Europe & Middle East Smart Locks Market

Europe & Middle East Smart Lock Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2024-2030: The market is anticipated to expand due to rising number of criminal cases as well as early awareness regarding advanced gadgets and technologies, spreading buzz of smart homes with IoT led to influence the market growth by gaining vigorous attention from European and middle eastern population are the key market drivers of the Europe & Middle East smart lock market.

Europe & Middle East Smart Lock Market is valued at US$ 635.3Million in 2023 and it is expected to reach US$ 1,796.9 Million by 2030 with a CAGR of 14% over the forecast period.

Scope of Europe & Middle East Smart Lock Market

Smart locks are electromechanical devices with built-in Wi-Fi or Bluetooth that allow users to unlock their doors remotely. It provides consumers with the ability to constantly monitor their devices, enhanced security features, and a plethora of customization options. It also offers several customized entry and exit options through fingerprint, face unlocks, smartphones, or even gestures. A smart lock that is intended to execute the locking and opening procedure on a door when it gets such commands from an authorized gadget. It utilizes a remote protocol and a cryptographic key to execute the authorization process. Additionally, it monitors access and sends alarms for the various events with the situation.

COVID-19 had a negative impact on the smart lock market due to the strict lockdowns and reduction of manufacturing activities in Europe and the Middle East. Market players suffered from falling sales of smart lock products. The economic uncertainty and stop in transportation induced by COVID-19, therefore, caused a partial shutdown of business which negatively affect the smart lock market. Also, due to the strict rules and regulations directed by the government as well as safety concerns, many people were staying at home rather than going outside, which limits the use of a smart lock.

The rising number of criminal cases as well as early awareness regarding advanced gadgets and technologies are boosting the demand for smart locks in the European and Middle Eastern populations. For instance, according to the article, the crime rate in France was nearly 52.4% in 2022 whereas, in the United Kingdom the rate was approximately 46.5%. Moreover, escalating per capita income and installation of smart locks in the hospitality sector force companies to invest heavily in product development to capture the next-generation technology market. For example, Wyze's website, Wyze Lock Bolt, was officially launched in April 2022 (wyze.com). The latest security technology from Lockin was used to create the new product in Europe. Additionally, the growing trend of smart homes and smart cities is gaining strong attraction toward smart lock systems which diminished the concern related to data privacy and security among customers. As a result, consumers' security concerns largely boost overall market demand.

Excessive adoption of the smart lock has led many businesses to invest millions of dollars in the Europe and Middle East markets. Allegion plc, ASSA ABLOY AB, Master Lock, Spectrum Brands, Inc, Nuki Home Solutions, SentriLock, LLC, Dormakaba, SALTO Systems, and many other businesses are contributing to expanding their roots in this sector by executing organic as well as in-organic strategies. For example, in February 2022 AtiQx Holding B.V. has been fully acquired by Dormakaba, expanding its core business and services operations in the Netherlands. Dormakaba is one of the leading suppliers of the electronic access control market. As well, in October 2022, RemoteLock, the leader in universal access control, announced the expansion of its European operations with the acquisition of SmartLock Europe. All these business strategies are increasing the sales of the EMEA smart lock market.

Furthermore, market players need to watch out for enhancement of product safety and security by product development to decrease the rate of cyber security attacks. Additionally, efforts towards cost reduction with high quality will enhance product penetration in low and medium-economic countries across Europe and the Middle East.

Europe has accounted for almost 82.4% of the market share in the smart lock market. This is due to several innovations and recent developments happening in the region. Due to the high adoption rate of smart lock products middle east is the second-dominating region in the smart lock market.

Analyst Comment: "Huge investments by tier-1 market players and spreading awareness regarding smart locks are generating lucrative opportunities for the market growth in Europe and Middle East and are projected to reach US$ 1,536.7 million in 2029."

Key Players of Europe & Middle East Smart Locks Market:

The Europe & Middle East smart locks market includes key players such as Allegion plc, Assa Abloy AB, Carrier Global, Master Lock, Nuki Home Solutions, SentriLock, LLC, Dormakaba, SALTO Systems, S.L., and others.

Spreading Buzz of Smart Homes with IoT Led to Influence the Market Growth by Gaining Vigorous Attention from European and Middle Eastern Population

It has been observed that in the last few years, IoT (Internet of Things) has gained remarkable momentum and has gained strong attention from the residential, commercial, and government sectors. Considering this, the investment from European and Middle Eastern governments in IoT is also gaining traction in recent years. For instance, in the year 2020, Europe and the Middle East have together generated more than US$ 300 billion in revenue in IoT. Thus, the huge investment and technological advancement in IoT have opened the door for smart home appliances which include smart locks.

In addition, the novel trend of a smart home has gathered strong attention from the European and Middle Eastern population pool and is expected to expand more in the coming years. For instance, in the year 2017, more than 20 million smart homes were there in Europe, and this has increased by approximately 30% in the year 2022 to reach more than 80 million in leading European markets. Thus, the expansion of smart homes in top established countries in Europe such as Germany, France and the United Kingdom is expected to establish a stronghold of Europe in the global smart homes market and ultimately in the smart lock market.

Hence, the aforementioned factors indicate that the investment in IoT and spurring smart home adoption will provide momentum in the smart lock market in Europe and MEA over the assessment period.

The Rise In Cyberattacks In The Connected World Is Posing Threat To The Growth Of The Market In Europe And The Middle East Region

The threat of hackers hampers consumers' perception of the dependability of smart locks. While the threat of cyberattacks have increased across the region with the growing number of connected devices. According to the European Commission president Ursula von der Leyen, “if everything is connected, everything can be hacked”. Likewise, the Dutch authorities were unable to stop these attacks, even though they knew the domains and servers used by the hackers. For example, as per Cybersecurity Perceptions Survey 2021, the rate of cybercrime was about 29.9% in Italy, 21.1% in Germany. In all European countries, over 30% of respondents felt that protecting their home networks were extremely challenging. The majority of people (98%–99%) in the surveyed countries expressed concerns about privacy threats. When asked to choose the most concerning threat to their privacy, Italians were more concerned by the unauthorized use of their personal data (45%) than identity theft (32.6%). Europeans reported lower usage of smart devices and had lower confidence in protecting their home networks than people in the US. And smart locks are no exception to this.

Segmentation of Europe & Middle East Smart Locks Market:

By Lock Type:

• Deadbolts
• Lever Handles
• Padlocks
• Other (Cylindrical)

ByOffering Type:

• Standalone
• Accessories

By End-User:

• Residential
• Commercial 
• Services
• BFSI
• Real Estate
• Others
• Industrial
• Manufacturing
• Transportation & Logistics