Press release
Smart Locks Market Insights 2025-2034: Growth Forecast and Strategic Priorities
Smart Locks Market Growth
Smart Locks Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for smart locks has seen significant growth lately. It's projected to increase from $2.66 billion in 2024 to approximately $3 billion in 2025, registering a compound annual growth rate (CAGR) of 12.7%. The expansion during the historical period can be credited to a surge in product affordability, shifting design and aesthetics, a rise in both residential and commercial construction, the spread of smartphones, and the rising consumer demand for convenience.
Smart Locks Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the smart locks market is projected to experience swift expansion. Its value is anticipated to reach $5.35 billion by 2029, with a compound annual growth rate of 15.6%. Factors such as government policies and measures, growth of e-commerce and internet sales, the integration with intelligent building solutions, emphasis on energy efficiency and sustainability, and increased demand for smart access control in businesses contribute to the projected growth within this period. Key trends for this duration are anticipated to include customization and aesthetics, designs focusing on energy efficiency, smart locks designed for rental properties, emphasis on easy installation, and progress in biometric authentication.
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What Are the Drivers Transforming the Smart Locks Market?
The escalation in residential and commercial endeavours is anticipated to boost the proliferation of the smart locks market in the future. The term residential projects denotes the establishments used for living purposes, while commercial projects imply those let out for business usage. Smart locks are favoured by both these project types due to the security they offer by employing various technologies. As an example, the Office of National Statistics, a government department in the UK, noted in November 2023 that total new work surged by £18,161 million in 2022, indicating growth in both the private and public sectors which rose by 16.8% and 13.1% respectively. Hence, the upsurge in residential and commercial projects is fuelling the expansion of the smart locks market.
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What Long-Term Trends Will Define the Future of the Smart Locks Market?
Major corporations in the smart lock industry are heavily investing in technological advancements, indicative of an emerging trend towards the development of high-tech security solutions. For instance, in November 2022, Yale Home India, a digital lock producer based in India, released Yale YDM7220 BioSecure, a novel smart lock that utilizes ioSecure technology. This advanced system guarantees regular hygiene and sanitation throughout your residence, helping to minimize microbial pollution and curb the transmission of infections. The tech-centric approach reflects the industry's commitment to catering to consumer needs through innovative solutions.
Which Segments in the Smart Locks Market Offer the Most Profit Potential?
The smart locks market covered in this report is segmented -
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
Subsegments:
1) By Deadbolts: Keyless Deadbolts, Biometric Deadbolts, Smart Deadbolt With Keypad
2) By Commercial: Electronic Keypad Locks, Smart Access Control Systems, RFID Locks, Keyless Entry Systems For Businesses
3) By Padlocks: Bluetooth Padlocks, Smart Combination Padlocks, Biometric Padlocks
4) By Other Products: Smart Door Handles, Smart Garage Door Locks, Smart Lockboxes
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Which Firms Dominate the Smart Locks Market by Market Share and Revenue in 2025?
Major companies operating in the smart locks market include Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.
Which Regions Offer the Highest Growth Potential in the Smart Locks Market?
North America was the largest region in the smart locks market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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