Europe Smart Lock Market (2024 - 2030)

Europe Smart Lock Market Size & Trends

The Europe smart lock market size was estimated at USD 618.2 million in 2023 and is anticipated to grow at a CAGR of 18.3% from 2024 to 2030. European consumers are increasingly interested in home automation and security. Several European cities are densely populated and have a premium user cost. Smart locks offer a convenient way to manage access to small apartments and shared living spaces, fueling the market growth.

The Europe smart lock market accounted for a share of 33.0% of the global smart lock market revenue in 2023. The market is expected to grow owing to high demand for smart home appliances and rapid technological advancements. Key players in the industry are introducing new products to cater to customer demands. Smart locks have several advantages, such as keyless entry, enhanced security, integration with other smart home devices, and easy remote access control. Smart locks are increasingly used in the hospitality industry.

Many hotels are transitioning to Bluetooth-enabled or Wi-Fi locks instead of RFID locks accessed by IC cards to enhance the security of their properties. In smart home technology, connectivity is achieved through communication technologies, such as Wi-Fi, Z-wave, Thread, and ZigBee. These technologies can all be integrated into the same device. For instance, in March 2022, Schlage (Allegion Plc) introduced the innovative Encode Plus, the first smart locks to utilize Apple’s Home Key standard. The Encode Plus offers the option to unlock by tapping the user's phone or watch against the keypad.

Application Insights

The residential application segment accounted for a revenue share of 62.0% in 2023. A growing number of renovation projects and high demand for smart home appliances among consumers are expected to boost product demand. High spending capacity and the need for modern security, such as remote door locks, motion detectors, and window & door opening sensors, are anticipated to drive segment growth over the forecast period.

The hospitality segment is expected to grow at a CAGR of 22.5% from 2024 to 2030 owing to the innovative solutions offered by market players in the hospitality sector for security concerns. An increasing number of visitors to the hospitality sector is creating a huge demand for smart security, driving market growth over the forecast period.

Type Insights

Based on type, the deadbolt segment accounted for the largest revenue share of 44.3% in 2023. The growth is attributed to the increasing penetration of smart homes and residences, which offer easy and robust locking mechanisms. High durability, low installation costs, and effective protection against strong intrusion in commercial, residential, and other settings contribute to this growth.

The lever handles segment is projected to grow at a CAGR of 21.0% from 2024 to 2030 owing to modernizing operations in the hospitality sector. Smart lever handles, commonly found in commercial settings on interior doors, are projected to outperform traditional knob handles by offering a more convenient push-down style for locking and unlocking.

Country Insights

UK Smart Lock Market Trends

The UK recorded a significant market share of 18.7% in 2023. The benefits offered by these smart locks, such as enhanced security, remote monitoring, and smart home automation, are expected to fuel market growth over the forecast period. Germany is expected to grow at a CAGR of 16.3% from 2024 to 2030.

This growth is attributed to the demand for smart locks in the non-residential sector. The implementation of smart locks in hospitality, healthcare, and critical infrastructure sectors has been trending, as it helps companies enhance their security and remotely monitor their security systems. Such trends are projected to boost market growth across the country.

Key Europe Smart Lock Company Insights

Major companies in the market are using their popularity and established brand image to attract customers to their products. These companies focus on expanding their market share by introducing new products and features.

Recent Development

• In March 2022, Schlage (Allegion Plc) launched the new Encode Plus, one of the first smart locks to leverage Apple’s Home Key standard. Encode Plus provides an option for tapping the user's watch or phone against the keypad for unlocking

Europe Smart Lock Market