Europe Smart Lock Market

Europe Smart Lock Market Size (2024 to 2029)

The smart lock market in Europe is estimated to grow in a significant way during the forecast period and be worth USD 1.08 billion by 2029 from USD 0.61 billion in 2024, projecting a CAGR of 12.13% from 2024 to 2029.

A smart lock system is an electromechanical locking system that is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a wireless and cryptographic key protocol for executing the authorization process. These smart locks also monitor access and send alerts for different events that they monitor, and some other critical events related to the status of the device.

The growth of the European smart lock market is primarily attributed to the initiatives taken by the government & funding, the high expenditure capacity of the people, and the presence of major market players in this region. According to the European Commission, regional crime rates are rising day by day. This increase in crime rates is making people increase their concerns about safety. This is where these smart locks provide greater security & safety for the people and their properties. Also, the integration of mobile phones with smart locks is a boon to the security industry as it can increase access to smart locks. The rise in the subscriptions of mobile phones, coupled with demand for technologies that can enable the owner to keep an eye on their property even in their absence, is the major growth factor of the smart lock market in the European region.

The growing advancements in wireless communication technology, rising concerns regarding safety, security & privacy, the significant rise in disposable income among consumers, rapid urbanization, and growing demand for establishing connectivity across all the electronic equipment in a house are the major factors that are driving the growth of the Europe Smart Lock Market.

The rapid adoption of the Internet of Things (IoT) & advanced technologies such as Near-Field Communication (NFC), low-power Bluetooth, & Z-waveZigBee, etc., integrated connectivity & smart lock access via smartphones is boosting the growth of the smart lock in Europe during the forecast period. The ease of use and the operational simplicity owing to smartphone adoption make these smart locks an effective alternative to traditional locks, which makes them a sugary product to buy.

This research report on the European Smart Lock Market has been segmented and sub-segmented into the following categories:

Europe Smart Lock Market - By End-Users:

• Commercial

• Residential.

Europe Smart Lock Market – By Technology: 

• Bluetooth

• Wi-Fi

Europe Smart Lock Market - By Product Types: 

• Deadbolts

• Lever Handles

• Padlocks

• Others.

Europe Smart Lock Market - By Country: 

• UK

• France

• Spain

• Germany

• Italy

• Russia

• Sweden

• Denmark

• Switzerland

• Netherlands

• Turkey

• Czech Republic

• Rest of Europe

In the regional analysis of the Europe smart lock market, Germany, France, and the UK countries have the largest populations and economies in Europe, and they are the major contributors to the market revenue. The growth of the target market in these countries is owed to their population and the growing adoption of smart technologies.

KEY MARKET PLAYERS

Dessmann Schliessanlagen GmbH, Salto system S.L, Samsung Electronics Co., Ltd., August Home, ZKTeco Europe, Panasonic Corp., Vivint, Inc., Assa Abloy AB, Unikey Technologies Inc., and Honeywell International, Inc. are some of the notable players in the Europe smart lock market.

RECENT HAPPENINGS IN THE MARKET

• SALTO Systems, a leading manufacturer of wire-free smart electronic locking solutions headquartered in Spain, and INTEREL have announced the integration of SALTO's BLUEnet technology into their guest room control solutions by using BLE wireless radios for allowing hotels to minimize their infrastructure investment, optimize energy consumption. 

• Unikey Technologies has stated they have raised about $1.1M for Smartphone Door Keys technology, which is non-reliant on any application but only a smartphone. This smart lock system is programmed to unlock whenever the phone is in its nearest radius.