18.2% CAGR for Smart Door Lock Market to Reach $6.3Bn, Globally, by 2028 with Smart Cities Driving Growth During 2023–2028 | Report by The Insight Partners

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. The US held the largest market share in 2022, followed by China. APAC is anticipated to grow with the highest CAGR during 2023 to 2028.

Pune, India, June 22, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on "Smart Door Lock Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Technology, End User, and Geography," the market is expected to grow from $2.73 Billion in 2023 to $6.30 Billion by 2028; it is estimated to grow at a CAGR of 18.2% from 2023 to 2028.

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Global Smart Door Lock Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUS$ 2.73 Billion in 2023
Market Size Value byUS$ 6.30 Billion by 2028
Growth rateCAGR of 18.2% from 2023 to 2028
Forecast Period2023-2028
Base Year2023
No. of Pages161
No. of Tables88
No. of Charts & Figures82
Historical data availableYes
Segments coveredProduct Type, Technology, End User
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies CoveredAssa 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, ADEL Marketing (M) Sdn Bhd

Browse key market insights spread across 161 pages with 88 lists of tables & 82 lists of figures from the report, "Smart Door Lock Market Forecast to 2028 - COVID-19 Impact and 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)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-door-lock-market

Germany is the largest economy in Europe and houses several leading industry verticals. A high technology adoption rate is an essential factor that encourages international players from the smart door lock market to expand their presence in the country. The growing incorporation of IoT technology in security solutions, the rising adoption of smart security solutions in the residential and nonresidential sectors, and the emergence of several new manufacturers are a few of the major factors supporting the smart door lock market growth in Germany. With the growing developments in technology and lowering the cost of security solutions, many companies have entered the advanced smart door lock marketplace in this country.

Western Europe is a highly developed region, hosting several types of businesses. Additionally, a rapid digital transformation supports the growth of the smart door lock market in Europe. A well-established manufacturing industry in the region adopts cutting-edge technologies such as the Internet of Things (IoT), the Industrial Internet of Things (IIoT), and Industry 4.0. As a result, globally leading enterprises collaborate with European companies to leverage the well-developed infrastructure in this region. In March 2023, iLOQ, a Finnish company offering smart locking and secure access solutions for buildings and properties, signed a global Master Supply Agreement with Honeywell Building Technologies. Under this agreement, Honeywell agreed to purchase access management solutions from iLOQ.

With the rising penetration of smartphones and other smart devices, the demand for smart homes has increased substantially in Europe over the past five years. Smart home applications comprise advanced security aspects, which include smart locks and cameras along with other smart features. People in the region are adopting systems with innovative security features integrated into their smart homes and considering them as a value-added service supporting a high quality of living. Such factors are encouraging smart lock providers to introduce innovative locking solutions. Bluetooth and Wi-Fi technologies have been pushing the limits of wireless communications in Europe. Smart locks enabled with Bluetooth and Wi-Fi technologies can be further integrated with smartphones, smart home hubs, etc.

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With the increasing purchasing power, Italian individuals seek reliable and luxurious products that meet their expectations. Considering this observation, key players in the smart door lock market in Italy focus on innovations to enhance their offerings. In July 2022, Lualdi, an Italian design brand, launched a doorway system called Ether that combines aesthetics with advanced technologies. The product was developed in collaboration with Microdevice, a company specializing in building automation and intelligent supervision. The interface of Ethernet is customizable and can include various features, such as security systems, doorbells, lighting controls, nightlights, and air sanitation systems.

According to a report published by the government of the UK in March 2023, the hospitality sector comprises ~143,000 businesses and offers employment to ~1.8 million people in the country. This sector contributed ~US$ 45.24 billion (EUR 40.4 billion) in Gross Value Added in 2019. In line with these stats, the government allocated a total of ~US$ 390.84 billion ((EUR 352 billion) to boost the revival of the industry to mitigate the severe impact of the COVID-19 pandemic. Various global smart door lock companies are involved in collaborations and partnerships to expand their share in the progressive European marketplace. For instance, in November 2022, EE Limited, a telecommunication provider in the UK, announced a new strategic collaboration with cybersecurity companies Norton and Verisure to deliver smart home security products. EE and Verisure will work closely to launch the new EE Smart Home Security service. Thus, such growing strategic initiatives like collaboration is fueling the smart door lock market growth in the UK.

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Global Smart Door Lock Market: Platform Overview
Based on the product, the smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. The electronic cipher locks segment is expected to account for the largest share of the smart door lock market in 2023. With these locks, users need to enter a secret code combination to lock/open the doors, similar to how ATMs operate. Since the property owner can share this code with any number of persons, there is no longer a concern about losing keys.

Global Smart Door Lock Market: Competitive Landscape and Key Developments
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; and Zigbang are among the key smart door lock market players profiled in the report. Several other essential smart door lock market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.

In 2022, the new ABLOY Keyless Access Controller enables mobile access for a wide variety of security products. The Bluetooth-connected controller allows remote access for the devices to be operated with a mobile app.

In 2022, the new version of the keyless ABLOY BEAT padlock, designed especially for critical infrastructure, features a removable shackle. The highly weatherproof lock is operated with a mobile app and connects to the operational systems of both ASSA ABLOY and third-party management.

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Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

Smart Locks Market - The smart locks market was valued at US$ 1.44 billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% during 2020–2027.

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Smart Sensor Market - The smart sensor market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028. It is estimated to grow at a CAGR of 13.7% between 2021 to 2028.

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