How Many People Use Smart Locks
In general, people are purchasing more smart home devices such as speakers, displays, lights, cameras, and locks. In 2020 smart locks statistics show devices owned by householders are increasing. Many homeowners decided to purchase a smart lock as their first smart home device.
In the USA 13 to 15 million door locks are sold a year, and about 15% of these are smart locks. They are starting to become a mainstream item, meaning that smart locks will soon overtake the traditional lock and key for most homeowners.
How Big is The Lock Industry in the USA
The market size of the lock industry in the USA is $3.9 billion in 2022 with retail consisting of 43%, and security dealers second. Between 2017 and 2022, the lock industry in the United States grew at a rate of 1.2 percent per year on average.
The Global Smart Lock Market
The global smart lock market is worth $1.38 billion in 2020, $1.8 billion in 2021, and is expected to grow at a rate of about 13% to an estimated $4 billion by 2026. With the rise of apartment buildings in our major cities, more smart locks will be needed every year. Because of the growing number of smart city projects, Asia Pacific is expected to be the fastest-growing region.
North America is currently the world leader in smart locks, with rising demand for connected, smart devices.
Smart Locks Numbers in the US: How Big is the Industry
In the USA people are adopting smart home technology very quickly. The US smart lock market is worth $759.6 million in 2020 and is forecasted to grow about 12% between 2020 and 2026 (source).
Some of the new locks are voice-controlled, as the number of households with voice assistance continues to increase. I think that some people prefer voice activation as a means of not touching anything until they can go inside and wash their hands. The voice-activated locks are the latest ‘infection control’ initiatives, so it is best not to touch the door until your hands are cleaned, that way you are not bringing viruses and bacteria home,
The residential market is a strong consumer market, capturing 65% of the revenue last year, and it will continue to grow. North America had the largest share of the market with over 42% last year.
Smart Lock Market Segmentation
The market is segmented into the following smart lock types: deadbolt, padlock, lever handle, and others. The deadbolt smart locks registered 47% of total smart lock revenue in 2020 and are expected to continue the domination of the industry. This is because they are durable locking mechanisms and are easy to use. The market is not only growing in the USA but right across the world.
Technology-wise there are several different segments, such as Bluetooth, Wi-Fi, NFC, and Others. Due to advancements in Wi-Fi networks, improvements in remote control capabilities of Wi-Fi-enabled smart locks, and real-time alerts delivered by Wi-Fi-based smart locks, revenue in the Wi-Fi segment is expected to grow considerably, resulting in a higher security level of smart homes.
Key Companies That Make Smart Locks
Statistics show that the whole industry is undergoing a transformation, and the leading companies all strive for market share. The global lock market contains many companies. Some of them are:
- Schlage
- Yale
- Goji
- Kwikset
- SDS smart locks
- Mult-T-lock
These are just a few of the names in the industry, and many of them are looking towards expanding in the near future. All over North America, the USA, and Canada, more and more companies can assist with smart home solutions and demand is growing.
Reasons for Smart Locks Market Growth
One of the reasons for growth is that now nearly everyone has a smartphone and is relying more heavily on apps to get organized and to get things done. In having a smartphone many people extend their reach to other smart technologies, including remotely locking and unlocking windows.
The advent of the global health crisis has also led to the rise of speech recognition technology to lock and unlock devices. It saves the need for constant cleaning devices throughout the home and workplace. Manufacturers meet the demands of the clients for contactless touch-free systems for the home or workplace.
Installation of Smart Locks
Depending on the level of skill involved, setting up the device may or may not be an issue for the homeowner. Many locksmiths and smart home specialists are installing smart locks.
Self-installation is popular as well. Some security-conscious people also install video cameras with remote voice control via speakers. This way, if a delivery man knocks on the door while the homeowner is at work, it enables you to speak to the person remotely and helps to prevent opportunistic burglaries.
Wrap-up
The future of the smart lock industry looks great, as more and more homeowners want the best security technologies and smart devices for their homes. The advances and developments of the past two years have been bigger than anyone expected, and we all know that this year will be the best yet.
