U.S. Smart Lock Industry

The U.S. smart lock market size was estimated at USD 765.8 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2030. The United States plays a key role in driving the overall growth of the regional smart lock market. This is largely due to the strong presence of major technology companies within the country, including August Home, Inc. (a subsidiary of ASSA ABLOY), Kwikset (a brand owned by Spectrum Brands Holdings, Inc.), Yale Locks (also under ASSA ABLOY), and Onity Inc. (part of Carrier Global Corporation). These companies are making significant investments in the development and advancement of smart lock technologies, contributing notably to market expansion. Additionally, the widespread adoption of the latest smart technologies by consumers, supported by relatively high disposable income levels across the country, further accelerates the growth of the smart lock market. As an illustration of this trend, in March 2022, Onity Inc. introduced its latest contactless locking solution known as the HT RFID (radio frequency identification) lock, specifically designed for the hospitality sector.

In 2023, the U.S. smart lock market accounted for approximately 33.0% of the global smart lock market revenue. This substantial market share can be attributed to several factors, including the high rate of technology adoption in the country and the rapid growth of smart home infrastructure. Consumers in the U.S. are increasingly investing in smart home products, which creates a favorable environment for the proliferation of smart locks. Moreover, rising disposable incomes and a supportive regulatory landscape further bolster the regional market outlook. The industry is also witnessing rapid innovation, with new smart lock models and advanced features being introduced frequently. For example, in March 2022, Schlage, a brand under Allegion Plc, launched the Encode Plus smart lock. This product was among the first in the market to utilize Apple’s Home Key technology, which enables users to unlock doors by simply tapping their Apple Watch or iPhone against the keypad. Such developments are contributing to a growing consumer preference for smart, convenient, and secure access control systems.

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The expansion of the U.S. smart lock market is also being driven by continuous technological improvements and the increasing penetration of 5G connectivity across the region. The proliferation of smart locks has grown substantially in recent years, as more manufacturers are entering the market with advanced products offered at competitive price points. These factors are expected to further support and amplify market growth throughout the forecast period.

Application Insights
The residential segment held a dominant position in the market in 2023, accounting for a revenue share of 61.9%. This dominance is largely due to the growing integration of smart technologies into household infrastructure and an uptick in both renovation and new construction projects across residential and mixed-use sectors. The rising affordability of advanced home security solutions—such as smart doors, motion detectors, and remote locking and unlocking systems—is anticipated to drive further growth within the residential segment.

Meanwhile, the hospitality segment is expected to experience a robust growth trajectory, with a projected CAGR of over 20.1% from 2024 to 2030. This significant growth is attributed to the increasing demand for innovative, secure, and contactless access solutions within the hospitality industry. Leading companies in the smart lock market are actively developing and offering advanced products tailored to meet the specific requirements of hotels, resorts, and other hospitality providers, which is expected to play a key role in boosting segment expansion over the forecast period.

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

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.

Key U.S. Smart Lock Companies:

  • 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.

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

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