At 18.0% CAGR, the Europe Smart Door Lock Market is projected to be worth US$ 1,534.17 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe smart door lock market was valued at US$ 670.27 million in 2023 and is expected to reach US$ 1,534.17 million by 2028, registering a CAGR of 18.0% from 2023 to 2028. Increasing security concerns and reliable features of smart locks and rising adoption of smartphones are the critical factors attributed to the Europe smart door lock market expansion. 

Millions of break-in and burglary incidents are reported worldwide every year, creating a legitimate fear among people living in urban and rural areas. Thus, this growing security concerns have raised the demand for locking devices enabled with modern technologies such as biometric sensors, Bluetooth, and Wi-Fi to safeguard properties. Smart locks also confer owners a remote control over access to their properties. Thus, they can lock or unlock the door from anywhere using their smartphones. Users having children or pets at home can use a remote access feature to let them in or out of the house without giving them a key. Thieves can easily compromise conventional locks with a set of tools, including a screwdriver or a hammer, to break into a house. Moreover, with these locking systems, owners come to know about the theft only when they return home or when neighbors notice the incident. In contrast, if houses are protected by smart door locks, owners receive notifications on their mobile apps regarding the intrusion. This feature helps owners file a complaint against a burglary attempt, further accelerating the process of catching perpetrators. In addition, as there is no need for physical keys, the owner will not be concerned about the key being stolen or forgotten somewhere. Thus, along with rising security concerns, reliable features of smart locks drive the growth of the Europe smart door lock market.  

On the contrary, high cost of smart door locks hurdles the growth of Europe smart door lock market.

Based on product, the Europe smart door lock market is segmented into fingerprint locks, remote locks, and electronic cipher locks. The electronic cipher locks segment held 50.2% share of Europe smart door lock market in 2023, amassing US$ 336.78 million. It is projected to garner US$ 743.21 million by 2028 to expand at 17.2% CAGR during 2023–2028.

Based on technology, the Europe smart door lock market is segmented into wi-fi, Bluetooth, Z wave, and others. The Bluetooth segment held 35.0% share of Europe smart door lock market in 2023, amassing US$ 234.47 million. It is projected to garner US$ 522.30 million by 2028 to expand at 17.4% CAGR during 2023–2028.

Based on end user, the Europe smart door lock market is bifurcated into commercial and residential. The commercial segment held 56.3% share of Europe smart door lock market in 2023, amassing US$ 377.16 million. It is projected to garner US$ 834.43 million by 2028 to expand at 17.2% CAGR during 2023–2028.  

Based on country, the Europe smart door lock market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 25.5% share of Europe smart door lock market in 2023. It was assessed at US$ 170.59 million in 2023 and is likely to hit US$ 398.53 million by 2028, exhibiting a CAGR of 18.5% during the forecast period.  

Key players profiles in the Europe smart door lock market report ADEL Marketing (M) Sdn Bhd; Allegion Plc; Assa Abloy AB; Honeywell International Inc; Master Lock Company LLC; and Spectrum Brands Holdings Inc, among others.

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