According to an Allied Market Research report that was published in 2023, the Smart Door Lock Market globally is growing, and its market size is expected to increase by $1.8 billion in 2020 to as high as $12.5 billion in 2032. This will be by a compound annual growth of 17.6% from 2023 and 2032.
Great Takeaways from the Report
A smart door lock is that high-tech home security device which allows one to get into the house without keys. As people use smartphone applications to access in an unhindered way, smart locks are being demanded more among residential and commercial houses and offices.
More than the mechanical types, smart locks offer something more secure, convenient, and remotely controlled. Users easily access these devices using their smartphones, voice commands, or keypads, ensuring real-time notifications and secure flexible access.
Market Drivers
Increased levels of smartphone penetration: Smartphone use has led to increased adoption rates of application-based smart door locks with high penetration levels across markets.
They come with enhanced security features superior to those of most traditional locks and get rid of lost keys or forgotten door keys typical of most conventional locks. Many other smart door locks, internal door handles also have elaborate security practices on par with those involved in banking.
Increased Crime: Increased crime and theft of data have seen people demand secure and reliable locking methods; thus, smart door locks come top on the applications among individuals and business organizations.
Government initiatives for Smart Cities: The smart city initiatives as well as infrastructure development in China, India, and Japan are driving regions such as Asia-Pacific.
Regional Analysis
Asia-Pacific led the revenue stream in 2022 in the smart door locks market. The LAMEA region is expected to grow at the highest rate, driven by growing security awareness and increasing construction activities primarily in smart city projects.
Market Trend
The key issues being faced by the industry are:
- Economic Drivers: The global economy experienced a less stable nature mainly due to the Ukraine-Russia conflict and the inflationary pressure that went against the cost of raw materials.
- High Initial Investment: Though there is an increasing demand, the upfront investment in smart door knobs may prevent certain segments of the consumer market from accessing these products.
Industry Leaders
Other major players, like Assa Abloy, Spectrum Brand Holdings Inc., and Vivint Smart Home Inc., continue to innovate with offerings to meet demand in their given market. Schlage, for instance, recently introduced the Schlage Encode™ Smart Wi-Fi Lever in early 2023, thus extending its smart lock technology offering into areas of the home that it hasn’t served before.
Despite these challenges, the market of smart door locks is expected to grow because of technological advancement, raising security issues, and increased investment in the concept of smart cities across the world.
