The Global Smart Door Locks Market: Factors Driving Growth and Opportunities

The global smart door locks market is anticipated to witness significant growth in the coming years. Factors contributing to this growth include an increase in concern for safety and security, a rise in demand for smart locks, the growing popularity of the Internet of Things (IoT) for smart homes, and an increase in demand for smartphone connectivity.

According to a report published by Allied Market Research, the global smart door locks industry generated $1.8 billion in revenue in 2020, and it is expected to reach $12.5 billion by 2032. This represents a compound annual growth rate (CAGR) of 17.6% from 2023 to 2032.

The report highlights that high investment costs are currently restraining the growth of the market. However, rapid urbanization and industrialization in emerging countries present lucrative opportunities for market growth.

The outbreak of the COVID-19 pandemic had a negative impact on the global smart door locks market, as construction activities were halted during lockdowns. Nonetheless, as the global situation improved, the production of smart door locks began to grow rapidly.

Based on product type, the deadbolts segment held the highest market share in 2020 and is expected to maintain its leadership status throughout the forecast period. This is due to its keyless entry options, remote access control, and integration with smart home systems.

The report also identifies the Bluetooth segment as holding the highest market share in 2020, with the Wi-Fi segment projected to demonstrate the highest CAGR from 2020 to 2032. Furthermore, the single-family segment accounted for the largest share in 2022 and is expected to maintain its lead position.

Regionally, Asia-Pacific dominated the global market in 2020 and is likely to maintain this position during the forecast period. The region is experiencing significant growth in construction activities, government initiatives, and smart city developments.

Key players in the global smart door locks market include ASSA ABLOY Group, Honeywell International Inc., Haven Lock Inc., Panasonic Corporation, Samsung Group, Salto Systems, Schlage, Spectrum Brands Holdings Inc., Vivint Smart Home Inc., and Xiaomi Corporation.

Overall, the global smart door locks market is poised for substantial growth, driven by increasing safety concerns, demand for smart locks, IoT integration, and smartphone connectivity.