Smart Door Lock Market Trends Report – Size & Revenue 2028

[Research Report] The smart door lock market size is projected to grow from US$ 2,733.05 million in 2023 to US$ 6,309.13 million by 2028; it is estimated to register a CAGR of 18.2% from 2023 to 2028.

Smart door locks are advanced lock systems that provide secure and convenient access to a building or room without a physical key. Smart door locks can be locked or unlocked through electronic authentication methods such as biometric recognition, numerical codes, or wireless signals. Smart door locks are used in residential homes, commercial buildings, the hospitality industry, education facilities, healthcare facilities, and others. The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices worldwide. The burgeoning consumer awareness regarding the advantages of advanced security solutions is anticipated to boost the smart door lock market

An upsurge in the number of smartphone users worldwide has led to an increase in the deployment of smart door locks in the last few years. These locks feature an easy user interface and convenient usage. The ever-increasing awareness related to secure home solutions, developments in smart devices such as smartphones, rising disposable income of consumers, a rise in security threats, the development of smart cities, and booming internet connectivity further contribute to the smart door lock market growth. The smart door locks integrate communication technologies such as Bluetooth, Wi-Fi, Z Wave, RFID, and NFC.

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Smart Door Lock Market: Strategic Insights

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Impact of COVID-19 Pandemic on the Global Smart Door Lock Market Analysis

The COVID-19 pandemic dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in manufacturing industries. Before the COVID-19 pandemic, the smart door lock market was experiencing substantial growth in residential and commercial sectors owing to continuously improving standards of living. Several industries, such as semiconductors & electronics, faced challenges in project development, shipments, manufacturing, and research and development of new products. However, an increase in the demand for contactless products owing to lockdown and social distancing measures benefitted the smart door lock market.

The COVID-19 pandemic adversely affected supply chain operations, capital spending, production, and long-term strategies in different industries. Manufacturers faced difficulties in engaging in business development activities due to quarantine measures enacted by the governments of different countries, which resulted in changes in their routine operations. Moreover, the pandemic forced businesses to restructure their business models, focusing on strategies to achieve economies of scale. These factors hampered the progress of the smart door lock market in 2020.

Market Insights – Smart Door Lock Market Analysis

Technological Advancements in Smart Door Locks to Bolster Market Growth in Coming Years

Various players in the smart door lock market are incorporating artificial intelligence (AI), machine learning (ML), and other similar technologies in their smart locks. AI- and ML-integrated door locks ensure better home security by keeping track of who opens and closes the doors. Further, these locks provide greater control over who can lock and unlock doors. They also allow users to automatically lock or unlock doors as they leave or approach their homes. The AI- or ML-integrated locks may help recognize break-in or lock-tampering attempts. As a result, the integration of advanced technologies is offering lucrative growth opportunities for smart door lock market players.

Various players in the smart door lock market are launching new products with the integration of advanced technologies in order to cater to the growing demand for smart door lock market. In December 2022, Viomi launched the Viomi AI Smart Door Lock Super 2E. This fully automatic smart door lock supports six unlocking methods: fingerprint, password, virtual password, temporary password, door card, and key. It features AI self-learning technology, which becomes more sensitive with use. In April 2023, Geonfino launched three new smart locks—Geonfino G4 Pro fingerprint door lock, Geonfino G4 Pro+G2 smart lock, and Geonfino S1 Pro smart lock—featuring a six-in-one unlocking method, featuring fingerprint, application, password, IC card, physical key, and gateway control. In February 2023, Xiaomi introduced its new Xiaomi Smart Door Lock M20 series. This new model, Smart Guardian Can See, is equipped with an integrated peephole camera and a display screen that provide users with a comprehensive view of a front door in real time. In addition, the model is further incorporated with a doorbell function, making it more convenient for users. Thus, the introduction of smart locks enabled with new technologies to enhance security will further fuel the smart door lock market growth during the forecast period.

Smart Door Lock Market Regional Insights

The regional trends and factors influencing the Smart Door Lock Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Door Lock Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Door Lock Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Door Lock Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Smart Door Lock Market are:

1. Assa Abloy AB
2. Allegion Plc
3. MIWA LOCK Co Ltd
4. Spectrum Brands Holdings Inc
5. Zigbang

Disclaimer: The companies listed above are not ranked in any particular order.

Different smart door lock market players are launching advanced smart door lock for the advanced security purposes these are as follows:

• In April 2023, Geonfino a smart door lock manufacturer, launched three smart door locks, which feature a unique six-in-one unlocking method to ensure maximum security and convenience. The smart door locks are enabled with biometric features and voice control.
• In February 2023, Xiaomi launched a smart door lock integrated with the peephole camera and a display screen, which provide users with a comprehensive view of the front door in real time.

Company Profiled:

• Adel Marketing (M) SDN BHD
• Allegion plc
• Assa Abloy
• Guangdong level intelligent lock industrial co ltd
• Honeywell International Inc
• Spectrum Brands
• Locstar Technology Co Ltd
•  Master Lock Company LLC
• Miwa Lock Co, Zigbang