United States Smart Lock Market Size (2024 - 2029)

The United States smart lock market is experiencing challenges due to reduced investments and consumer spending, exacerbated by the COVID-19 pandemic. Despite the slow adoption of smart locks compared to other smart home devices, there is potential for growth through strategic marketing and product innovation. The expansion of key players into international markets, particularly in Europe, is expected to further drive market growth. New product launches, featuring advanced security technologies, are anticipated to influence competitive dynamics and enhance market size.

Market Size of United States Smart Lock Industry

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United States Smart Lock Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 11.20 %
Market Concentration Medium

Major Players

United States Smart Lock Market Major Players

*Disclaimer: Major Players sorted in no particular order

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US Smart Locks Market Analysis

The United States Smart Lock Market is expected to reach a CAGR of 11.2% during the forecast period (2021 - 2026). COVID-19 pandemic scenario has led to a nosedive in the investments in the ICT industry, particularly in the Internet of Things, 5G technologies, and other emerging technologies. Players in the smart lock market are forced to restrict their operational expenses. They have witnessed a reduction in hiring and capital budgets as well. Moreover, discretionary consumer spending in this scenario has also lowered the sales of smart locks. The scenario for this market looks bleak, and it is expected to witness a slowdown, which is projected to continue until the second quarter of 2021.

  • The adoption of smart locks is still not prevalent in the United States in comparison with the adoption of other smart homes devices. According to a recent study conducted by the Consumer Technology Association (CTA), about 69% (translates to 83 million households) of US households now own at least one smart home device. Of which, the adoption of smart speakers in the country is high, with a rate of 28%, whereas the adoption of smart locks is only 10%-statistics such as these highlights the opportunity for market players by following proper marketing strategies.
  • The expansion of the key players in the US market to other regions, especially in European nations, is also expected to provide a strong impetus for market growth. For instance, at CES 2020, August Inc. and Yale Locks (smart lock manufacturers based out of United States) announced new smart locks in their product portfolios and the availability of their products for new and existing owners of Yale Smart Lock in the EMEA region under the name 'Yale Access module.'
  • The new product 'Wi-Fi Smart Lock' from August Inc. mandates two-factor authentication and two-layer encryption and can be remotely managed through their App and cloud. Similarly, the new Linus Smart Lock from Yale is equipped with DoorSense technology that can monitor the lock/unlock position of the door and notify. It also supports the unlocking of doors via smartphones.
  • New product launches in the market could have a significant impact on both the occurrence and nature of competitive reactions. For instance, in November 2020, EZVIZ, a global vendor in home intelligence having headquarters in California, has expanded its innovative smart home product range to include fingerprint locks. The newly launched L2 Smart Lock inherits EZVIZ's core competency in security. The lock features four methods for unlocking a door and serves as a doorbell at the same time. More importantly, it helps protect the household against potential forced entry through a bundle of security features that includes auto-locking and anti-tamper alarms.

US Smart Locks Industry Segmentation

A smart lock is an electromechanical device used for locking that facilitates users in various industries to access and unlock the device remotely to enter the premises. Smart locks allow remote authentication to be verified and authorized users by providing access to smartphone connections and other smart devices through various communication technologies, like Wi-Fi, Bluetooth, Zigbee, or Z-Wave. The United States smart lock market is segmented on the basis of End-users that cover Residential as well as Commercial users and by Type of lock that covers Deadbolt, Padlock, and other types of locks such as Lever Handles and Mortise.

By End-user
Residential
Commercial
By Type
Deadbolt
Padlock
Other Types (Lever Handles, Mortise)
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United States Smart Lock Market Size Summary

The United States smart lock market is poised for significant growth, driven by the increasing adoption of smart home technologies and the rising demand for enhanced security solutions. Despite the initial setbacks caused by the COVID-19 pandemic, which led to reduced investments and consumer spending, the market is expected to recover and expand. The adoption rate of smart locks, although currently lower than other smart home devices like smart speakers, presents a substantial opportunity for market players. Companies are leveraging strategic marketing and product innovation to capture this potential, with new offerings such as August Inc.'s Wi-Fi Smart Lock and Yale's Linus Smart Lock, which incorporate advanced security features and remote management capabilities.

The market's growth is further supported by the expansion of key players into international markets and the increasing penetration of smartphones, which facilitate remote access to smart locks. Commercial sectors, including hospitality, healthcare, and corporate offices, are expected to drive demand due to the need for secure and easily manageable entry points. The partnership between ADT and Google to enhance smart home security solutions exemplifies the industry's focus on integrating advanced technologies. As consumers recognize the affordability and convenience of smart locks, the market is anticipated to witness a surge in adoption, with vendors like Kwikset and Hugolog introducing innovative products to meet evolving consumer needs. The competitive landscape remains intense, with established brands leveraging their market presence and strategic partnerships to maintain a leading edge.

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United States Smart Lock Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Intensity of Competitive Rivalry

      5. 1.2.5 Threat of Substitute Products

    3. 1.3 Technology Trends (Commentary on BLE and Wi-Fi based Smart Locks) and Price Trends Over the Years

    4. 1.4 Industry Stakeholder/Ecosystem Analysis

    5. 1.5 Distribution Channel Analysis (Direct Vs Indirect)

    6. 1.6 Impact of COVID-19 on the Smart Lock Market (Decrease in Demand for Smart Locks due to Lockdown Implementation | Near and Medium-term Impact on the Growth Trajectory)

    7. 1.7 Market Drivers

      1. 1.7.1 Increasing Smart Home Adoption, Increase of Home break-ins, Thereby Aiding in the Market Growth for Residential Segment

    8. 1.8 Market Challenges

      1. 1.8.1 Lack of Awareness Combined With High Cost of the Products Offered by the Vendors

    9. 1.9 Market Opportunities

      1. 1.9.1 Government InitiativesRegarding Increase in IoT Spending

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End-user

      1. 2.1.1 Residential

      2. 2.1.2 Commercial

    2. 2.2 By Type

      1. 2.2.1 Deadbolt

      2. 2.2.2 Padlock

      3. 2.2.3 Other Types (Lever Handles, Mortise)

United States Smart Lock Market Size FAQs

The United States Smart Lock Market is projected to register a CAGR of 11.20% during the forecast period (2024-2029)

Honeywell International Inc., Johnson Controls International PLC, August Home Inc. (AssaAbloy), Kwikset (Spectrum Brands) and Allegion plc are the major companies operating in the United States Smart Lock Market.

US Smart Lock Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)