U.S. Smart Lock Market to Hit Around USD 3,437.20 Million by 2033

The U.S. smart lock market size was exhibited at USD 765.85 million in 2023 and is projected to hit around USD 3,437.20 million by 2033, growing at a CAGR of 16.2% during the forecast period 2024 to 2033.

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U.S. Smart Lock Market Key Takeaways:

• The residential segment accounted for a revenue share of 61.9% in 2023.
• The hospitality segment is anticipated to grow at a CAGR of over 20.1% from 2024 to 2033.
• Based on type, the deadbolt segment accounted for the largest revenue share of 45.0% in 2023.
• The lever handles segment is projected to grow at a CAGR of 18.8% from 2024 to 2033.

The U.S. is the major contributor to the regional market growth owing to the presence of major tech companies, such as August Home, Inc. (ASSA ABLOY), Kwikset (Spectrum Brands Holdings, Inc.), Yale Locks (ASSA ABLOY), and Onity Inc. (Carrier Global Corporation), and their large-scale investments in smart lock technology. Moreover, the trend of acquiring the latest technologies in smart devices due to the high disposable income of people across the region is expected to drive market growth. For instance, in March 2022, Onity Inc. launched its latest contactless locking solution, the HT RFID (radio frequency identification) lock, for the hospitality industry.

The U.S. smart lock market accounted for a share of 33.0% of the global smart lock market revenue in 2023. The growth is credited to the increased technology adoption and rapid expansion of smart homes in the U.S. Moreover, increased disposable incomes and a favorable regulatory environment propel regional market growth. Furthermore, the market is evolving rapidly, with new products and features regularly introduced. For instance, in March 2022, Schlage (Allegion Plc) launched the new Encode Plus, one of the first smart locks to leverage Apple's Home Key standard.

Encode Plus allows users to tap their watch or phone against the keypad for unlocking, driving growth further. The growth is attributed to the constantly improving technology and the rising number of 5G connections across the region. Moreover, the availability of smart locks has increased significantly in recent years, with more manufacturers producing technologically advanced locks at affordable prices. This, in turn, is expected to fuel regional growth further over the forecast period.

U.S. Smart Lock Market By Application Insights

The residential segment accounted for a revenue share of 61.9% in 2023. Its dominance is owing to the growing penetration of smart homes and a rise in restoration and new projects across various sectors. Increased affordability of modern security solutions, such as doors, motion detectors, and remote door unlocking & locking, is anticipated to drive market growth.

The hospitality segment is anticipated to grow at a CAGR of over 20.1% from 2024 to 2033. Leading market players are offering innovative solutions for the hospitality industry, which is expected to fuel the segment growth over the forecast period.

U.S. Smart Lock Market By Type Insights

Based on type, the deadbolt segment accounted for the largest revenue share of 45.0% in 2023. The growth of this segment is attributed to the high adoption of smart homes/residences for easy and robust locking mechanisms. High durability, low installation costs, and adequate protection against strong intrusion and other direct attacks contribute to the growth.

The lever handles segment is projected to grow at a CAGR of 18.8% from 2024 to 2033. Modernization operations in the hospitality sector to meet tourist security needs are also predicted to boost market growth. Smart lever handles are frequently used in commercial environments on interior doors. It is projected that the push-down style handle, as compared to a knob that requires holding and turning, will beat competitors' straightforward locking/unlocking procedures, which will promote the segment's continuous growth.

U.S. Smart Lock Market Recent Developments

• In October 2022, Kwikset (Spectrum Brands Holdings, Inc.) launched two new products under its umbrella of smart lock products: SmartCode 270 Touchpad Deadbolts and SmartCode 260 Keypad Deadbolts. The ongoing development of these products is expected to help the industry grow exponentially in the coming years

Some of the prominent players in the U.S. smart lock market include:

• 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.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to com

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. smart lock market

Type

• Deadbolt
• Level Handlers
• Padlock
• Others

Application

• Residential
• Hospitality
• Enterprise
• Critical Infrastructure
• Others

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