Asia Pacific Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application, By Country, And Segment Forecasts, 2024 - 2030

Asia Pacific Smart Lock Market Trends

The Asia Pacific smart lock market size was estimated at USD 658.6 million in 2023 and is anticipated to grow at a CAGR of 24.0% from 2024 to 2030. The industry growth is attributed to the rising number of new residential & commercial projects and rapidly expanding advanced building infrastructure. China is considered a key revenue-generating market owing to an increasing demand for security and convenience.

The Asia Pacific smart lock market accounted for a share of 28.3% of the global smart lock market revenue in 2023. The market growth is also attributed to the rising interest in smart locks, which offer benefits such as enhanced security, improved connectivity, and remote monitoring. Moreover, the convenience of remote access to homes is anticipated to fuel the market growth. Smart technologies are becoming popular among investors owing to their potential.

Hence, key venture capital and private equity companies are increasingly targeting smart lock innovators and startups to tap the untapped market opportunities in the connected living ecosystem. As leading funding giants have realized the product potential, the development of smart padlocks is gradually gaining traction, particularly following the foray of tech giants, such as Samsung, Apple, and Alphabet, in the smart home market. Technology and production costs are expected to plummet as the application range widens, helping the market players achieve economies of scale.

Application Insights

The residential application segment accounted for a revenue share of 62.3% in 2023. The demand for smart locks for residential applications is anticipated to witness significant growth, especially in Asia Pacific, owing to the booming residential construction industry and rising number of smart city projects in developing countries, such as India. Smart city initiatives by governments in this region are likely to significantly increase the number of smart homes, which offers lucrative opportunities for smart lock manufacturers.

The hospitality segment is expected to grow at a CAGR of 28.4% from 2024 to 2030. Smart locking technology can transform the entire hotel check-in experience by allowing visitors to gain easy and quick access to their hotel rooms with a finger touch. The use of smart locks can particularly eliminate the need for physical keys. Several hotels have started allowing visitors to unlock the doors of their hotel rooms via iPhone (or Apple Watch, in some cases).

Type Insights

Based on type, the deadbolt segment accounted for the largest revenue share of 44.9% in 2023, owing to increased adoption of deadbolt-type smart locks in several industries. Moreover, factors, such as low installation costs, excellent durability, and effective protection against forceful entry into residential or commercial buildings, are propelling the segment growth.

The lever handles segment is projected to grow at a CAGR of 26.9% from 2024 to 2030. The segment growth is attributed to the rapid modern operations in the hospitality sector to meet the demand for tourist security. Furthermore, smart lever handles are extensively used in commercial sectors or interior doors. The adoption of the Internet of Things (IoT) in smart locks has increased rapidly over the years. As technology continues to flourish, there are many opportunities for smart locks in the future.

Country Insights

China Smart Lock Market Trends

China recorded a significant market share of 51.7% in 2023. Its strong market presence can be accredited to the presence of major companies and their strong product development. For instance, in December 2022, Xiaomi launched a Smart Door Lock E10 with an integrated smart doorbell. The product is equipped with enhanced security and safety features and an in-built clutch.

India Smart Lock Market Trends

India is expected to grow at a CAGR of 26.3% from 2024 to 2030 due to the increasing awareness and adoption of smart home technology. Moreover, the rising crime rates in different cities in the region are pushing people towards more advanced home security.

Key Asia Pacific Smart Lock Company Insights

The key players operating in the smart lock market include Schlage (Allegion plc), Kwikset (Spectrum Brands Holdings, Inc.), Yale Locks (ASSA ABLOY), Onity Inc., and Mul-T-Lock Technologies Ltd. (ASSA ABLOY). To maintain market share, big firms frequently engage in mergers, acquisitions, and new product launches.

Recent Development

• In December 2022, Zigbang Co., Ltd. (Previously Samsung SDS) partnered with Samsung to develop an Ultra-Wide Band (UWB) chip-enabled smart door lock. Zigbang SHP-R80 UWB, a digital key door lock, will allow opening the door without coming in touch with the linked smartphone.

Asia Pacific Smart Lock Market Report Scope

Asia Pacific Smart Lock Market Report Segmentation

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Asia Pacific smart lock market report based on type, application, and country:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Deadbolt

  • Level Handlers

  • Padlock

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential

  • Hospitality

  • Enterprise

  • Critical Infrastructure

  • Others

• Country Outlook (Revenue, USD Million, 2018 - 2030)

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia