New York, United States, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Increasing penetration of the Internet of Things and Artificial Intelligence in home solutions and rising need for sophisticated security systems due to thefts and burglaries drive the market growth. The integration of smart locks in car rental services prevents unauthorized access to vehicles. For instance, Drivy, a car rental company in Europe, allows the users to access the vehicles via smartphone application. The user credentials are verified, and then the car can be unlocked. Similarly, premium car manufacturers are deploying smart lock technology in their vehicles, owing to rising customer demand.
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Segmental Analysis
The smart lock market is segmented into Bluetooth, Wi-Fi, ZigBee, NFC, and others based on the communication protocol. Because it is increasingly popular with users, the Wi-Fi category commands a large portion of the market. The smart lock industry is divided into sections based on the type of lock: padlocks, lever handles, and deadbolts. Due to its excellent durability and user-friendliness, the deadbolt segment is the market leader and is increasingly used in residential settings. Due to the increased use of smart locks by businesses in the corporate, hospitality, and healthcare sectors, the commercial category is the one with the market's quickest growth.
Report Scope
| Report Metric | Details |
| Market Size | USD 6.74 billion by 2030 |
| CAGR | 17.5% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lock Type, Communication Protocol, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | ADEL Group (China), Allegion plc (Ireland), ASSA ABLOY AB (Sweden), Avent Security (China), Cansec Systems Ltd. (Canada), Dessmann (Germany), GANTNER Electronic GmbH (Austria), Gate (the U.S.), Haven Lock, Inc. (the U.S.), Master Lock Company LLC (the U.S.) |
| Key Market Opportunities | Rising security and safety concerns among the government, educational, and corporate sectors. |
| Key Market Drivers | Rising awareness regarding technological advancements, rising adoption of smart home architecture are the key factors expected to drive Smart Lock Market during the forecast period. |
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Regional Analysis
Due to the rapid adoption of smart home technology and smartphones, North America currently holds a dominant position in the market for smart locks. The sale of smart homes is predicted by the Consumer Technology Association to increase at a faster CAGR in the United States during the projected period. The market for smart locks is expected to flourish in the Asia-Pacific due to the expansion of smart city programs in a number of nations, including China and India.
Key Highlights
- The global smart lock market size is projected to reach USD 6.74 billion by 2030 at a CAGR of 17.5% from 2022 to 2030.
- The Bluetooth segment is expected to showcase a gradual increase in the coming years owing to its cost-effectiveness
- The lever handle segment is projected to grow with the fastest CAGR on account of rising construction of hotels and resorts, requiring lever handles locks.
- The residential sector dominates the smart lock market on account of increasing adoption of smart home architecture, coupled with rising thefts and burglaries.
- Asia-Pacific is anticipated to emerge as a lucrative region for smart locks market due to rising smart city initiatives in various countries such as India and China.
Key Players
- ADEL Group (China)
- Allegion plc (Ireland)
- ASSA ABLOY AB (Sweden)
- Avent Security (China)
- Cansec Systems Ltd. (Canada)
- Dessmann (Germany)
- GANTNER Electronic GmbH (Austria)
- Gate (the U.S.)
- Haven Lock, Inc. (the U.S.)
- Master Lock Company LLC (the U.S.)
- MIWA Lock Co. (Japan)
- Onity, Inc. (the U.S.)
- Salto Systems S.L. (Spain)
- Samsung Electronics Co., Ltd. (South Korea)
- SentriLock, LLC (the U.S.)
- Shenzhen Vians Electric Lock Co., Ltd. (China)
- Spectrum Brands Holdings, Inc. (the U.S.)
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Smart Lock Market: Segmentation
By Lock Type
- Deadbolts
- Lever handles
- Padlocks
By Communication Protocol
- Bluetooth
- Wi-Fi
- Zigbee
- NFC
By Application
- Commercial sector
- Residential sector
- Industrial sector
Regions Covered
- North America
- Europe
- Asia-Pacific (APAC)
- South America
- The Middle East and Africa (MEA)
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Smart Lock Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitutes
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Impact of COVID-19
3.6 Market Share Analysis
4 Lock Type Overview
4.1 Introduction
4.1.1 Market Size & Forecast
4.2 Deadbolts
4.2.1 Market Size & Forecast
4.3 Lever Handles
4.3.1 Market Size & Forecast
4.4 Padlocks
4.4.1 Market Size & Forecast
4.5 Others
4.5.1 Market Size & Forecast
5 Communication Protocol Overview
5.1 Introduction
5.1.1 Market Size & Forecast
5.2 Wi-Fi
5.2.1 Market Size & Forecast
5.3 Bluetooth
5.3.1 Market Size & Forecast
5.4 Zigbee
5.4.1 Market Size & Forecast
5.5 NFC
5.5.1 Market Size & Forecast
5.6 Others
5.6.1 Market Size & Forecast
6 Application Overview
6.1 Introduction
6.1.1 Market Size & Forecast
6.2 Commercial Sector
6.2.1 Market Size & Forecast
6.3 Residential Sector
6.3.1 Market Size & Forecast
6.4 Industrial Sector
6.3.1 Market Size & Forecast
6.5 Others
6.3.1 Market Size & Forecast
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast
7.2 North America
7.2.1 Market Size & Forecast
7.2.2 U.S.
7.2.2.1 By Lock Type
7.2.2.2 By Communication Protocol
7.2.2.3 By Application
7.2.3 Canada
7.2.3.1 By Lock Type
7.2.3.2 By Communication Protocol
7.2.3.3 By Application
7.2.4 Mexico
7.2.4.1 By Lock Type
7.2.4.2 By Communication Protocol
7.2.4.3 By Application
7.3 Europe
7.3.1 Market Size & Forecast
7.3.2 Germany
7.3.2.1 By Lock Type
7.3.2.2 By Communication Protocol
7.3.2.3 By Application
7.3.3 France
7.3.3.1 By Lock Type
7.3.3.2 By Communication Protocol
7.3.3.3 By Application
7.3.4 U.K.
7.3.4.1 By Lock Type
7.3.4.2 By Communication Protocol
7.3.4.3 By Application
7.3.5 Italy
7.3.5.1 By Lock Type
7.3.5.2 By Communication Protocol
7.3.5.3 By Application
7.3.6 Spain
7.3.6.1 By Lock Type
7.3.6.2 By Communication Protocol
7.3.6.3 By Application
7.3.7 The Rest of Europe
7.3.7.1 By Lock Type
7.3.7.2 By Communication Protocol
7.3.7.3 By Application
7.4 Asia-Pacific
7.4.1 Market Size & Forecast
7.4.2 Japan
7.4.2.1 By Lock Type
7.4.2.1 By Communication Protocol
7.4.2.3 By Application
7.4.3 China
7.4.3.1 By Lock Type
7.4.3.2 By Communication Protocol
7.4.3.3 By Application
7.4.4 Australia
7.4.4.1 By Lock Type
7.4.4.2 By Communication Protocol
7.4.4.3 By Application
7.4.5 India
7.4.5.1 By Lock Type
7.4.5.2 By Communication Protocol
7.4.5.3 By Application
7.4.6 South Korea
7.4.6.1 By Lock Type
7.4.6.2 By Communication Protocol
7.4.6.3 By Application
7.4.7 The Rest of Asia-Pacific
7.4.7.1 By Lock Type
7.4.7.2 By Communication Protocol
7.4.7.3 By Application
7.5 South America
7.5.1 Market Size & Forecast
7.5.2 Argentina
7.5.2.1 By Lock Type
7.5.2.2 By Communication Protocol
7.5.2.3 By Application
7.5.3 Chile
7.5.3.1 By Lock Type
7.5.3.2 By Communication Protocol
7.5.2.3 By Application
7.5.4 Brazil
7.5.4.1 By Lock Type
7.5.4.2 By Communication Protocol
7.5.2.3 By Application
7.5.5 The Rest of South America
7.5.5.1 By Lock Type
7.5.5.2 By Communication Protocol
7.5.2.3 By Application
7.6 Middle East & Africa
7.6.1 Market Size & Forecast
7.6.2 UAE
7.6.2.1 By Lock Type
7.6.2.2 By Communication Protocol
7.6.2.3 By Application
7.6.3 Saudi Arabia
7.6.3.1 By Lock Type
7.6.3.2 By Communication Protocol
7.6.2.3 By Application
7.6.4 South Africa
7.6.4.1 By Lock Type
7.6.4.2 By Communication Protocol
7.6.2.3 By Application
7.6.5 The Rest of Middle East & Africa
7.6.5.1 By Lock Type
7.6.5.2 By Communication Protocol
7.6.2.3 By Application
8 Company Profile
8.1 ADEL GROUP
8.1.1 Company Overview
8.1.2 Content Performance
8.1.3 Recent Developments
8.1.4 Product Portfolio
8.2 Allegion plc
8.2.1 Company Overview
8.2.2 Content Performance
8.2.3 Recent Developments
8.2.4 Product Portfolio
8.3 ASSA ABLOY AB
8.3.1 Company Overview
8.3.2 Content Performance
8.3.3 Recent Developments
8.3.4 Product Portfolio
8.4 Avent Security
8.4.1 Company Overview
8.4.2 Content Performance
8.4.3 Recent Developments
8.4.4 Product Portfolio
8.5 Cansec Systems Ltd.
8.5.1 Company Overview
8.5.2 Content Performance
8.5.3 Recent Developments
8.5.4 Product Portfolio
8.5 Dessmann
8.5.1 Company Overview
8.5.2 Content Performance
8.5.3 Recent Developments
8.5.4 Product Portfolio
8.6 GANTNER Electronic GmbH
8.6.1 Company Overview
8.6.2 Content Performance
8.6.3 Recent Developments
8.6.4 Product Portfolio
8.7 Gate
8.7.1 Company Overview
8.7.2 Content Performance
8.7.3 Recent Developments
8.7.4 Product Portfolio
8.8 Haven Lock, Inc.
8.8.1 Company Overview
8.8.2 Content Performance
8.8.3 Recent Developments
8.8.4 Product Portfolio
8.9 Master Lock Company LLC
8.9.1 Company Overview
8.9.2 Content Performance
8.9.3 Recent Developments
8.9.4 Product Portfolio
8.10 Shenzhen Vians Electric Lock Co., Ltd.
8.10.1 Company Overview
8.10.2 Content Performance
8.10.3 Recent Developments
8.10.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/smart-lock-market/toc
Recent Developments
- In 2017, ASSA ABLOY acquired August Home to expand its customer base and gain a competitive edge
- In November 2018, Schlage, a lock manufacturer in the U.S., partnered with Amazon to offer smart home solutions to the customers
News Media
Rising Security Concerns to Drive the Smart Lock Market
Increasing Geriatric Population is One of the Major Factors Driving the Smart Home Products Market
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