|Market Size in 2022
|Market Forecast in 2030
|CAGR (in %)
|USD 2.42 billion
|USD 9.88 billion
Padlock Smart Lock Market
The global padlock smart lock market size was worth around USD 2.42 billion in 2022 and is predicted to grow to around USD 9.88 billion by 2030 with a compound annual growth rate (CAGR) of roughly 19.22% between 2023 and 2030. The report analyzes the global padlock smart lock market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the padlock smart lock market.
The padlock smart lock industry refers to the designing, manufacturing, and distribution of smart locks that can be controlled or used with the aid of a smartphone application or other associated devices. These locks offer excellent safety features along with enhanced convenience as opposed to traditional locks which is the main reason why the industry is surging at a rapid rate.
Users of padlock smart locks can use or access the lock remotely. These activities include locking or unlocking doors, providing easy access to guests or family members along with receiving timely alerts in case of intrusion of unwanted activities. In most cases, padlock smart locks are installed with advanced technologies such as Bluetooth or Wi-Fi connectivity which enables access to the lock using a smartphone application or software program. During the forecast period, the industry growth prospects are expected to be positive.
Increasing adoption of smart technology to drive market growth
The global padlock smart lock market is projected to grow owing to the increasing adoption of smart technology across the world. With the rising number of younger generations, the use of smartphones and associated technologies has grown at a tremendous rate in the last decade.
In addition to this, market players have worked consistently to make use of advanced systems such as Bluetooth and Wi-Fi user-friendly which ensures that the older generation is also comfortable with these systems. This has led to a multifold increase in revenue from smart technologies which is expected to grow even further during the forecast period. For instance, industry experts have predicted that by 2023, the Indian market for smartphones is predicted to reach more than 175 million units.
High cost to restrict market expansion
The global padlock smart lock industry is expected to come across certain growth restrictions owing to the relatively higher cost of padlock smart locks as compared to traditional locks. The high price of these systems has led to the market currently becoming more limited since the majority of the population, especially in developing nations or countries with severe economic, political, and social crises may not invest in these products. In addition to this, the current predictions of the economic slowdown may force people to push these advanced systems to the lower section of the priority list.
Growing demand for home automation to provide several growth opportunities
The global padlock smart lock industry is expected to benefit from the rising demand for home automation across developed nations along with tier-1 cities or states of developing economies. With the increasing level of hectic lifestyle due to several factors, the need for automated systems that can be managed remotely is higher than ever. Home automation is known to provide enhanced convenience to users since units such as lighting, temperature, security systems, and entertainment systems can be controlled using a smartphone program. The rising rate of urbanization is likely to provide better revenue prospects.
Issues with compatibility to challenge market growth
One of the key challenges that the global padlock smart lock market players come across frequently is related to the issues with the compatibility of padlock smart locks with existing software or hardware security mechanisms at residential or commercial places. In case of incompatibility, users may be forced to change their entire system in case a padlock smart lock is a priority which can lead to increased costs. Moreover, the lack of adequate education and awareness about the existence and advantages of these advanced tools could hinder industry sales revenue.
The global padlock smart lock market is segmented based on vertical, communication protocol, and region.
Based on vertical, the global market segments are institution & government, commercial, industrial, and residential. In 2022, the industry amassed the highest growth in the residential segment and it is expected to continue its dominance during the forecast period. The increase is projected to be driven by the rising number of homeowners investing in home automation along with the use of advanced security tools to safeguard their families and assets.
Since smart locks are known to provide significant improvement in terms of added security, convenience, and remote control of their homes' access, the segmental growth may remain highest in the coming years. The commercial along with the institution & government segments are also important to the market growth. A survey by ADT, a home security company, stated that an average American spends nearly USD 350 on home security systems and services.
Based on communication protocol, the global padlock smart lock market is segmented into Bluetooth, Wi-Fi, and others. In 2022, the Bluetooth segment was witnessed to be leading with the highest segmental share. This technology is mainly used for communication between short-range devices. It runs on low power and hence a low-cost protocol as it eliminates the need of installing a network or internet connection. Its easy-to-setup feature provides added leverage to Bluetooth-powered padlock smart lock.
However, there are certain products that use Wi-Fi technology and are mostly used in home automation systems. The average range of padlock smart locks is between USD 50 to USD 500.
|Padlock Smart Lock Market Research Report
|Market Size in 2022
|USD 2.42 Billion
|Market Forecast in 2030
|USD 9.88 Billion
|CAGR of 19.22%
|Number of Pages
|Key Companies Covered
|August Home, Kwikset, Schlage, Yale, Danalock, Ultraloq, Igloohome, Lockitron, Level Home, Friday Labs, Haven, Kevo, Nuki, Gate Labs, SimpliSafe, Ring, ADT, Brinks Home Security, Vivint Smart Home, Nest, Honeywell, Abode Systems, Canary, Guardzilla, and Swann.
|By Vertical, By Communication Protocol, and By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
|2017 to 2021
|2023 - 2030
|Avail customized purchase options to meet your exact research needs. Request For Customization
North America to witness the highest growth
The global padlock smart lock market is projected to witness the highest growth in North America with the US and Canada acting as major regional shareholders. The US is registered at a surging rate in terms of adoption of home automation tools mainly driven by the presence of a technology-oriented population and the mature market that the US has already established in terms of using advanced systems and tools on an everyday basis.
In addition to this, the increasing number of players offering cost-effective padlock smart lock items is another crucial factor for the regional expansion. Additionally, the high rate of purchasing power, increasing number of crimes, and other associated causes directly contribute to the increased revenue in North America.
Growth in Europe is likely to be a result of the increased number of smart homes in Germany, France, and the UK along with the increasing rate of consumer awareness.
By Communication Protocol
The padlock smart lock refers to the designing, manufacturing, and distribution of smart locks that can be controlled or used with the aid of a smartphone application or other associated devices.
The global padlock smart lock market is projected to grow owing to the increasing adoption of smart technology across the world.
According to study, the global padlock smart lock market size was worth around USD 2.42 billion in 2022 and is predicted to grow to around USD 9.88 billion by 2030.
The CAGR value of the padlock smart lock market is expected to be around 19.22% during 2023-2030.
The global padlock smart lock market is projected to witness the highest growth in North America with the US and Canada acting as major regional shareholders.
The global padlock smart lock market is led by players like August Home, Kwikset, Schlage, Yale, Danalock, Ultraloq, Igloohome, Lockitron, Level Home, Friday Labs, Haven, Kevo, Nuki, Gate Labs, SimpliSafe, Ring, ADT, Brinks Home Security, Vivint Smart Home, Nest, Honeywell, Abode Systems, Canary, Guardzilla, and Swann.