Market Overview:

The Smart Locks Market, estimated to reach $2.19 Billion by 2030 with a CAGR of 19.2% from 2024-2030, is driven by significant trend towards IoT-enabled solutions. These locks, capable of internet connectivity, empower users with remote control via smartphones or other devices. Offering features like real-time monitoring, remote locking/unlocking, and seamless integration with smart home devices, they elevate both convenience and security. This trend underscores a growing preference among homeowners and businesses for IoT-based smart locks, reflecting the market's evolution towards technologically advanced and interconnected security solutions

Regional Insights:

The Asia Pacific region led the smart locks market with a 36% share in 2023, driven by rapid urbanization and the rise of smart home technology. Increasing disposable incomes in countries like China, India, and South Korea boost consumer investment in home security. Government initiatives supporting smart cities and digital infrastructure further stimulate growth. Additionally, the presence of key manufacturers in the region fosters innovation, positioning Asia Pacific for continued expansion in the smart locks market.

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Scope of the Report:

 

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

19.2%

Market Size in 2030

$2.19 Billion

Segments Covered

By Technology Type, By Product Type, By Integration level, By Sales Channel, By End Use Application, and By Region



 

Geographies Covered

North America (U.S, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America) and RoW (Middle East and Africa).



 

Key Market Players

1. August Home, Inc.

2. Schlage

3. Yale

4. Kwikset

5. Samsung Electronics

6. Lockly

7. Nuki

8. Danalock

9. Ultraloq

10. Amazon

 

Smart Locks Market: Recent Development

• In August 2023, August Home, Inc., released the August doorbell-cam with built-in two-way audio and improved motion detection. They also announced a partnership with Airbnb to streamline smart lock access for rentals
• In January 2023, Schlage launched the Schlage Encode Smart WiFi Lever, expanding their smart lock options. This comes on the heels of their 2022 Schlage Encode Plus which unlocks with Apple Watch. These advancements highlight their focus on user convenience and wider smart home integration.

Smart Locks Market: Competitive Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Smart Locks Industry. The top 10 companies in the Smart Locks market are-
1. August Home, Inc. 
2. Schlage 
3. Yale 
4. Kwikset
5. Samsung Electronics 
6. Lockly 
7. Nuki 
8. Danalock 
9. Ultraloq 
10. Amazon