U.S. Smart Lock Market (By Type: Deadbolt, Lever Handle, Padlock; By Application: Residential, Hospitality, Enterprise) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

U.S. Smart Lock Market Size and Growth

The U.S. smart lock market size was estimated at USD 765.83 million in 2023 and it is expected to surpass around USD 3,390.08 million by 2033, poised to grow at a CAGR of 16.04% from 2024 to 2033. The smart lock market in the United States has seen substantial growth driven by advancements in technology, increasing adoption of smart home devices, and a rising demand for enhanced security solutions.

Key Pointers

• By Application, the residential segment contributed the largest market share of 62% in 2023.
• By Application, the hospitality segment is estimated to expand the fastest CAGR of 20.13% from 2024 to 2033.
• By Type, the deadbolt segment held the largest revenue share of 45% in 2023.
• By Type, the lever handles segment is expected to grow at a CAGR of 18.83% from 2024 to 2033.

U.S. Smart Lock Market Growth Factors

The U.S. smart lock market is witnessing robust growth due to the technological advancements in wireless communication, such as Bluetooth and Wi-Fi, have made smart locks more reliable and user-friendly. Increasing security concerns, driven by the rise in burglary rates, are prompting consumers to seek advanced security solutions, further propelling market demand. The proliferation of smart home devices and ecosystems is another significant driver, as smart locks seamlessly integrate with other smart home technologies, offering enhanced convenience and security. Additionally, the growing awareness and adoption of IoT devices in residential and commercial settings are contributing to the market's expansion.

U.S. Smart Lock Market Trends:

• Increased Integration with Smart Home Ecosystems: Smart locks are increasingly being integrated with broader smart home systems, including smart lighting, thermostats, and security cameras, providing a unified and seamless user experience.
• Adoption of Advanced Security Features: Features such as biometric recognition (fingerprint scanning), voice control, and real-time monitoring are becoming standard, offering enhanced security and convenience.
• Growing Popularity of Keyless Entry Systems: There is a rising trend towards keyless entry solutions, which eliminate the need for physical keys and allow access through smartphones, keypads, or biometric authentication.
• Enhanced User Interfaces and Mobile Apps: The development of more intuitive and user-friendly mobile applications for smart lock control is improving the overall user experience and driving higher adoption rates.
• Expansion in Commercial Applications: While residential use remains dominant, there is increasing adoption of smart locks in commercial and industrial settings, including offices, hotels, and rental properties, driven by the need for enhanced security and operational efficiency.

Application Insights

In 2023, the residential segment held a dominant revenue share of 62%. This dominance is attributed to the increasing adoption of smart home technologies and the surge in restoration and new construction projects across various sectors. The growing affordability of advanced security solutions, including smart doors, motion detectors, and remote locking/unlocking systems, is expected to further drive market expansion.

The hospitality segment is projected to experience significant growth, with a CAGR of 20.13% from 2024 to 2033. This growth is driven by innovative solutions offered by leading market players tailored to the hospitality industry, enhancing security and convenience for guests and staff alike.

Type Insights

The deadbolt segment commanded the largest revenue share of 45% in 2023. This can be attributed to the widespread adoption of smart home technology, which favors deadbolts for their robust and user-friendly locking mechanisms. Their high durability, low installation costs, and strong resistance to forced entry contribute to their popularity.

The lever handles segment is expected to grow at a CAGR of 18.83% from 2024 to 2033. The ongoing modernization efforts in the hospitality sector, aimed at enhancing security for tourists, are set to drive this growth. Smart lever handles are increasingly being used in commercial settings on interior doors. The push-down style handle, which simplifies the locking/unlocking process compared to traditional knobs that require holding and turning, is anticipated to further boost the segment's growth.

U.S. Smart Lock Market Key Companies

• August Home, Inc. (ASSA ABLOY)
• HavenLock, Inc.
• Kwikset (Spectrum Brands Holdings, Inc.)
• Schlage (Allegion Plc
• Sentrilock, LLC
• UniKey Technologies, Inc.
• Yale Locks (ASSA ABLOY)
• Goji
• Onity Inc. (Carrier Global Corporation)
• Honeywell International Inc.

Recent Developments

• In October 2022, Kwikset, a division of Spectrum Brands Holdings, Inc., introduced two new additions to its range of smart lock products: the SmartCode 270 Touchpad Deadbolts and the SmartCode 260 Keypad Deadbolts. These latest innovations are poised to significantly contribute to the industry's rapid growth anticipated in the years ahead.

U.S. Smart Lock Market Segmentation:

By Type

• Deadbolt
• Level Handlers
• Padlock
• Others

By Application

• Residential
• Hospitality
• Enterprise
• Critical Infrastructure
• Others