New Product Launches is Propelling the Smart Locks Market

The global market for smart locks is projected to have a CAGR of around 10.2% during the forecast period (2025-2035). The market growth is driven by the growing adoption of smart devices such as smartphones, the rise of IoT-based security solutions, growing home monitoring from a remote location, and an increase in consumer awareness regarding security systems. The rise in urbanization and growing demands for home automation are further anticipated to boost market growth. Additionally, the introduction of smart security systems provides a significant opportunity for market growth. However, security issues related to smart locks restrain market growth during the forecast period.

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The key players in the global smart locks market include Assa Abloy AN, Allegion plc, Dormakaba Holding AG, Spectrum Brands Holdings, Inc, Salto Systems S.L, Onity, Inc., Cansec Systems Ltd., Master Lock Company LLC, Samsung Electronics Co., Ltd., among others. The market players adopt different marketing strategies such as mergers and acquisitions, R&D, product launches, partnership collaboration, and geographical expansions, contributing significantly to the market growth.

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Recent Developments

• In March 2023, IMOU launched an intelligent video lock ROCK1-vp combining multiple advanced technologies. The lock is equipped with a 300W high-definition camera, which supports remote viewing of outdoor dynamics. It features a 3.5-inch large screen, dual screen linkage, 150 ° wide-angle camera combined with infrared night vision. Thus, it ensures 24/7 clear visitor identification. It offers a hidden screen and replay video feature, enhancing home safety. The screen automatically lights up, ideal for children and elderly people.
• In March 2023, Kaadas unveiled the K70 Pro Max Palm Vein 3D Face Cat Eye Video Smart Lock at the We-2023 Kaadas National Dealer Conference. It is a contactless palm vein unlocking system. It features fully automatic locking, vehicle grade 24GHz radar, dual-screen design, personalized indoor screen display, coercion alarm function, 3K ultra-clear visual cat's eye, third-party visual intercom, family call/SOS emergency call, and personalized customized voice.
• In March 2023, Lockin Technology unveiled the Palm Lock V5 series including V5 Max and V5 Pro. It is lightweight and features a streamlined golden curved handle. It features palm vein recognition and unlocking technology.
• In March 2023, EZVIZ launched two flagship smart lock products - Y3000FVX dual camera smart lock and DL50FVS offset handle smart lock.  Y3000FVX features a dual camera smart lock with a combination of 300w pixels and 200w pixels. Both the visitors in front of the door and the express delivery by the door can be clearly seen from top to bottom. It additionally has a push reminder message feature, which delivers a message to the user when the package is delivered.

DL50FVS offset handle smart lock is a rear wheel drive smart lock. The offset handle design reduces the risk of hand gripping. It is compatible with mainstream lock bodies and is capable of reducing installation steps and time costs, offering a convenient installation experience.

• In March 2023, Xiaozhi Intelligent Lock launched Xiaozhi V20 Pro Fangyuan. The smart lock offers a stable and atmospheric design and ultra-thin body. It features a large hanging hand design and is available in a black and gold color combination. It adopts Kunlun glass and CNC carving technology. The lock is equipped with advanced security features such as palm vein recognition and facial recognition, and a 4.5-inch indoor screen, providing users with a more convenient and intuitive operating experience.
• In May 2022, Delta introduced the 'Delta X1 Smart Lock Onyx Rose Gold', in India. It is a 'No WiFi' smart lock based on the unique one-time password technology. It can withstand extreme temperatures from freezing temperature to heat. It offers quick tap entry with a 13.56 MHz frequency. It has a fingerprint sensor concealed within the front panel of the lock to prevent possible manipulation.

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