Smart Door Locks Market to Reach $12.5 Billion Globally by 2032, Growing at a CAGR of 17.6% | digital access systems

Smart door locks refer to advanced locking systems adopted by individuals to control the access to any door. These locks allow users to lock or unlock the doors using digital platforms and are majorly used across the residential and commercial sectors. They help improve the security of the home or industry. They are connected to electronic systems or smart home platforms so that users can control the locks using smartphones. Some smart locks also offer temporary access codes and automatic locking for the convenience of the user.

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Smart door locks use Bluetooth or Wi-Fi. Bluetooth-enabled locks are majorly adopted for short-range access and Wi-Fi-enabled locks are adopted for control from any location with internet access. Some smart locks are also integrated with biometric access that use fingerprint, facial recognition, or iris scanning. This ensures secure and personalized access to the room, cabin, or industry. They offer enhanced security, wherein the users can revoke access or change codes with replacing hardware or incurring costs in case of security breach. They also allow hands-free access for the end user. Moreover, owners can also grant temporary access to guests, service providers, or delivery personnel.

Allied Market Research published a report, titled, "Smart Doors Locks Market by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Bluetooth and Wi-Fi), and End-User (Single Family and Multi-Family): Global Opportunity Analysis and Industry Forecast, 2020-2032." According to the report, the global smart door locks industry generated $1.8 Billion in 2020, and is anticipated to generate $12.5 Billion by 2032, witnessing a CAGR of 17.6% from 2023 to 2032.

Prime Determinants of Growth:

Factors such as a rise in demand for smart locks, an increase in concern for safety and security, an increase in demand for smartphone connectivity, and a surge in the popularity of the Internet of Things (IoT) for smart homes is driving the global smart door locks market. In addition, rapid urbanization and industrialization in emerging economies are likely to provide new opportunities for the growth of the market. However, high investment costs are expected to hamper the growth of the market.

Report Coverage & Details:

Report Coverage Details
Forecast Period 2020 - 2032
Base Year 2020
Market Size in 2020 $1.8 Billion
Market Size in 2032 $12.5 Billion
CAGR 17.6 %
No. of Pages in Report 242
Segments Covered Product Type, Technology, End User, and Region
Drivers An increase in concern for safety and security
A rise in demand for smart locks
A surge in the popularity of the Internet of Things (IoT) for smart homes
An increase in demand for smartphone connectivity
Opportunities Technological advancements
Restraints High initial investments
High-security threats
The Bluetooth segment to maintain its leadership status throughout the forecast period-

On the basis of technology, the Bluetooth segment accounted for the highest market share in 2020, contributing to nearly three-fifths of the global smart door locks market revenue, and is expected to maintain its leadership trail throughout the forecast period. This is attributed to the increasing adoption of Bluetooth smart door locks, which offer convenience, keyless entry, proximity-based unlocking, guest access management, integration capabilities, enhanced security, energy efficiency, and affordability. The Wi-Fi segment, on the other hand, is estimated to grow at the fastest CAGR of 17.9% from 2020 to 2032, owing to rising popularity of smart home technologies and the growing market for connected devices.

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The deadbolts segment to Lead the Trail throughout the forecast period-

On the basis of product type, the deadbolts segment contributed to the highest market share in 2020, holding nearly half of the global smart door locks market revenue, and is registered to maintain its leadership status throughout the forecast period, as it offers various features including remote access control, PIN code entry, and integration with smart home systems. However, the lever handles segment is estimated to witness the fastest CAGR of 17.9% during the forecast period, owing to rising adoption of smart devices and technological advancements.

The single-family segment to maintain its lead position during the forecast period-

On the basis of end-user, the multi-family segment is expected to portray the largest CAGR of 17.8% from 2023 to 2032, due to the rise in the global population. However, the single-family segment held the largest share in 2022, holding nearly three-fifths of the global smart door locks market revenue, and is estimated to lead during the forecast period. The growth is due to the growing market for smart home technologies and the increasing adoption of connected devices in single-family homes.

Asia-Pacific to maintain its dominance by 2032-

On the basis of region, the Asia-Pacific region held the highest market share in 2020, contributing to nearly half of the global smart door locks market revenue, and is likely to dominate during the forecast period. The same region would exhibit the fastest CAGR of 18.7% during the forecast period. This is attributed to rise in government initiatives, construction activities, and smart city developments.

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Leading Market Players: -

Haven Lock Inc.
Salto Systems
Schlage
Spectrum Brands Holdings Inc.
Samsung Group
Vivint Smart Home Inc
Xiaomi Corporation
Panasonic Corporation
ASSA ABLOY Group
Honeywell International Inc.

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