Global Smart Lock Market is set for remarkable growth

The Global Smart Lock Market is set for remarkable growth, forecasted to expand from US$ 6.33 Bn in 2023 to US$ 13.14 Bn by 2030, progressing at a CAGR of 11.7%. In terms of volume, the market recorded 24.02 million units in 2023, highlighting a rising trend in smart security solutions.

The market's robust growth is primarily driven by the growing trend of the Internet of Things (IoT) and rising consumer awareness about the benefits of advanced security systems. Smart locks are becoming increasingly popular for their convenience and enhanced security features. However, the market faces challenges due to the high costs associated with smart locks, which could impede its widespread adoption.

Deadbolts dominate with over 36% share in 2023, while Lever Handles are witnessing the fastest growth. In terms of technology, Smart Card technology leads, holding more than 38% market share. The Residential sector emerges as a significant application area, generating revenue exceeding US$ 2.3 Bn in 2023. Geographically, North America holds the largest market share of over 34%, while Asia Pacific displays the highest CAGR of 13.45%.

The market comprises major players like Allegion plc, ASSA ABLOY AB, Samsung Electronics Co., Ltd., and Spectrum Brands Holdings, Inc. These companies, among others, play a pivotal role in shaping market trends through innovations and strategic developments.

North America, with its robust technological infrastructure and high consumer spending power, leads the market. The US, Canada, and Mexico are key contributors in this region. Asia Pacific, led by countries like China, India, and Japan, is the fastest-growing region, showing a high adoption rate of smart lock technologies due to increasing security concerns and technological advancements.