Press release
Smart Locks Market Poised to Hit $5.23 Billion by 2029 with Accelerating Growth Trends
Smart Locks
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Smart Locks Market Size Growth Forecast: What to Expect by 2025?_x000D_
In the last few years, the size of the smart locks market expanded at a fast pace. Growth is expected to rise from $2.66 billion in 2024 to $2.98 billion in 2025, moving at a compounded annual growth rate (CAGR) of 11.9%. The surge during the historic period is due to factors such as improved product affordability, advanced design and aesthetics, expansion in residential and commercial construction, the spread of smartphones, and an increase in customer convenience demand._x000D_
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How Will the Smart Locks Market Size Evolve and Grow by 2029?_x000D_
The value of the smart locks market is forecasted to expand rapidly over the next few years, reaching $5.23 billion in 2029, with a CAGR of 15.1%. This growth proposed for the forecasted period can be attributed to governmental regulations and initiatives, the boom in e-commerce and online sales, assimilation with smart building solutions, emphasis on energy efficiency and sustainability, and the rising interest in smart access control within businesses. Key trends predicted for this period encompass customization and aesthetics, designing with energy efficiency in mind, the use of smart locks in rental property sector, stress on creating user-friendly installation processes, and advancements in biometric authentication._x000D_
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What Drivers Are Propelling the Growth of Smart Locks Market Forward?_x000D_
The expansion of the smart locks market is expected to be driven by the surge in residential and commercial projects. These projects involve buildings utilized for residing or for conducting business. Both these domains are increasingly adopting smart locks, owing to the heightened security they offer through various technological advancements. For example, in November 2023, the Office of National Statistics, a government department based in the UK, reported that the total new commercial and residential work spiked by £18,161 million. The growth was observed in both the private and public sectors, which saw an increase of 16.8% and 13.1%, respectively. As a result, the rising frequency of both residential and commercial projects are fuelling the growth of the smart locks market._x000D_
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Which Emerging Trends Are Transforming the Smart Locks Market in 2025?_x000D_
The uptick in technological innovations is a significant trend emerging in the smart lock industry. Big corporations in this industry are intent on creating new technological strategies to address customer needs. For illustration, Yale Home India, a digital lock producer situated in India, introduced the Yale YDM7220 BioSecure, powered by ioSecure technology, in November 2022. The Yale YDM7220 BioSecure, a smart lock solution, is built with cutting-edge technology designed to guarantee that all household contact points are frequently cleaned and sanitized to minimize microbial infection and ward off diseases._x000D_
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What Are the Key Segments in the Smart Locks Market?_x000D_
The smart locksmarket covered in this report is segmented - _x000D_
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1) By Product: Deadbolts, Commercial, Padlocks, Other Products _x000D_
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave _x000D_
3) By Authentication Method: Biometric, Pin Code, RFID Cards _x000D_
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications _x000D_
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Subsegments:_x000D_
1) By Deadbolts: Keyless Deadbolts, Biometric Deadbolts, Smart Deadbolt With Keypad _x000D_
2) By Commercial: Electronic Keypad Locks, Smart Access Control Systems, RFID Locks, Keyless Entry Systems For Businesses _x000D_
3) By Padlocks: Bluetooth Padlocks, Smart Combination Padlocks, Biometric Padlocks _x000D_
4) By Other Products: Smart Door Handles, Smart Garage Door Locks, Smart Lockboxes _x000D_
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Who Are the Key Players Shaping the Smart Locks Market's Competitive Landscape?_x000D_
Major companies operating in the smart locks market include Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd. _x000D_
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What Geographic Markets Are Powering Growth in the Smart Locks Market?_x000D_
North America was the largest region in the smart locks market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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