North America Smart Lock Market

North America Smart Lock Market Size (2024 to 2029)

The smart lock market size in North America was worth USD 2.25 Billion in 2023. The North American market is expected to grow at a CAGR of 10.3% from 2024 to 2029 and be worth USD 4.05 billion by 2029 from USD 2.48 billion in 2024.

A smart lock is an electromechanical locking system that is designed to perform locking and unlocking operations on doors when they receive 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 major factors that are estimated to boost the growth of the target market in this region are the rapid penetration of smartphones & other connected devices and the safety concerns regarding their home coupled with the growing crime rates.

Smartphones are the gateway for many connected devices, and the rising number of smartphones is a major contributor to the demand for these smart lock systems. The Centre for Digital Information (CDI) in North America states that 11% of smartphone users across the globe are from the US. This is the major reason for the growth of the demand for smart lock systems in this region. The rapid growth of Artificial intelligence and technology has significantly increased the market share of the North American Smart Lock Market in the past few years. State-of-the-art technology and artificial intelligence are used by smart lock companies to improve security and continuously understand and adjust to user behavior. In addition to being user-friendly and making it simple to see security risks, smart lock systems also seek to improve the human experience and effectively fulfill daily requirements. 

The growing adoption of smart cities and homes is presenting significant future opportunities for smart lock companies. An increase in the demand for smart home appliances with energy efficiency and convenience is boosting the North American smart lock market. In 202werethe adoption rate of smart homes was around 43 percent, which is anticipated to reach 75 percent by 2028. Hence, due to this trend, the demand for smart locks will rise at an exponential rate during the forecast period.

A lack of awareness among people is impeding the market growth rate. People are hesitant to learn about new technologies, especially in remote areas. Furthermore, the market's expansion is limited by a lack of knowledge about recently introduced wireless locks and the advantages that come with cloud connection. In addition to this, severe battery drain is also limiting the growth of the North American Smart Lock Market. Customers who use dry batteries often face this problem. The weak circuit board also affects the battery life, which ultimately restricts the sale of smart locks in the region. There are multiple challenges that are decreasing the market growth rate of North America's smart lock market. Frequent failures in recognizing fingerprints are causing displeasure among the people. And due to the high cost of installation or replacement of fingerprint systems, people refuse to invest. Poor quality of front and back panels is another issue that is restricting the growth of the market in the region. Furthermore, cyberattacks and data theft are one of the major challenges for companies in the region.

Impact of COVID-19 on the North American Smart Lock Market:

The COVID-19 pandemic hampered the installation of new smart locks in the first few quarters of 2020. However, the demand for smart locks among affected individuals increased afterward. To stop the virus from spreading, people began to install smart locks in place of traditional security systems as these require less human interaction and intervention. By implementing touchless technology and creating mobile apps for operations, businesses enhanced their return on investment during lockdowns.

This research report on the North American smart lock market has been segmented and sub-segmented into the following categories.

North America Smart Lock Market - By End User:

• Commercial
• Residential

The commercial segment is leading the market under this category, with the biggest share of the North American Smart Lock Market. The popularity of smart locks in these areas has grown because of factors including the security of remotely managing multiple entry points and the capacity to monitor the property, which has encouraged major investments from a variety of key players. After the rise in cases of mass shootings in public locations, these incidences are forcing organizations operating in these areas, mostly schools and churches, to pursue a high-security level.

North America Smart Lock Market - By Technology:

• Bluetooth 
• Wi-Fi

The Wi-Fi segment is expected to register a significant market share of the market during the forecast period. In North America, due to strong internet penetration and its supporting infrastructure, Wi-Fi-connected lock systems are becoming more common. Therefore, Wi-Fi locks are being released by various smart lock manufacturers to draw in more clients. Nations like the United States and Canada are the main sources of income since their citizens are aware of the interconnected ecosystem and can afford to purchase high-end security and convenience systems. As a result, these drivers are driving forward the market growth and the demand for smart locks.

North America Smart Lock Market - By Type:

• Deadlocks
• Lever Handles
• Padlocks
• Others

The deadlocks segment holds the maximum share of the market under this category. Strong security features are included, and the addition of deadbolt mechanisms in smart locks adds another layer of security and increases the difficulty of unauthorized access. These factors provide a sensible option for homeowners seeking to enhance their security levels without requiring substantial changes to their entrances. Deadbolt locks are becoming more popular among consumers as they become aware of the advantages of smart technology and home security.

North America Smart Lock Market - By Country:

• The U.S.
• Canada
• Rest of North America.

The U.S. Smart Lock Market is leading with the dominant share. The US is distinguished from other industrialized nations due to its acceptance of modern technology and accessibility to well-built infrastructure. Furthermore, an open standard for smart locks and digital keys is being developed by Apple, Google, Samsung, and lock manufacturers Allegion (Schlage), Assa Abloy (Yale), Qualcomm, and NXP. This development will further boost the market share in the coming years. The number of households with smart products is rapidly increasing. About 47 percent of Millennials currently own some gadgets and around 70 percent of those currently own one security product. A common reason for purchasing smart home gadgets is their capacity to monitor homes using a smartphone. Also, more than 60 percent of respondents desire smart locks and alarms, and close to 56 percent want carbon monoxide detectors and nightlights. Hence, it is estimated that the Smart Lock Market in the US will grow at a faster rate during the forecast period.

The Smart Lock Market in Canada is expected to witness a considerable growth rate in the coming years. It is projected that by 2028, there will be close to 12 million households with smart homes, which presents a big opportunity for the smart lock companies in the region to capture the market. Also, more than 55 percent of customers strongly trust the smart lock technologies by key players, and about 40 percent of customers do not fully but to an extent trust these technologies. In addition to this, the sudden increase in violence and crime coupled with carious offenders in 2023, so far, the demand for smart locks will rise significantly in the coming years.

KEY MARKET PLAYERS:

Candy House Inc., Cansec Systems Ltd., HavenLock Inc., Spectrum Brands Holdings, Inc., Kwikset Corp., Master locks Co., MIWA Lock Co., Ltd., Onity Inc., August Smart lock, Sentrilock LLC, UniKey Technologies and Schlage are some of the notable companies in the North America smart lock market.

RECENT HAPPENINGS IN THE MARKET:

• Harbor Group International, a privately-owned international real estate investment and management firm, has acquired the Spectrum Brands World Headquarters Property in Madison worth USD 52 Million.
• 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.