Smart Door Lock Market Trends Report – Size & Revenue 2028

Smart Door Lock Market Forecast to 2028 - Global Analysis By Product (Fingerprint Locks, Remote Locks, and Electronic Cipher Locks), Technology (Wi-Fi, Bluetooth, Z Wave, and Others), and End User (Residential and Commercial)

  • Report Code : TIPRE00009719
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 161
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Smart Door Lock Market Trends Report – Size & Revenue 2028

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[Research Report] The smart door lock market size is projected to grow from US$ 2,733.05 million in 2023 to US$ 6,309.13 million by 2028; it is estimated to register a CAGR of 18.2% from 2023 to 2028.

Smart door locks are advanced lock systems that provide secure and convenient access to a building or room without a physical key. Smart door locks can be locked or unlocked through electronic authentication methods such as biometric recognition, numerical codes, or wireless signals. Smart door locks are used in residential homes, commercial buildings, the hospitality industry, education facilities, healthcare facilities, and others. The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices worldwide. The burgeoning consumer awareness regarding the advantages of advanced security solutions is anticipated to boost the smart door lock market

An upsurge in the number of smartphone users worldwide has led to an increase in the deployment of smart door locks in the last few years. These locks feature an easy user interface and convenient usage. The ever-increasing awareness related to secure home solutions, developments in smart devices such as smartphones, rising disposable income of consumers, a rise in security threats, the development of smart cities, and booming internet connectivity further contribute to the smart door lock market growth. The smart door locks integrate communication technologies such as Bluetooth, Wi-Fi, Z Wave, RFID, and NFC.

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Smart Door Lock Market: Strategic Insights

Smart Door Lock Market

  • CAGR (2023 - 2028)
    18.2%
  • Market Size 2023
    US$ 2.73 Billion
  • Market Size 2028
    US$ 6.31 Billion

Market Dynamics

GROWTH DRIVERS
  • Increasing Security Concerns and Reliable Features of Smart Locks
  • Rising Adoption of Smartphones
FUTURE TRENDS
  • Technological Advancements in Smart Door Locks
OPPORTUNITIES
  • Emergence of Smart Cities

Key Players

  • Assa Abloy AB
  • Allegion Plc
  • MIWA LOCK Co Ltd
  • Spectrum Brands Holdings Inc
  • Zigbang
  • Honeywell International Inc
  • Master Lock Company LLC
  • Locstar Technology Co Ltd
  • Guangdong Level Intelligent Lock Industrial Co Ltd

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product
  • Fingerprint Locks
  • Remote Locks
  • Electronic Cipher Locks
Technology
  • Wi-Fi
  • Bluetooth
  • Z Wave
  • Others
End User
  • Residential and Commercial
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Impact of COVID-19 Pandemic on the Global Smart Door Lock Market Analysis

The COVID-19 pandemic dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in manufacturing industries. Before the COVID-19 pandemic, the smart door lock market was experiencing substantial growth in residential and commercial sectors owing to continuously improving standards of living. Several industries, such as semiconductors & electronics, faced challenges in project development, shipments, manufacturing, and research and development of new products. However, an increase in the demand for contactless products owing to lockdown and social distancing measures benefitted the smart door lock market.

The COVID-19 pandemic adversely affected supply chain operations, capital spending, production, and long-term strategies in different industries. Manufacturers faced difficulties in engaging in business development activities due to quarantine measures enacted by the governments of different countries, which resulted in changes in their routine operations. Moreover, the pandemic forced businesses to restructure their business models, focusing on strategies to achieve economies of scale. These factors hampered the progress of the smart door lock market in 2020.

Market Insights – Smart Door Lock Market Analysis

Technological Advancements in Smart Door Locks to Bolster Market Growth in Coming Years

Various players in the smart door lock market are incorporating artificial intelligence (AI), machine learning (ML), and other similar technologies in their smart locks. AI- and ML-integrated door locks ensure better home security by keeping track of who opens and closes the doors. Further, these locks provide greater control over who can lock and unlock doors. They also allow users to automatically lock or unlock doors as they leave or approach their homes. The AI- or ML-integrated locks may help recognize break-in or lock-tampering attempts. As a result, the integration of advanced technologies is offering lucrative growth opportunities for smart door lock market players.

Various players in the smart door lock market are launching new products with the integration of advanced technologies in order to cater to the growing demand for smart door lock market. In December 2022, Viomi launched the Viomi AI Smart Door Lock Super 2E. This fully automatic smart door lock supports six unlocking methods: fingerprint, password, virtual password, temporary password, door card, and key. It features AI self-learning technology, which becomes more sensitive with use. In April 2023, Geonfino launched three new smart locks—Geonfino G4 Pro fingerprint door lock, Geonfino G4 Pro+G2 smart lock, and Geonfino S1 Pro smart lock—featuring a six-in-one unlocking method, featuring fingerprint, application, password, IC card, physical key, and gateway control. In February 2023, Xiaomi introduced its new Xiaomi Smart Door Lock M20 series. This new model, Smart Guardian Can See, is equipped with an integrated peephole camera and a display screen that provide users with a comprehensive view of a front door in real time. In addition, the model is further incorporated with a doorbell function, making it more convenient for users. Thus, the introduction of smart locks enabled with new technologies to enhance security will further fuel the smart door lock market growth during the forecast period.

Smart Door Lock Market Report Scope

Report Attribute Details
Market size in 2023 US$ 2.73 Billion
Market Size by 2028 US$ 6.31 Billion
Global CAGR (2023 - 2028) 18.2%
Historical Data 2021-2022
Forecast period 2024-2028
Segments Covered By Product
  • Fingerprint Locks
  • Remote Locks
  • Electronic Cipher Locks
By Technology
  • Wi-Fi
  • Bluetooth
  • Z Wave
  • Others
By End User
  • Residential and Commercial
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Assa Abloy AB
  • Allegion Plc
  • MIWA LOCK Co Ltd
  • Spectrum Brands Holdings Inc
  • Zigbang
  • Honeywell International Inc
  • Master Lock Company LLC
  • Locstar Technology Co Ltd
  • Guangdong Level Intelligent Lock Industrial Co Ltd
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Different smart door lock market players are launching advanced smart door lock for the advanced security purposes these are as follows:

    • In April 2023, Geonfino a smart door lock manufacturer, launched three smart door locks, which feature a unique six-in-one unlocking method to ensure maximum security and convenience. The smart door locks are enabled with biometric features and voice control.
    • In February 2023, Xiaomi launched a smart door lock integrated with the peephole camera and a display screen, which provide users with a comprehensive view of the front door in real time.

    Company Profiled:

    • Adel Marketing (M) SDN BHD
    • Allegion plc
    • Assa Abloy
    • Guangdong level intelligent lock industrial co ltd
    • Honeywell International Inc
    • Spectrum Brands
    • Locstar Technology Co Ltd
    •  Master Lock Company LLC
    • Miwa Lock Co, Zigbang
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product, Technology, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which is the fastest-growing regional market?

    APAC is anticipated to grow with the highest CAGR over the forecast period.

    What are the driving factors impacting the smart door lock market?

    The growing security concerns have raised the demand for locking devices enabled with modern technologies such as biometric sensors, Bluetooth, and Wi-Fi to safeguard properties. Smart locks also confer owners a remote control over access to their properties. Thus, they can lock or unlock the door from anywhere using their smartphones. Users having children or pets at home can use a remote access feature to let them in or out of the house without giving them a key.

    Which country holds the major market share of the smart door lock market?

    The US held the largest market share in 2022, followed by China.

    What will be the global market size for the smart door lock market by 2028?

    The smart door lock market is expected to reach US$ 6,309.13 Mn by 2028.

    Which countries are registering a high growth rate during the forecast period?

    The country anticipated to grow with the highest CAGR are US, Germany, and China.

    Which are the key players holding the major market share of the smart door lock market?

    The key players holding majority shares in the smart door lock market are ASSA ABLOY, Allegion plc, MIWA Lock Co, Spectrum Brands, Inc., and Zigbang.

    What are the future trends of the smart door lock market?

    Various market players incorporate artificial intelligence (AI), machine learning (ML), and similar technologies in their smart locks. AI- and ML-integrated door locks ensure better home security by tracking who opens and closes the doors. Further, these locks provide greater control over who can lock and unlock particular doors.

    What is the estimated global market size for the smart door lock market in 2023?

    The smart door lock market is estimated to be US$ 2,733.05 Mn million in 2023 and is expected to grow at a CAGR of 18.2% from 2023 to 2028.

    The List of Companies - Smart Door Lock Market

    1. Assa Abloy AB
    2. Allegion Plc
    3. MIWA LOCK Co Ltd
    4. Spectrum Brands Holdings Inc
    5. Zigbang
    6. Honeywell International Inc
    7. Master Lock Company LLC
    8. Locstar Technology Co Ltd
    9. Guangdong Level Intelligent Lock Industrial Co Ltd
    10. ADEL Marketing (M) Sdn Bhd

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