi-Fi-enabled smart locks are highly popular in the U.S. due to their convenience, affordability, and efficiency, as well as their compatibility with smart home systems and remote access capabilities. The U.S. market features a diverse consumer base with varying budgets and needs. Wi-Fi locks offer advanced features like remote control and integration with smart home systems, such as Google Assistant or Amazon Alexa, enabling automation and voice control. They provide functionalities such as lock history, remote guest access, and access log management. On the other hand, Bluetooth locks are cost-effective and easy to install on existing doors, eliminating the need for complex wiring and keys. Bluetooth low-energy technology also helps conserve battery life. With over 99% of the U.S. population having internet access, according to the Federal Communications Commission, the widespread use of internet connectivity supports the growing demand for Bluetooth- and Wi-Fi-enabled smart locks.

Demand for Mobile App-based Locks

Mobile app-based locks are gaining popularity in the U.S. smart locks market due to their advanced security features, seamless smartphone integration, and remote access capabilities. These locks connect with smartphones via Wi-Fi or Bluetooth, allowing users to lock or unlock doors directly from their mobile devices, eliminating the need for physical keys. In 2021, over 10% of U.S. households used smart door locks. Mobile apps track smart lock activities and log who enters or exits and at what times. They enable homeowners to grant or revoke access for guests or housekeepers remotely. Mobile app-based locks integrate well with smart home systems, allowing users to manage door access alongside other devices like thermostats and lights. With approximately 70% of U.S. households owning at least one smart home device, the demand for mobile app-based locks is driven by their ability to provide instant notifications, two-factor authentication, and enhanced control over home security.

Key Development

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In 2023, Schlage a brand of Allegion plc, introduced the Schlage Encode Smart WiFi Lever at the International Builders' Show.

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In 2022, Kwikset, a Spectrum Brands Holdings, Inc. brand, launched two new smart locks, the SmartCode 260 keypad deadbolt and the SmartCode 270 touchpad deadbolt.

Geographical Insights

The Western region holds a significant share of the U.S. smart locks market. This dominance is attributed to high disposable income, a strong preference for advanced technology, the growing prevalence of smart homes, and escalating security concerns. The Western U.S. includes rapidly developing and well-established states like Washington, Colorado, Utah, and California. The region's high adoption rates of AI, machine learning, and IoT technologies contribute to the increasing demand for smart products. Known for its tech-savvy population, the Western region's familiarity with smart home ecosystems further fuels market growth.

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Key Vendors

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Allegion plc

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Carrier Global

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Chamberlain Group

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Fortune Brands Innovations

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Hampton Products International Corp.

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HONEYWELL

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LATCH

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Lockly

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SimpliSafe, Inc.

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Spectrum Brands Holdings, Inc.

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Anker Innovations

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Avent Security

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dormakaba Holding AG

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LumiUnited Technology Co., Ltd.

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MIWA Lock Co.

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SALTO Systems, S.L.

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SentriLock LLC

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U-Tec

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ALTRO SMART

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Bosma

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Cansec Systems Ltd.

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Entegrity Smart Property Systems

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Gate Labs Inc.

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HavenLock, Inc.

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Igloohome Inc.

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Level

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LockState

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Thornton Westminster Locksmith

Segmentation & Forecast

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Product

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Deadbolt

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Lever Handle

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Padlock

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Others

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Communication Technology

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Bluetooth

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Wi-Fi

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Zigbee & Z-Wave

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Others

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Authentication Method

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PIN/Code

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Biometric

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RFID Card

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End-User

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Residential

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Commercial

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Institution & Government

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Industrial

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Geography

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West

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South

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Northeast

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Midwest

Key Questions Answered in the Report:

What is the growth rate of the U.S. smart locks market?

What are the trends in the U.S. smart locks market?

How big is the U.S. smart locks market?

Who are the major players in the U.S. smart locks market?

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