In-Depth Research on Smart Door Lock Market Size | USD 8.21 billion by 2030

As per the report by Fortune Business Insights, the global Smart Door Lock Market size is projected to reach USD 8.21 billion by 2030, at a CAGR of 18.6% during the forecast period.

Pune, India, May 31, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global smart door lock market size was valued USD 2.13 billion in 2022  and is projected to grow from USD 2.49 billion in 2023 to USD 8.21 billion by 2030, exhibiting a CAGR of 18.6% during the forecast period. High Investments in Smart City and Industrials Projects to Boost Market Expansion. Fortune Business Insights™ displays this information in a report titled, Global Smart Door Lock Market Forecast, 2023-2030.

A smart lock is an advanced version of a conventional lock. This lock is equipped with a wide range of innovative technologies, such as Bluetooth and Wi-Fi that allow customers to lock and unlock doors through a simple voice command or with a finger. Growing cases of burglary and theft in cities are expected to surge the demand for innovative door locking solutions, which will boost the global smart door lock market growth.

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Key Industry Development:

March 2023: Yale Home introduced a new version of Yale Assure Lever through the Wi-Fi Smart Module, allowing Wi-Fi-powered distant operations and smart home integrations.

Key Takeaways

• The smart lock system is being adopted in various homes and commercial buildings to offer an innovative approach to locking mechanisms and enhance user-friendliness.
• Rising Demand for Smart Door Locks during COVID-19 Fueled Market Growth
• Increasing Adoption of Emerging Connecting Technologies Is a Prominent Trend
• By Product Analysis: Biometric Door Locks to Hold Largest Market Share Owing to Rising Preference for Face, Iris, and Fingerprint Recognition
• Smart Door Lock Market Size in North America was USD 0.89 Billion in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Smart Door Lock Market are ASSA ABLOY (Sweden), Samsung Group (South Korea), Panasonic Corporation (Japan), Guangdong Be-Tech Security Systems (China), Honeywell International, Inc. (U.S.), DESSMANN (China), The Chamberlain Group, Inc., Kaadas (Australia), Masterlock (U.S.), August Home (U.S.), Kwikset (U.S.), Techlicious LLC. (U.S.), Godrej Group (India), Adel Marketing (M) Sdn. Bhd. (Malaysia), SCHLAGE (U.S.), HavenLock, Inc. (U.S.), YALE (U.S.), Xiaomi Corporation (China), Latchable, Inc. (U.S.)”

Report Scope & Segmentation

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Drivers and Restraints:

High Investment in Industrial Projects and Smart Cities to Accelerate Market Growth

Various smart city and industrial projects are receiving heavy investments, which will drive the market. Companies, such as August Home, DESSMANN, ASSA ABLOY AB, Godrej Group, and others are concentrating on leading door lock technologies & solutions for various government, commercial, and residential buildings under smart city plans.

However, lack of awareness about smart door locks might stifle the market’s growth.

Segments

By Type

• Deadbolt
• Lever Handles
• Padlock
• Others (Knob)

By Product

• Biometric Door Locks
• Face Recognition
• Palm Recognition
• Iris Recognition
• Fingerprint Recognition
• Others (Voice Recognition)
• Smart Card Door Locks
• Electric Strike Door Locks
• Others (Keypad Door Lock)

By Connecting Technology

• Wi-Fi
• Bluetooth
• ZigBee
• Other (Z Wave)

By Application

• Residential
• Hospitality
• Commercials
• Government
• Retail
• Others

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia Pacific

Regional Insights:

Growing Construction of Smart Homes to Boost Product Demand in North America

North America is expected to hold a dominant market share during the forecast timeline. The region’s growth can be credited to the high adoption of innovative technologies and rapid expansion of smart homes across nations such as the U.S., Mexico, and Canada.

Asia Pacific is predicted to be the fastest growing region in the market during the forecast period due to the introduction of smart city initiatives in countries such as India, South Korea, Japan, and China.

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Competitive Landscape:

Key Companies to Increase Investments to Boost their Market Share

Key manufacturers of smart door locks, such as ASSA ABLOY AB, Honeywell International, Inc., Panasonic Corporation, Robert Bosch GmbH, Godrej Locking Solutions & Systems, and others, are increasing their geographic presence by improving their existing products and solutions. They are also introducing novel products to attract a large customer base.

FAQ’s

How big is the smart door lock market?

Smart Door Lock Market size was USD 2.13 billion in 2022.

How fast is the smart door lock market growing?

The Smart Door Lock Market will exhibit a CAGR of 18.6% during the forecast period, 2023-2030

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