Press Release

The global smart lock market revenue surpassed US$ 6.76 billion in 2024 and is predicted to attain around US$ 16.47 billion by 2033, growing at a CAGR of 10.4% during the forecast period from 2025 to 2033.

The evolution of smart locks over the years marks a significant transformation within the security industry, shifting from traditional mechanical solutions to advanced digital systems that enhance convenience and security. This transition has been particularly impactful in developing markets, where the adoption of smart locks is influenced by affordability, ease of use, and compatibility with existing home systems. 

In the United States alone, smart locks have rapidly proliferated, with installations reaching over 12 million households. Additionally, the growing emphasis on urban security in emerging smart cities presents substantial opportunities for product innovation and deeper market penetration.

The rise of smartphones plays a crucial role in the increased popularity of connected devices like smart locks, as these can be conveniently controlled remotely through mobile applications. The expanding penetration of smartphones is stimulating the growth of various connected devices, allowing users to remotely access their door locks and unlock them through different related mobile apps. 

Currently, there are approximately 3.5 billion smartphone users worldwide, representing about 45.4% of the global population. This widespread adoption of smartphones not only facilitates the use of smart locks but also underscores the growing trend toward integrated and automated home security solutions.

Smart Lock Market Key Takeaways

• The smart lock market is projected to reach a valuation of US$ 16.47 billion by 2033, growing at a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2025 to 2033.
• Currently, deadbolts dominate the smart lock market, capturing over 36.6% of the market share. Their popularity is attributed to their superior security features and robust resistance to forced entry, making them a preferred choice for consumers prioritizing safety.
• In terms of technology, smart cards lead the market, accounting for 38.4% of market revenue, and are projected to grow at a CAGR of 10.9%. Smart cards are particularly prevalent in the commercial and hospitality sectors due to their portability, offline operational capability, and seamless integration with existing access control systems.
• The residential segment currently holds the largest share of the smart lock market, with over 36.8% market share and a projected growth rate of 11.1%. Homeowners are increasingly prioritizing convenience, security, and remote accessibility, which drives the demand for smart locks.

Asia Pacific to Witness the Highest Growth Rate of 11.5%

Asia-Pacific is the fastest-growing regional segment within the smart lock market, with an impressive compound annual growth rate (CAGR) of 11.5%. This growth is driven by several factors, including accelerated urbanization, an expanding middle-class consumer base, and widespread smartphone penetration, which is expected to exceed 65% by 2026. Key markets in this region include China, India, Japan, and South Korea, collectively driving regional demand. Large-scale government initiatives promoting smart city infrastructure, with over 100 ongoing projects, are creating a pressing need for advanced security solutions.

In China, the sales of smart locks have experienced a substantial increase, with 10.6 million units sold in the first half of 2024, reflecting a 5.5% year-on-year growth. Historically, production volumes in the second half of the year tend to surpass those of the first half, leading to projections that both production and sales will exceed 25 million units for the entire year, according to estimates from the China Daily Hardware Technology Development Center. This trend highlights the growing acceptance and reliance on smart locking systems in the Chinese market.

Regional players such as Xiaomi, Samsung SDS, Godrej, and Panasonic are responding swiftly to this burgeoning demand by launching affordable, region-specific smart lock models. These new offerings often feature mobile app integrations, fingerprint scanners, and facial recognition, all tailored to meet local consumer preferences. Despite the rapid adoption of smart locks, there remains a pronounced supply-demand gap, particularly in tier-2 and tier-3 cities. This gap presents significant opportunities for manufacturers to expand their distribution networks and develop localized product offerings that cater to the unique needs of these markets.

Market Overview

People are increasingly concerned about home security, and smart locks are addressing these concerns by offering features such as keyless entry, remote control, and integration with other smart home devices, all of which enhance both security and convenience. With keyless entry, users can access their homes without the hassle of carrying physical keys. However, the ability to control locks remotely via smartphones or other devices adds an extra layer of flexibility.

In 2022, global consumer spending on smart home systems was estimated at $135 billion, with expectations for this figure to rise to $170 billion by 2025, reflecting a 26% growth rate. This steady increase in consumer investment underscores the growing importance of smart technologies in everyday life and highlights the shift toward more automated and secure living environments.

Looking ahead, the future of smart locks is poised for significant advancements, particularly in biometric technology, AI-driven security features, and greater integration with IoT ecosystems. Manufacturers are focusing on creating user-friendly and intuitive systems, incorporating features such as voice control and seamless integration with various smart home platforms. This evolution not only aims to enhance security but also to improve the overall user experience, making smart locks an integral part of modern home security solutions.

Market Growth Factors

Driver

Rising Consumer Awareness and Demand for Enhanced Home Security Solutions: The smart lock market is experiencing significant growth, largely fueled by rising consumer awareness and an increasing demand for enhanced home security solutions. Consumers today prioritize user experience, and smart locks offer features that make security easier and more convenient. 

Rapid Adoption of IoT and Smart Home Technologies: The integration of the Internet of Things (IoT) and smart home technologies is another significant factor propelling the smart lock market forward. Many smart locks are designed to work with various smart home devices, such as lights, cameras, and alarm systems. This interoperability enhances the overall functionality and appeal of smart locks, as consumers can create comprehensive smart home setups that improve security and convenience.

Restraint

Cybersecurity Vulnerabilities and Threats: Cybersecurity vulnerabilities and threats impede consumer confidence and market expansion. Cybercriminals can exploit weaknesses in the lock's software or communication protocols to gain unauthorized access. This not only compromises the security of individual homes but also raises concerns about the overall reliability of smart lock systems.

Consumer Privacy Concerns and Data Protection: Consumer privacy and data protection issues present significant challenges to the smart lock market. As global data protection regulations become stricter, manufacturers must navigate compliance with laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Failure to comply can result in hefty fines and legal repercussions, further impacting market growth.

Top Trends

Integration of Biometric Authentication: The integration of biometric authentication methods, such as fingerprint, facial, and voice recognition, is revolutionizing the smart lock market. The use of biometric authentication opens avenues for data collection and analysis. Manufacturers can gather insights into user behavior and preferences, allowing for tailored marketing strategies and product improvements. 

Adoption of Cloud-Based Smart Lock: The adoption of cloud-based smart lock management platforms is another significant trend shaping the smart lock market. Cloud-based platforms allow users to manage their smart locks remotely, providing the ability to lock or unlock doors from anywhere via a smartphone app. 

Recent Developments

• In March 2025, Nuki introduced the Smart Lock Pro (5th Gen) in Europe. This upgraded version boasts several enhancements over its predecessor, the Smart Lock Pro (4th Gen). The lock is designed for retrofit installation on your front door, seamlessly fitting over the existing key and lock mechanism, enabling hands-free unlocking and a variety of other smart features.
• In March 2025, Intelligent Living Application Group Inc., a premium lockset manufacturer based in Hong Kong, announced the launch of its Competitive Smart Lock. This marks a significant step in their mission to enhance safety and convenience by offering affordable, high-quality locksets and smart security systems.
• In February 2025, Eufy unveiled a new smart lock that includes a built-in camera to record visitors. This innovative lock features palm recognition technology, allowing it to unlock your door in just one second by identifying the unique pattern of blood vessels in your hand.
• In January 2025, TCL launched its latest smart door lock, the K7G Plus, in China. This release follows the previous year's introduction of the K9G Plus, which included 3D face unlock, AI capabilities, and an impressive 7-month battery life. Let’s take a moment to explore the key specifications of this new smart lock.

Global Smart Lock Market Major Players:

• Allegion plc
• ASSA ABLOY AB
• Aventsecurity
• Cansec Systems Ltd.
• GANTNER Electronic GmbH
• Haven Lock, Inc.
• Master Lock Company LLC
• MIWA Lock Co.
• Mul-T-Lock
• Okidokeys
• Onity, Inc.
• Salto Systems S.L.
• Samsung Electronics Co., Ltd.
• SDS Smart Locks
• SentriLock
• Shenzhen Vians Electric Lock Co., Ltd.
• Spectrum Brands Holdings, Inc.
• UniKey Technologies Inc.
• Weiser
• Wyze Labs, Inc.
• Other Prominent Players

Key Segmentation:

By Lock Mechanism:

• Deadbolts
• Lever Handles
• Padlocks
• Other Locks
  • Knob locks
  • Rim/mortise locks
  • Rim latch locks

By Technology:

• Keypad
• Smart Card
• Biometric
• Wireless (includes Smartphone/ App based)
  • Bluetooth
  • Wi-Fi
  • Others
    • Z-wave
    • ZigBee
    • Thread
    • NFC

By Application:

• Commercial
  • Retail stores and malls
  • Hospitality
  • Corporate
  • Healthcare
• Industrial
  • Oil & gas
  • Manufacturing
  • Energy & power
  • Transportation
  • Logistics
  • Others
• Residential
  • Condominium
  • Individual houses
• Government Institution
• Others

By Geography

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)