Rising Penetration of Smart Technology Across Modern Homes to Push the Smart Lock Sales by 16%

NEW YORK, Feb. 23, 2022 /PRNewswire/ -- As per an exhaustive survey conducted by Fact.MR, the global smart lock market is expected to reach US$ 4.31 Bn in 2022 and projected to surpass US$ 19 Bn by the end of 2032.  

Rising prevalence of crimes such as theft, home invasion, and burglary has resulted in strong demand for security devices. For instance, according to a report by the U.S. Department of Justice, nearly 2.5 million burglaries are reported across the U.S. every year, out of which more than half of there are home invasions.

As smart locks assist in enhancing home security, they are increasingly being adopted across residential and commercial sectors, which is in turn, favoring the growth in the market. This is expected to increase the sales of smart locks at 16% CAGR over the forecast period 2022-2032.

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In addition to this, surging trend of smart homes and increasing penetration of smart technologies such as smart lights, smart kitchens appliances in modern homes, especially across the U.S., the U.K, Japan, and others are spurring the sales of smart locks.

As per the study, deadbolt smart locks are estimated to remain the most sought-after locks, accounting for more than 46% of the revenue share by 2022. Increasing deployment of deadbolt locks across the residential sector, owing to its durable locking mechanism and ease of use is accelerating the growth in the segment.

"Introduction of novel technologies such as artificial intelligence (AI) integrated in smart locking systems with innovative features such as biometric, voice control, keyless, and others are expected to augment the sales in the market," says a Fact.MR analyst.

Key Takeaways

• The U.S. is estimated to dominate the market in North America, accounting for more than 62% global smart lock sales through 2032.
• Germany is forecast to account for a significant demand share in Europe market, owing to surging trend of smart homes across the country.
• China is expected to exhibit growth at a robust CAGR between 2022 and 2032, due to rising incidence of home invasion and theft in the country.
• On the basis of application, the residential application segment is projected to account for maximum revenue share, expanding at 2.7x over the assessment period.
• Based on the type, the lever handle smart locks are anticipated to hold a substantial share, exhibiting growth at 17% CAGR from 2022 and 2032.

Key Drivers

• Rising government emphasis on digitization and enhanced security of public and private sector infrastructures are expected to bolster the growth.
• Integration of advanced ultra-wideband (UWB) technology in novel smart locks to provide enhanced security, precision, and real-time localization abilities will elevate the sales in the market.

Key Restraints

• High costs of smart locks such as deadbolts and smart padlocks might hamper the sales in the market.
• Growing risk of hacking in advanced cloud technology-based smart locks is restraining the growth in the smart lock market.

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Competitive Landscape

Leading players in the global smart locks market are focusing on developing and launching novel smart locks to enhance their product portfolio. Besides this, some of the companies are aiming at collaboration, mergers, and acquisitions to expand their customer base.

For instance,

• In August 2021, ASSA Abloy, a Swedish provider of security solutions announced acquiring 93% shares of a leading manufacturers of automatic door systems, AGTA Record. This will assist the company to strengthen its product portfolio and market share in Europe.
• In February 2021, Allegion Plc., an Irish-domiciled provider of security products, announced launching a new range of smart locks, Schlage Ease™. These locks are available in either entry lock or deadbolt versions with easy to install and use features. These locks offer convenient, affordable, and enhanced security for functionality in modern homes.

Some of the key players in the market profiled by Fact.MR are:

• Assa Abloy AB
• Allegion Plc.
• Dorma + Kaba Holding AG
• Spectrum Brands Holdings Inc.
• Salto Systems S.L
• Onity Inc.
• Cansec Systems Ltd.
• Gantner Electronic GmbH
• Master Lock Company LLC
• MIWA Lock Co.
• Samsung Electronics Co. Ltd.
• Amadas Inc.
• Sentrilock LLC
• Avent Security
• Dessmann

More Valuable Insights on Smart Lock Market

An exhaustive study published by Fact.MR offers a detailed analysis on the global smart lock market, analyzing forecast statistics for the assessment period 2022-2032. The study also offers sales projections in smart lock market with detailed segmentation, on the basis of:

• Type
• Deadbolt Smart Locks
• Lever Handle Smart Locks
• Smart Padlocks
• Other Smart Locks
• Application
• Residential Applications
• Hospitality Industry
• Enterprise Smart Locks
• Critical Infrastructure
• Other Smart Locks Applications
• Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

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Key Questions Covered in the Smart Lock Market Report 

• The market survey also highlights projected sales growth of the smart lock market between 2022 and 2032
• The report offers insight into smart lock demand outlook for 2022-2032
• Smart lock market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 
• Smart lock market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 

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SOURCE Fact.MR