U.S. Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), And Segment Forecasts, 2024 - 2030

U.S. Smart Lock Market Size & Trends

The U.S. smart lock market size was estimated at USD 765.8 million in 2023 and is anticipated to grow at a CAGR of 16.0% from 2024 to 2030. 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.

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 2030. Leading market players are offering innovative solutions for the hospitality industry, which is expected to fuel the segment growth over the forecast period.

Type Insights

Based on type, the deadbolt segment accounted for the largest revenue share of 44.4% 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 2030. 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.

Key U.S. Smart Lock Company Insights

Key players in the market are leveraging their popularity and existing popular brand image to attract customers for their products. Players focus on increasing their market share by launching new products and features. Furthermore, companies enter into partnerships with mature players for the technological development of products.

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

U.S. Smart Lock Market Report Scope

U.S. Smart Lock Market Report Segmentation

This report forecasts revenue growth at the country level 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 U.S. smart lock market report based on type and application:

• 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