The global lock market size was valued at USD 6.53 Billion in 2022 and is expected to surpass USD 7.80 Billion by 2031, expanding at a CAGR of 2% during the forecast period, 2023–2031. The growth of the market is attributed to rising Internet penetration along with the advent of technologies such as machine learning (ML) and artificial intelligence (AI).
Companies are launching innovative home automation technologies, which is driving the increasing penetration of smart locks. Advancements in lock technologies have significantly impacted the lock market. Smart locks, which offer features like remote access, keyless entry, and integration with home automation systems, have gained popularity. The increasing adoption of Internet of Things (IoT) devices and home automation systems have boosted the demand for smart locks.
As the COVID-19 pandemic fuels the lock market, owing to the increasing adoption of smart locks and restrictions imposed by several governments. Several companies are focusing on developing new technologies such as Machine Learning (ML), cloud computing, Artificial Intelligence (AI), and Internet of Things (IoT) in residential sectors to perform contactless operations. However, the uplift of restrictions by government state bodies have helped the market recover gradually.
Lock Market Dynamics
Major Drivers
Growing urbanization and increasing requirements for advanced security systems are driving the market growth. With increasing crime rates and a focus on personal and property safety, there is a rising demand for effective locking systems. The need for robust security measures in residential, commercial, and industrial spaces drives the lock market
Increasing recognition of technology and assimilation of consumer electronics, such as smartphones and tablets, are boosting the growth of the market. Smart locks include facial recognition and use a Bluetooth connection to control the lock, which is opened through smart devices. When an individual approaches the door, the lock automatically detects the Bluetooth signal and unlocks the door. For instance,
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Swiftlane is a multifamily solution that offers face recognition access control. Swiftlane provides a modern face recognition access to control system for residential and commercial buildings. Swiftlane provides entry through face recognition access, mobile app access, traditional key fob systems, and pin entry.
Existing Restraints
High cost of smart locks can hinder the market growth. Smart locks cost is expensive as they are simply more secure. Smart locks and digital locks come with an alarm system to keep out from thieves or robbers. These advanced security solutions offer integrated features and increased convenience.
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According to NCC Group, there were 11 security problems impacting Nuki smart lock products, including issues that could allow attackers to open doors. Such cases instill a sense of insecurity among users.
Factors such as power failure and lack of reliability of smart locks can impede the growth of the market. Smart locks work if the power goes out, but there can be a battery backup and generator. If the individual does not have a battery or generator, the lock will not work if the power goes out. If the smart lock is not installed properly, it will not work during a power outage. There are different types of smart locks in the market but not all of them work if there is a power outage. Thus, these factors are likely to hamper the lock market.
Emerging Opportunities
Increasing investments in several countries to develop smart locks is expected to create lucrative opportunities for the market players. Several companies such as ASSA ABLOY, August Home, Techlicious LLC, and others are focusing on developing new technologies for smart locks. For instance,
- In October 2022, ASSA ABLOY acquired Bird Home Automation, a German manufacturer of high-quality IP door intercoms for single and multi-family buildings. This acquisition is to integrate ASSA ABLOY & rsquo’s smart solutions with IP intercom to accelerate in the small residential segment.
Scope of Lock Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Lock Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Padlocks, Deadbolts, Knob Locks, Lever Handle Locks, Cam Locks, and Others) and Application (Residential, Hospitality, Enterprise and Critical Infrastructure)
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Regional Scope
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North America, Latin America Europe, Asia Pacific, and Middle East & Africa
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Report Coverage
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Market Analysis and Size, Market Segment, Competitive Landscape, Driving Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Yale; Schlage; Kwikset; August Home; Mul-T-Lock Ltd.; UniKey; ASSA ABLOY; HavenLock, Inc.; Latch Inc; Techlicious LLC; and Indiegogo, Inc.
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Lock Market Segment Insights
Product Type Analysis
Based on product type, the lock market is divided into padlocks, deadbolts, knob locks, lever handle locks, cam locks, and others. The deadbolt segment accounted for more than 45% market share in 2020 and is expected to grow at a steady rate during the forecast period. Smart lever handles are highly used in inner doors across commercial settings due to modernization in the hospitality sector to fulfill the security requirements of tourists.
The padlock segment is also expected to expand at a substantial CAGR in the forecast period. Factors including high-end security, user activity management, convenience, and smartphone compatibility drive the segment's growth. A padlock is designed to be portable and attached to an object or structure to prevent unauthorized access or theft. Padlocks are comprised of three basic components including a metal shackle, a body or case, and a locking mechanism.
Application Segment Analysis
On the basis of application, the market is segmented into residential, hospitality, enterprise, and critical infrastructure. The residential segment dominated the market by capturing over 60% of the revenue share. Increasing affordability of advanced security tools, including door and window opening sensors, motion detectors, and remote door locking/unlocking, is a major factor driving the market segment growth.
The hospitality segment is expected to expand at a CAGR of over 22% during the forecast period 2023 to 2031. The companies have been aggressively deploying smart locks to address customers' growing security concerns. The COVID-19 pandemic negatively impacted the market segment in 2020; however, it is expected to recover soon.
Regional Analysis
In terms of region, the lock market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America accounted for more than 40% market share in 2020 and is expected to grow at a robust rate during the forecast period. This is primarily attributed to the high technology adoption and rising penetration of smart homes across the region.
More than 25% of broadband households in North America is expected to purchase a smart lock during the forecast period. High spending capacity of customers and rising security concerns, especially across critical infrastructure and residential applications, are driving the regional market growth.
- According to the Oberlo survey, around 63.43 million households in the U.S. are actively using smart home devices in 2023, this is around 10.2% more than in 2022.
Segments
The global lock market has been segmented on the basis of
Type
- Padlocks
- Deadbolts
- Knob Locks
- Lever Handle Locks
- Cam Locks
- Others
Application
- Residential
- Hospitality
- Enterprise
- Critical Infrastructure
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Player
- Yale
- Schlage
- Kwikset
- August Home
- Mul-T-Lock Ltd.
- UniKey
- ASSA ABLOY
- HavenLock, Inc.
- Latch Inc
- Techlicious LLC.
- Indiegogo, Inc.
Competitive Landscape
The major players covered in the lock market report are Yale; Schlage; Kwikset; August Home; Mul-T-Lock Ltd.; UniKey; ASSA ABLOY; HavenLock, Inc.; Latch Inc; Techlicious LLC; and Indiegogo, Inc.
These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.
- In February 2023, Yale Home, a leader in smart home technology announced a collaboration with Pantone to bring its Pantone Color, PANTONE Viva Magenta to a Yale Assure Lock 2 Limited Edition model without compromising the convenience or security of a smart lock.
- In September 2022, Yale Home Launched Yale Assure Lock 2, the company’s newest flagship collection of smart locks, reimagined with the latest smart home technology to provide convenient, everyday smart home access to households.
- In October 2022, Kwitset, a leading residential lock manufacturer launched its new products SmartCode 260 Keypad Deadbolts and SmartCode 270 Touchpad Deadbolts. These bolts are available in Traditional (TRL) and Contemporary (CNT) styles and feature BILT app support.
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