The smart lock market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027. Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for routers from end-user industries and expand their global footprint by offering their products in all the major regions.
Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).
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ASSA Abloy was ranked first in the smart lock market in 2021, with an approximate share of 33–34%. The company designs, manufactures, and sells digital and mobile door opening solutions. The company was formed through the merger of ASSA (Sweden) and ABLOY (Finland) in 1994. Its product portfolio includes access control, mechanical and electromechanical locking, identification technology, entrance automation, security doors, hotel security, and mobile access systems. Its solutions portfolio includes building information modeling (BIM), shared technologies, and technology platforms. Yale is one of fifteen brands represented by ASSA ABLOY Door Security Solutions, a North American operating unit of ASSA ABLOY. The increasing shift toward digital and mobile security solutions is driving the company’s growing sales in the smart lock market. Under the brand name Yale, the company offers various smart locks such as Yale Smart Home GuideVisa navigation, Yale Real LivingVisa navigation, Yale LinusVisa navigation, Yale nexTouch, WirelessVisa navigation, Yale Multi-Family SolutionsVisa navigation, YH Collection, and others.
dormakaba held the second position in the smart lock market in 2021, with an approximate share of 22–23%. The company operates through the following segments: Access Solutions AMER, Access Solutions APAC, Access Solutions DACH, Access Solutions EMEA, Key & Wall Solutions, and Others. The Access Solutions AMER segment includes the business activities for access solutions in North and South America. The Access Solutions APAC segment comprises the business activities for access solutions in the Asia Pacific region. The Access Solutions DACH segment consists of business activities for access solutions in Germany, Austria, and Switzerland. The Access Solutions EMEA segment focuses on business activities for access solutions in Europe, the Middle East, and Africa. The Key & Wall Solutions segment offers keys, key cutting machines, automotive solutions, acoustic movable partitions, and horizontal and vertical partitioning systems. The Others segment is involved in contactless identification systems and trusted services. dormakaba provides a broad range of smart lock products for hotel, residential, and other applications and has a rich heritage in access solutions with products renowned for quality and innovation. Their next-generation electronic door lock products include electronic door locks for glass doors, auxiliary surface-mounting locks, European standard motor locks, and push-pull electronic locks.
Allegion held the third position in the smart lock market in 2021, with an approximate share of 8–9%. The company operates through the following three geographic segments: Americas, the Middle East, India, and Africa (EMEIA), and Asia Pacific. The Americas segment sells products and solutions such as locks, locksets, portable locks, key systems, door closers, exit devices, doors and door systems, electronic products, and access control and time and attendance systems. The EMEIA segment offers the same portfolio of products as the Americas segment, as well as time and attendance and workforce productivity solutions. The Asia Pacific segment also provides the same product portfolio in addition to video analytics solutions. The company has more than 10,000 channel partners and sells its products in almost 130 countries across the globe. It operates in various geographies through various subsidiaries.
Smart Lock Market with COVID-19 Impact by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027
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