Smart Lock Market Size Worth $8.13 Billion by 2030 with CAGR of 19.5%: Grand View Research, Inc.

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10 Aug, 2022, 15:00 GMT

SAN FRANCISCO, Aug. 10, 2022 /PRNewswire/ -- The global smart lock market size is predicted to hit USD 8.13 billion by 2030 and is anticipated to register a CAGR of 19.5% from 2022 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

Key Industry Insights & Findings from the report:

The market is driven by the increased global internet penetration, consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market over the forecast period.
Based on the type segment, the lever handle type of locks is anticipated to grow at the highest CAGR of 22.4% from 2022 to 2030.
The residential segment held the largest market share of 63.9% in 2021, while the use of smart locks in the hospitality industry is poised to register the highest CAGR of 24.2% during the forecast period.
North America held the largest revenue share in 2021, owing to the advancements in technology.

Read 132-page full market research report, "Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Smart Lock Market Growth & Trends

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. Smart pre-lock technology includes passwords, ID codes, machine keys, paper clips, and code names which are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. During the last year, drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes have helped businesses increase their ROI during these essential lockdown instances.

Smart Lock Market Segmentation

Grand View Research has segmented the global smart lock market based on type, application, and region:

Smart Lock Market - Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

Deadbolt
Lever Handles
Padlock
Others

Smart Lock Market - Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

Residential
Hospitality
Enterprise
Critical Infrastructure
Others

Smart Lock Market - Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany

Asia Pacific

China
Korea
Japan

Latin America
Middle East & Africa (MEA)

List of Key Players in Smart Lock Market

Yale
Schlage
August Home
Kwikset
Goji
SDS Smart Locks
Mul-T-Lock
UniKey Technologies Inc.

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Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.
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