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According to the latest research, the global Smart Lock market size was valued at USD 33591.59 million in 2022 and is expected to expand at a CAGR of -19.68% during the forecast period, reaching USD 9019.3 million by 2028.
A smart lock is an electromechanical lock that accepts instructions and encryption keys from authorized devices through wireless protocols to perform locking and unlocking operations. It also has monitoring functions and can send alarms. Smart locks are also considered part of the smart home.
Like traditional locks, smart locks need two main parts to work: lock and key. The smart lock key is not a physical key, but a smart phone or a special key card that performs automatic unlocking through wireless means.
Influence of COVID-19 Outbreak on Smart Lock Industry Development
Logistics is affected Affected by Covid-19, the logistics speed in most areas is slowed down or even suspended, and the supply of raw materials for Smart Lock production will be tight. Production stagnated, the company's inventory increased, and the production of related enterprises in the hardest hit areas was greatly affected. Short-term epidemic has little impact on the raw material supply of Smart Lock enterprises, mainly consuming inventory materials, while long-term epidemic will cause incalculable losses. At the same time, the delivery and services of enterprises are also seriously affected. If the epidemic develops further, the logistics is always unsatisfactory. Small and medium-sized enterprises in Smart Lock industry are likely to close down due to the shortage of raw materials, and even large enterprises will face the same problems.
The financial pressure of enterprises has increased The raging Covid-19 has plunged the global economic environment into depression. The influence of Covid-19 will involve all the main links and entities of the industrial chain. Management efficiency of the company has declined, commuting has been seriously hindered, production plans have been seriously hindered, network expansion has been delayed, marketing has been delayed, market sales have declined, and income of the company and employees has declined. At the same time, the prices of raw materials and other factors of production are still rising. All these have greatly increased the cost of enterprises. Some enterprises have put forward the risk of capital chain breaking.
Mobile and Touchless Access Products Is Necessity in the New Era The coronavirus has drastically changed personal and professional views and expectations about cleanliness in buildings and high traffic environments. Smart Lock is excellent choices to reduce hand-to-door contact in high contact public areas such as healthcare facilities, restaurants, schools, offices and restrooms. In the post-epidemic era, the demand for smart locks is expected to increase further.
Market Driving Factors of Smart Lock
China's smart lock market has a low penetration rate and huge room for growth At present, the penetration rate of China's smart locks is only about 10%, while that of South Korea is as high as 70%, and that of European and American countries also reaches 50%. The penetration rate of China's smart locks market is low and there is huge room for growth. At present, the main sales areas of global smart locks are concentrated in Korea, Japan, Europe and America, etc. From the perspective of market penetration rate growth, China's smart lock penetration rate is the fastest, and it is expected that China's smart lock penetration rate will catch up with Japan and South Korea in apartment and commercial residential market segments. China's huge population base and market demand will further increase the market demand for smart locks.
Technology continues to advance, and the cost of smart locks declines As an entry-level product of smart home, smart door lock has become the key entry of smart home service group. As a strong related product of smart home, smart door lock has broad market demand. The price of smart door locks is mostly 200-300 USD, which is about 10 times higher than that of traditional mechanical locks. With the gradual maturity of the industry and technological progress, it is a trend that the average selling price of smart locks will gradually decrease. With its safety and convenience, it is expected to further replace the traditional mechanical locks and become the leading role in the civil lock market in the future.
Online sales channels have developed rapidly With the rapid development of the Internet era, the sales forms are constantly innovating, and the online marketing of smart lock shows great advantages in the fierce market competition. However, the sales channel of online sales is a commercial organization that contacts with the outside of the company through the role of the Internet, so as to achieve the purpose of company distribution. Compared with traditional marketing channels, the advantages of online sales are improved in sales cost, channel management cost, information flow and capital flow. With the continuous progress of information technology, online sales are developing at a faster speed, and the competition between online sales channels and traditional sales channels will also highlight its advantages. The emerging online sales channel not only simplifies the composition of various channels in traditional marketing, but also integrates sales, pre-sales and after-sales service, commodity and customer information inquiry, which has great advantages. The further development of online sales of smart lock will further promote the sales volume of the whole market.
Region Overview:
Asia Pacific had the highest growth rate of all regions.
Company Overview:
Assa Abloy is one of the major players operating in the Smart Lock market, holding a share of 15.59% in 2021.
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places.
SOLITY is a global smart door lock manufacturer with a strategic ODM/OEM partnership with a number of leading global companies.
Provide SOLITY's unique one-stop solution from product planning to development, manufacturing, shipment, and consulting to start a door lock business to suit the circumstances in any country.
Segmentation Overview:
By type, Finger Print segment accounted for the largest share of market in 2021.
Application Overview:
By application, the Residential segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Smart Lock industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Smart Lock. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Smart Lock Market Report Include:
Market Size Estimates: Smart Lock market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Smart Lock market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Smart Lock market
Segment Market Analysis: Smart Lock market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Smart Lock market situations and prospects in major and top regions and countries
Smart Lock Market
Smart Lock Industry Chain: Smart Lock market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Smart Lock Industry News, Policies by regions
Smart Lock Industry Porters Five Forces Analysis
Key players in the global Smart Lock market are covered in Chapter 2:
LockState
SentriLock, LLC
CANDY HOUSE, Inc
Master Lock Company LLC
Gate
Commax
Goji
dorma+kaba Holding AG
Shenzhen Vians Electric Lock Co., Ltd
ADEL Group
Anviz Global
UniKey Technologies Inc.
Poly-Control International ApS
MIWA Lock Co
SOLITY
Allegion plc (Milre)
Onity, Inc
Kocom
Dessmann
Haven Lock, Inc
Avent Security
Assa Abloy
Salto Systems S.L (GANTNER Electronic GmbH)
Spectrum Brands Holdings, Inc
Amadas Inc
Dahua Technology Co., Ltd
Samsung
In Chapter 6 and Chapter 9, on the basis of types, the Smart Lock market from 2018 to 2028 is primarily split into:
Finger Print
RF
Wifi
Bluetooth
Face lD
In Chapter 7 and Chapter 10, on the basis of applications, the Smart Lock market from 2018 to 2028 covers:
Commercial
Residential
Institution & Government
Industrial
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Smart Lock market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Smart Lock industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Smart Lock market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Smart Lock industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Smart Lock market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Smart Lock market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Smart Lock market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
A smart lock is an electromechanical lock that accepts instructions and encryption keys from authorized devices through wireless protocols to perform locking and unlocking operations. It also has monitoring functions and can send alarms. Smart locks are also considered part of the smart home.
Like traditional locks, smart locks need two main parts to work: lock and key. The smart lock key is not a physical key, but a smart phone or a special key card that performs automatic unlocking through wireless means.
Influence of COVID-19 Outbreak on Smart Lock Industry Development
Logistics is affected Affected by Covid-19, the logistics speed in most areas is slowed down or even suspended, and the supply of raw materials for Smart Lock production will be tight. Production stagnated, the company's inventory increased, and the production of related enterprises in the hardest hit areas was greatly affected. Short-term epidemic has little impact on the raw material supply of Smart Lock enterprises, mainly consuming inventory materials, while long-term epidemic will cause incalculable losses. At the same time, the delivery and services of enterprises are also seriously affected. If the epidemic develops further, the logistics is always unsatisfactory. Small and medium-sized enterprises in Smart Lock industry are likely to close down due to the shortage of raw materials, and even large enterprises will face the same problems.
The financial pressure of enterprises has increased The raging Covid-19 has plunged the global economic environment into depression. The influence of Covid-19 will involve all the main links and entities of the industrial chain. Management efficiency of the company has declined, commuting has been seriously hindered, production plans have been seriously hindered, network expansion has been delayed, marketing has been delayed, market sales have declined, and income of the company and employees has declined. At the same time, the prices of raw materials and other factors of production are still rising. All these have greatly increased the cost of enterprises. Some enterprises have put forward the risk of capital chain breaking.
Mobile and Touchless Access Products Is Necessity in the New Era The coronavirus has drastically changed personal and professional views and expectations about cleanliness in buildings and high traffic environments. Smart Lock is excellent choices to reduce hand-to-door contact in high contact public areas such as healthcare facilities, restaurants, schools, offices and restrooms. In the post-epidemic era, the demand for smart locks is expected to increase further.
Market Driving Factors of Smart Lock
China's smart lock market has a low penetration rate and huge room for growth At present, the penetration rate of China's smart locks is only about 10%, while that of South Korea is as high as 70%, and that of European and American countries also reaches 50%. The penetration rate of China's smart locks market is low and there is huge room for growth. At present, the main sales areas of global smart locks are concentrated in Korea, Japan, Europe and America, etc. From the perspective of market penetration rate growth, China's smart lock penetration rate is the fastest, and it is expected that China's smart lock penetration rate will catch up with Japan and South Korea in apartment and commercial residential market segments. China's huge population base and market demand will further increase the market demand for smart locks.
Technology continues to advance, and the cost of smart locks declines As an entry-level product of smart home, smart door lock has become the key entry of smart home service group. As a strong related product of smart home, smart door lock has broad market demand. The price of smart door locks is mostly 200-300 USD, which is about 10 times higher than that of traditional mechanical locks. With the gradual maturity of the industry and technological progress, it is a trend that the average selling price of smart locks will gradually decrease. With its safety and convenience, it is expected to further replace the traditional mechanical locks and become the leading role in the civil lock market in the future.
Online sales channels have developed rapidly With the rapid development of the Internet era, the sales forms are constantly innovating, and the online marketing of smart lock shows great advantages in the fierce market competition. However, the sales channel of online sales is a commercial organization that contacts with the outside of the company through the role of the Internet, so as to achieve the purpose of company distribution. Compared with traditional marketing channels, the advantages of online sales are improved in sales cost, channel management cost, information flow and capital flow. With the continuous progress of information technology, online sales are developing at a faster speed, and the competition between online sales channels and traditional sales channels will also highlight its advantages. The emerging online sales channel not only simplifies the composition of various channels in traditional marketing, but also integrates sales, pre-sales and after-sales service, commodity and customer information inquiry, which has great advantages. The further development of online sales of smart lock will further promote the sales volume of the whole market.
Region Overview:
Asia Pacific had the highest growth rate of all regions.
Company Overview:
Assa Abloy is one of the major players operating in the Smart Lock market, holding a share of 15.59% in 2021.
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places.
SOLITY is a global smart door lock manufacturer with a strategic ODM/OEM partnership with a number of leading global companies.
Provide SOLITY's unique one-stop solution from product planning to development, manufacturing, shipment, and consulting to start a door lock business to suit the circumstances in any country.
Segmentation Overview:
By type, Finger Print segment accounted for the largest share of market in 2021.
Application Overview:
By application, the Residential segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Smart Lock industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Smart Lock. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Smart Lock Market Report Include:
Market Size Estimates: Smart Lock market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Smart Lock market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Smart Lock market
Segment Market Analysis: Smart Lock market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Smart Lock market situations and prospects in major and top regions and countries
Smart Lock Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Smart Lock Industry Chain: Smart Lock market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Smart Lock Industry News, Policies by regions
Smart Lock Industry Porters Five Forces Analysis
Key players in the global Smart Lock market are covered in Chapter 2:
LockState
SentriLock, LLC
CANDY HOUSE, Inc
Master Lock Company LLC
Gate
Commax
Goji
dorma+kaba Holding AG
Shenzhen Vians Electric Lock Co., Ltd
ADEL Group
Anviz Global
UniKey Technologies Inc.
Poly-Control International ApS
MIWA Lock Co
SOLITY
Allegion plc (Milre)
Onity, Inc
Kocom
Dessmann
Haven Lock, Inc
Avent Security
Assa Abloy
Salto Systems S.L (GANTNER Electronic GmbH)
Spectrum Brands Holdings, Inc
Amadas Inc
Dahua Technology Co., Ltd
Samsung
In Chapter 6 and Chapter 9, on the basis of types, the Smart Lock market from 2018 to 2028 is primarily split into:
Finger Print
RF
Wifi
Bluetooth
Face lD
In Chapter 7 and Chapter 10, on the basis of applications, the Smart Lock market from 2018 to 2028 covers:
Commercial
Residential
Institution & Government
Industrial
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Smart Lock market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Smart Lock industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Smart Lock market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Smart Lock industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Smart Lock market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Smart Lock market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Smart Lock market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
