The size of the europe smart lock market was worth USD 0.54 billion in 2023. The market is anticipated to grow at a CAGR of 12.13% from 2024 to 2032 and be worth USD 1.51 billion by 2032 from USD 0.61 billion in 2024.
A smart lock system is an electromechanical locking system that is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a wireless and cryptographic key protocol for executing the authorization process. These smart locks also monitor access and send alerts for different events that they monitor, and some other critical events related to the status of the device.
The growing advancements in wireless communication technology, rising concerns regarding safety, security & privacy, the significant rise in disposable income among consumers, rapid urbanization, and growing demand for establishing connectivity across all the electronic equipment in a house are the major factors that are driving the growth of the Europe smart lock market. The rapid adoption of the Internet of Things (IoT) & advanced technologies such as Near-Field Communication (NFC), low-power Bluetooth, Z-wave, ZigBee, integrated connectivity & smart lock access via smartphones is boosting the growth of the smart lock in Europe during the forecast period. The ease of use and the operational simplicity owing to smartphone adoption make these smart locks an effective alternative to traditional locks, which makes them a sugary product to buy.
The growth of the European smart lock market is primarily attributed to the initiatives taken by the government & funding, the high expenditure capacity of the people, and the presence of major market players in this region. According to the European Commission, regional crime rates are rising day by day. This increase in crime rates is making people increase their concerns about safety. This is where these smart locks provide greater security & safety for the people and their properties. Also, the integration of mobile phones with smart locks is a boon to the security industry as it can increase access to smart locks. The rise in the subscriptions of mobile phones, coupled with demand for technologies that can enable the owner to keep an eye on their property even in their absence are further contributing to the expansion of the smart lock market in the European region.
Furthermore, factors such as growing urbanization, increasing residential construction, the convenience of keyless entry, supportive government regulations for smart home devices, and the growth of the rental and Airbnb market are favoring the smart lock market growth in Europe. Y-o-Y growth in the development of smart cities, increasing number of home renovation projects and growing investments in R&D by the regional key players are supporting the expansion of the Europe smart lock market.
On the other side, factors such as concerns about cybersecurity and hacking and limited awareness about smart locks in certain demographics are negatively impacting the growth of the Europe smart lock market. Compatibility issues with existing door hardware, technical malfunctions and reliability concerns are also hampering the regional market growth. Resistance from people to changing traditional locks, privacy concerns with smart home devices, complexity of installation for some models and limited battery life of smart locks are further impeding the growth of the Europe smart lock market.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2032 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2032 |
|
CAGR |
12.13% |
|
Segments Covered |
By Lock Type, Type, Verticals, and Country. |
|
Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Country Covered |
UK, Germany, Italy, France, Spain, Sweden, Denmark, Poland, Switzerland, Netherlands, Rest of Europe. |
|
Market Leaders Profiled |
Dessmann Schliessanlagen GmbH, Salto system S.L, Samsung Electronics Co., Ltd., August Home, ZKTeco Europe, Panasonic Corp., Vivint, Inc., Assa Abloy AB, Unikey Technologies Inc., and Honeywell International, Inc., and Others. |
The deadbolts segment had 39.4% of the Europe smart lock market share in 2023. The deadbolts segment is also expected to register a healthy CAGR during the forecast period. The rising awareness among the European population of home security risks is one of the factors propelling the deadbolts segment in the European market. For instance, as per the statistics of the European Commission, police registered 306 burglaries per 100,000 population in the EU in 2022, which was 284 burglaries per 100,000 population in 2021. The remote access and monitoring capabilities of smart deadbolt locks and the expansion of the residential construction sector and renovation projects are further aiding the expansion of the deadbolts segment in the European market.
However, the lever handlers segment is anticipated to showcase the fastest growth in the European market during the forecast period owing to the rising focus on accessibility and universal design, increasing preference for lever handles in aging-in-place initiatives and the rising adoption of smart building technologies.
The Bluetooth segment dominated the smart lock market in Europe in 2023. The Bluetooth segment is anticipated to showcase a healthy CAGR during the forecast period and account for a substantial share of the European market. The rising awareness among consumers for the smart home technology and the benefits of remote access control and boosting the demand for Bluetooth smart locks. In addition, rapid adoption of digital key solutions by hospitality and rental property management sectors that leverage Bluetooth technology for seamless access management is boosting the expansion of the Bluetooth segment in European market.
On the other hand, the wi-fi segment is predicted to register the fastest growth in the Europe smart lock market during the forecast period. The rapid expansion of high-speed Wi-Fi infrastructure and connectivity that enable reliable remote access and control of smart locks from anywhere is majorly driving the growth of the wi-fi segment in the Europe smart locks market.
The commercial segment accounted for 60.9% of the Europe smart lock market share in 2023. The commercial segment is anticipated to grow at a healthy CAGR during the forecast period owing to the growing need for improved security, convenience and access control in commercial properties. Y-o-Y rise in the number of break-ins and security breaches in commercial properties in Europe is further boosting the expansion of the commercial segment in the Europe smart locks market.
However, the residential segment is predicted to register the fastest growth in the Europe smart lock market during the forecast period due to an increasing focus on home automation, smart security, and convenience among homeowners.
The presence of a tech-savvy consumer base, rapid adoption of smart home devices, and growing awareness of home security among the UK population are driving the smart lock market in the UK. The smart home adoption is on the rise in the UK and at least one smart home device is expected to be owned by each household in the UK very soon. The growing concerns about home security and the convenience offered by smart locks is further promoting the UK market growth.
During the forecast period, France is anticipated to grow at a promising pace due to factors such as urbanization, modernization of residential infrastructure, and increasing demand for home automation solutions. The initiatives by the French government to promote energy efficiency and sustainable living are boosting the adoption of smart home technologies, including smart locks in France, which is contributing to the expansion of France smart lock market.
The growing interest from consumers in home security solutions and the increasing popularity of smart home automation are propelling the smart lock market in Spain. Additionally, the growing connectivity and affordability of smart devices, increasing awareness of home automation benefits and incentives by the Spanish government for energy-efficient housing and smart building projects are aiding the smart lock market in Spain.
Companies playing a prominent role in the Europe smart lock market include Dessmann Schliessanlagen GmbH, Salto system S.L, Samsung Electronics Co., Ltd., August Home, ZKTeco Europe, Panasonic Corp., Vivint, Inc., Assa Abloy AB, Unikey Technologies Inc., and Honeywell International, Inc., and Others.
By Lock Type
By Type
By Verticals
By Country
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region