Nigeria Smart Lock Market Size & Outlook, 2023-2030

The smart lock market in Nigeria is expected to reach a projected revenue of US$ 14.1 million by 2030. A compound annual growth rate of 22% is expected of Nigeria smart lock market from 2024 to 2030.

Revenue, 2023 (US$M)
$3.5
Forecast, 2030 (US$M)
$14.1
CAGR, 2024 - 2030
22%
Report Coverage
Nigeria

Nigeria smart lock market highlights

  • The Nigeria smart lock market generated a revenue of USD 3.5 million in 2023 and is expected to reach USD 14.1 million by 2030.
  • The Nigeria market is expected to grow at a CAGR of 22% from 2024 to 2030.
  • In terms of segment, deadbolt was the largest revenue generating type in 2023.
  • Lever Handles is the most lucrative type segment registering the fastest growth during the forecast period.

Smart lock market data book summary

Market revenue in 2023USD 3.5 million
Market revenue in 2030USD 14.1 million
Growth rate22% (CAGR from 2023 to 2030)
Largest segmentDeadbolt
Fastest growing segmentLever Handles
Historical data2018 - 2022
Base year2023
Forecast period2024 - 2030
Quantitative unitsRevenue in USD million
Market segmentationDeadbolt, Lever Handles, Padlock
Key market players worldwideFortune Brands Innovations Inc, Spectrum Brands Holdings Inc, Assa Abloy AB Class B, Allegion PLC, Carrier Global Corp Ordinary Shares, Honeywell International Inc

Other key industry trends

  • In terms of revenue, Nigeria accounted for 0.2% of the global smart lock market in 2023.
  • Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
  • In Middle East & Africa, Saudi Arabia smart lock market is projected to lead the regional market in terms of revenue in 2030.
  • Nigeria is the fastest growing regional market in Middle East & Africa and is projected to reach USD 14.1 million by 2030.

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Smart Lock Market Companies

Name Profile # Employees HQ Website

Nigeria smart lock market outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to smart lock market will help companies and investors design strategic landscapes.


Deadbolt was the largest segment with a revenue share of 42.86% in 2023. Horizon Databook has segmented the Nigeria smart lock market based on deadbolt, lever handles, padlock covering the revenue growth of each sub-segment from 2018 to 2030.


  • Nigeria Smart Lock Type Outlook (Revenue, USD Million, 2018-2030)
    • Deadbolt
    • Lever Handles
    • Padlock
    • Others
  • Nigeria Smart Lock Application Outlook (Revenue, USD Million, 2018-2030)
    • Residential
    • Hospitality
    • Enterprise
    • Critical Infrastructure
    • Others

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Target buyers of Nigeria smart lock market databook

  • Our clientele includes a mix of smart lock market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Nigeria smart lock market , including forecasts for subscribers. This country databook contains high-level insights into Nigeria smart lock market from 2018 to 2030, including revenue numbers, major trends, and company profiles.

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Nigeria smart lock market size, by type, 2018-2030 (US$M)

Nigeria Smart Lock Market Outlook Share, 2023 & 2030 (US$M)

Nigeria smart lock market size, by type, 2018-2030 (US$M)

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