Smart Locks Market Size Projected to Reach $9.16 billion by 2034 | 12.03%

According to Straits Research, the global smart locks market size was valued at $3.29 billion in 2025 and is projected to grow from $3.69 billion in 2026 to $9.16 billion by 2034 at a CAGR of 12.03% during the forecast period 2026-2034.

Increasing penetration of the Internet of Things and Artificial Intelligence in-home solutions and rising need for sophisticated security systems due to thefts and burglaries drive the market growth. The integration of smart locks in car rental services prevents unauthorized access to vehicles. For instance, Drivy, a car rental company in Europe, allows the users to access the vehicles via a smartphone application. The user credentials are verified, and then the car can be unlocked. Similarly, premium car manufacturers are deploying smart lock technology in their vehicles, owing to rising customer demand.

Key Highlights

• The Bluetooth segment is expected to showcase a gradual increase in the coming years owing to its cost-effectiveness
• The lever handle segment is projected to grow with the fastest CAGR on account of rising construction of hotels and resorts, requiring lever handles locks
• The residential sector dominates the smart lock market on account of increasing adoption of smart home architecture, coupled with rising thefts and burglaries
• Asia-Pacific is anticipated to emerge as a lucrative region for smart locks market due to rising smart city initiatives in various countries such as India and China

Market Segments

1. By Technology
   1. Bluetooth
   2. Wi-Fi
2. By Product Type
   1. Deadbolts
   2. Lever Handles
   3. Padlocks
   4. Others
3. By End-User
   1. Commercial
   2. Residential
   3. Industrial