Smart Door Lock Market Research Report and Outlook by 2028

The smart door lock industry is anticipated to expand from US$ 2,733.05 million in 2023 to US$ 6,309.13 million by 2028, reflecting a compound annual growth rate (CAGR) of 18.2% during the period from 2023 to 2028.

As reported by Oberlo, an e-commerce platform, the global number of smartphone users is projected to reach approximately 6.8 billion in 2023, marking a 4.2% increase from the previous year. Between 2016 and 2023, the annual growth rate of global smartphone users has averaged around 9.5%. Oberlo further predicts that this number will continue to rise, potentially hitting 7.1 billion by 2024. This widespread adoption of smartphones indicates a growing reliance on these devices, which is expected to positively influence the smart door lock sector, as users can manage these locks through mobile applications on their smartphones. In response to this trend, various manufacturers in the smart door lock market are offering locks that can be operated specifically via mobile devices. For instance, the YDM 4115-A smart lock from Yale includes features such as a fingerprint pin code, key override, Bluetooth connectivity, and remote access via the Yale Access app. Similarly, LAVNA Locks offers the LAVNA Smart Digital Lock L-A28, which provides Bluetooth connectivity and can be accessed through a mobile app, fingerprint sensor, PIN, OTP, RFID card, and a traditional key. Additionally, Denler's DL04 smart lock is Wi-Fi-enabled, allowing owners to unlock their doors remotely using a mobile app, with alternative unlocking methods including a fingerprint scanner, RFID card, PIN, and manual key. Therefore, the increasing prevalence of smart devices is expected to propel the growth of the smart door lock market.

In November 2022, Samsung, in collaboration with Zigbang, introduced smart door locks that utilize ultrawideband communication (UWB). This innovative smart lock operates with a UWB chip, enabling it to be unlocked without physical contact with the linked smartphone; the lock recognizes a digital house key stored in the Samsung wallet on the device. Consequently, the surge in smartphone usage globally is driving the demand for smart locks, further enhancing the growth of the smart door lock market.

Bluetooth technology has significantly influenced the smart door lock market in various ways. It facilitates seamless connections between smartphones, tablets, and other mobile devices with smart locks, enabling users to manage their locks remotely from a distance. Compared to traditional locking systems, Bluetooth-enabled smart locks offer greater convenience and ease of use for locking and unlocking doors. These smart locks often employ Bluetooth Low Energy and SSL for communication, ensuring secure data transmission through 128/256-bit AES encryption. Most smart locks are equipped with Bluetooth connectivity, and this technology is typically used to link the lock with a smartphone application. Thus, the increasing adoption of Bluetooth technology presents lucrative opportunities for the smart door lock market.

Moreover, Bluetooth's low-energy technology, which consumes less power and extends battery life, has accelerated the acceptance of smart locks. The longevity of these devices makes them more convenient and cost-effective, reducing maintenance expenses for homeowners. Additionally, the rising demand for home automation systems that incorporate smart locks is another crucial factor driving the growth of the smart door lock market. Homeowners can seamlessly integrate smart door locks into their home security systems, allowing for efficient control and management alongside a wide array of IoT devices.

The Asia-Pacific (APAC) region is expected to emerge as the fastest-growing market for smart door locks, boasting an impressive CAGR of 19.2% from 2023 to 2028. This region includes several developing economies such as China, India, and Australia, as well as notable Southeast Asian nations and developed countries like Japan. The substantial consumer base for smartphones, combined with widespread internet access?especially in Japan, India, and China?primarily drives the adoption of smart locks in this area. Furthermore, advancements in technologies such as Bluetooth and Wi-Fi, along with investments in various smart door locks featuring fingerprint recognition, cipher locks, and remote access capabilities, are conducive to the growth of the smart door lock market share in the APAC region.

Key players in the smart door lock market include 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., and Zigbang. In addition to these ten prominent companies, numerous other leading global and regional players, emerging firms, market disruptors, and niche participants were examined and analyzed in this study.