Australia Smart Locks Market Size, Share, Growth Analysis Report and Forecast Trends 2024-2032

Australia Smart Locks Market Trends

The growth of the Australia smart locks market is being driven by their ability to enhance security with advanced features such as biometric authentication, keyless entry, and remote access. These locks offer greater convenience, enabling users to remotely unlock doors via smartphones or smart home devices. The smart locks provide better control allowing users to monitor access and ensure that only authorised individuals can enter. Keyless entry removes the concern of lost or stolen keys, remote monitoring adds an extra layer of security by tracking who enters or exits a property in real-time. In Australia, popular smart locks include the Yale Assure Lock 2 Key-Free Wi-Fi, Aqara Smart Lock U100 Deadbolt with an integrated fingerprint reader, Eufy Security Video Smart Lock, August Smart Lock Wi-Fi, and the Yale Unity Entrance Lock.

The opportunities in the Australia smart locks market are growing, as these devices provide customised access, allowing homeowners or businesses to allocate permissions to various individuals, including time-restricted access. When integrated with smart home systems, they work effortlessly alongside other security features such as cameras and alarms. Smart locks also generate audit trails, recording when doors are locked or unlocked. They offer convenience for multiple users by removing the need for separate keys, making access easier for family members or employees. Some models also support energy efficiency by automatically locking doors when leaving.

Australia Smart Locks Market Growth

The demand for the Australia smart locks market is increasing as they reduce the likelihood of lockouts by automating locking systems, thus preventing the issue of forgotten keys. Many models are built for durability, resisting tampering, weather, and wear. Additionally, they can enhance accessibility for individuals with disabilities by enabling unlocking via mobile apps or voice commands. Homes and businesses equipped with smart locks may see an increase in property value, attracting tech-savvy buyers. Moreover, these locks eliminate the need for key duplication or replacement, saving both time and money.

The Australia smart locks market revenue is impacted as many models are designed for simple installation without the need for drilling or significant modifications to doors. They offer contactless operation through key fobs or smartphone apps, enhancing both safety and convenience. The scalability of smart locks allows homeowners and businesses to expand their security measures as required. Integration with broader security systems, such as surveillance cameras and alarms, ensures comprehensive protection. As smart technology becomes more widespread, consumer confidence in secure, innovative property protection solutions continues to grow. In October 2024, August Home expanded its range of Wi-Fi smart locks in Australia, offering models that seamlessly integrate with existing home automation systems, enabling remote control for improved security and convenience.

Australia Smart Locks Market Insights

• Australia's construction industry contributes approximately USD 162 billion each year, driving the demand for smart locks in both residential and commercial properties. As new developments arise, incorporating advanced security solutions such as smart locks not only boost property value but also enhances safety, making these properties more appealing to contemporary buyers and tenants.
• Industry reports indicate that the value of non-residential buildings reached USD 4.92 billion in January 2024. This rise in non-residential building values further supports the adoption of smart locks in commercial spaces. Companies are increasingly prioritising advanced security measures to safeguard assets and regulate access, positioning smart locks as an essential feature in modern office and retail settings.
• According to the Australian Bureau of Statistics (ABS) in January 2024, the 19.4% increase in new residential construction highlights a growing shift towards modern living spaces that incorporate smart technology. Smart locks improve security and convenience for homeowners, making properties more desirable for buyers who value safety and innovative home features.
• The smart locks market in the Australian Capital Territory is expected to grow at a rate of 2.3% from 2024 to 2032.

Industry News

September 2024

Anker’s newest C33 smart lock, part of the Eufy collection, offers multiple unlocking methods, including a keypad, fingerprint sensor, and remote access through an app via Bluetooth 5.0 and WiFi. Designed for seamless integration with smart homes, it enhances convenience, security, and flexibility for those seeking a modern, secure entry solution.

June 2024

Philips has introduced its first smart deadbolt with integrated Wi-Fi, allowing users to control their front door remotely via the app from any location. The lock connects directly to the Philips Home Access App, eliminating the need for extra devices. Its retrofit design fits over existing hardware, making installation easier.

Australia Smart Locks Market Drivers

Increasing Demand for Smart Home Integration

The Australia smart locks market growth is boosted due to a rising demand for smart home integration. Homeowners are increasingly looking for convenience, security, and remote access to their properties. Smart locks provide features such as keyless entry, app control, and compatibility with other smart devices like security cameras and alarms. This trend is driven by the growing adoption of home automation systems and the increasing popularity of smart homes. As consumers place more importance on convenience and safety, smart locks are becoming the preferred option for modern homes and businesses, leading to an expansion of the market. During the June 2024 quarter, Australia saw the completion of 44,853 dwellings, including 28,228 new private houses, marking an 11.4% rise, as reported by the Australian Bureau of Statistics (ABS).

Emphasis on Enhanced Security Features

The demand for improved security features is a major factor driving the growth of the Australia smart locks market. With rising concerns over home and business security, consumers are pushing manufacturers to create locks with advanced features like biometric authentication, remote monitoring, and tamper alerts. These capabilities provide increased protection against break-ins and unauthorised access. As reliance on digital security solutions grows, smart locks have become a vital product, offering both convenience and strong security. In November 2023, the Australian government introduced new grants of up to AUD 15,000 for first-time homebuyers building new homes, aiming to stimulate construction and support affordable housing initiatives.

Opportunities in the Australia Smart Locks Market

The integration of smart locks with mobile devices and the Internet of Things (IoT) is a prominent trend in the Australia smart locks market. These locks are now designed to seamlessly connect with smartphones, tablets, and other IoT devices, providing users with greater control over their access systems. Consumers can remotely lock or unlock doors, receive real-time alerts, and grant access to others without the need for physical keys. The growing use of mobile apps for home and business security has increased the appeal of smart locks, contributing to their rising adoption in both residential and commercial properties. According to recent data from the World Bank, Australia's internet penetration rate stands at 96%, a crucial factor driving the Australia smart locks market growth.

Market Restraints

The Australia smart locks market encounters several challenges, including high upfront costs, particularly for advanced features like biometric recognition, which may discourage price-sensitive consumers. Concerns over security and privacy, such as hacking and data breaches, create hesitation among users. Technical issues, such as connectivity problems and battery life concerns, can affect reliability. Furthermore, complicated installation processes and compatibility issues with existing systems can drive up costs.

Regulatory challenges and the need to comply with evolving standards add to the complexity. Consumer scepticism, especially in rural areas, and a lack of awareness also impede market growth. Additionally, the reliance on battery power and difficulties in integrating with traditional security systems impact expansion, although these issues may be resolved through innovation and increased consumer education.

Australia Smart Locks Industry Segmentation

“Australia Smart Locks Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Lock Type

• Deadbolts
• Lever Handles
• Padlocks
• Others

Market Breakup by Communication Protocol

• Bluetooth
• Wi-Fi
• Others

Market Breakup by End User

• Commercial
• Residential
• Institution and Government
• Industrial

Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Australian Capital Territory
• Western Australia
• Others

Australia Smart Locks Market Share

Market Analysis by Lock Type

According to the Australia smart locks market analysis, deadbolts lead the market due to their superior security compared to standard locks, making them a vital component of smart lock systems. This segment is expected to grow at a CAGR of 27.6% from 2024 to 2032. Their strong construction helps prevent unauthorized access, while integration with smart technology enables keyless entry and remote monitoring, offering convenience without compromising safety. On August 12, 2024, AU Smart Locks launched a new smart deadbolt featuring advanced security features and keyless entry, designed to enhance home security and provide users with convenient access options via mobile app integration.

The growth of the Australian smart locks market is further supported by the popularity of lever handles, which are user-friendly and accessible, making them ideal for smart lock applications. Their ergonomic design ensures easy operation, particularly for individuals with mobility difficulties. When integrated with smart technology, lever handles improve accessibility while maintaining strong security features. In November 2024, Samsung introduced a new series of smart lever handle locks for residential use, combining modern design with advanced security capabilities, including keyless entry and remote access features.

Market Analysis by Communication Protocol

The demand for the Australia smart locks market is rising as Bluetooth technology enables seamless connectivity, allowing users to unlock doors with their smartphones without the need for an internet connection. This boosts convenience and security by providing keyless entry and remote access management, making it suitable for both residential and commercial use. In November 2024, Kwikset launched a new Bluetooth-enabled smart lock with touch-to-open technology, allowing homeowners across Australia to unlock doors effortlessly, enhancing both convenience and security.

Wi-Fi connectivity is also shaping the Australia smart locks market dynamics and trends, as it allows for remote control via smartphone apps. This segment is expected to grow at a CAGR of 25.4% from 2024 to 2032. This feature enables real-time notifications and access management from anywhere, improving home security by allowing users to monitor their doors and grant access to guests without being present. In December 2024, Lockwood introduced a new Wi-Fi smart lock model with enhanced encryption and remote access features, designed to meet the growing demand for secure home automation solutions in Australia.

Market Analysis by End User

According to the Australia smart locks market report, the market is driven by the increasing demand for smart locks that enhance security in institutional and government settings, as highlighted in the market report. These locks offer sophisticated access control and monitoring features, allowing for rapid updates to access permissions, ensuring that only authorised personnel can access restricted areas. This flexibility improves safety and operational efficiency, which is essential for managing public facilities. In November 2024, iLOQ announced a partnership with various government agencies to implement smart locking systems across public buildings. These systems provide enhanced security and streamline access management, addressing the growing demand for advanced security solutions in government operations.

The expansion of the Australia smart locks market is also supported by the adoption of industrial smart locks, which offer robust security solutions for the manufacturing and logistics sectors. These locks enable secure access control, reducing the risk of unauthorised entry, and allow for real-time monitoring of access events. This technology enhances both operational efficiency and safety in high-security environments. In December 2024, Schlage launched a new range of smart locks designed for industrial use. These locks feature keyless entry and activity logging, improving security and operational efficiency in factories and distribution centres.

Australia Smart Locks Market Regional Insights

New South Wales Smart Locks Market Overview

New South Wales enjoys a strong smart locks market, driven by an increasing demand for security and convenience. As urbanisation grows, smart locks improve property safety and attract tech-savvy consumers seeking advanced security solutions for both residential and commercial properties. In 2023, New South Wales saw a notable rise in residential construction, valued at USD 7.14 billion, signalling a robust demand for smart home technologies such as smart locks, according to the Australian Bureau of Statistics (ABS) in January 2024.

Queensland Smart Locks Market Trends

According to the Australia smart locks industry analysis, the smart locks market in Queensland is flourishing, spurred by the rise in new residential developments and an emphasis on security. Smart locks, offering features like keyless entry and remote access, are particularly appealing to homeowners and businesses looking for modern security systems. In 2023, the Queensland government allocated USD 3 billion towards infrastructure projects, including the installation of smart locks in public buildings and facilities to improve safety, as noted in the Queensland Government Budget Report, 2023.

Western Australia Smart Locks Market Dynamics

Western Australia’s smart locks market benefits from the region’s thriving mining and industrial sectors. This segment is expected to grow at a CAGR of 24.2% from 2024 to 2032. Smart locks provide enhanced security at remote sites while offering efficient access control for workers in various industrial environments. With industrial investments in Western Australia projected to reach USD 6 billion, the demand for secure access solutions like smart locks is expected to rise, according to the WA Department of Mines, Industry Regulation and Safety, 2023.

Competitive Landscape

The Australia smart locks market key players specialise in advanced locking systems and electronic access control. They offer a diverse range of products, including smart locks, safes, and high-security door hardware for both residential and commercial sectors. These companies are well-known for their dedication to innovation and excellence, offering advanced security solutions tailored to meet the changing needs of the market.

Key Industry Players

Altamonte PTY Ltd.: Headquartered in Sydney, Australia, Altamonte was established in 2008. The company specialises in advanced security solutions, providing a wide range of smart locks and innovative access control systems. Altamonte is known for its commitment to enhancing property security through cutting-edge technology and design.

ASSA ABLOY AB: Founded in 1994 and headquartered in Stockholm, Sweden, it is a global leader in access solutions, including smart locks, security doors, and identification technologies. The company serves both residential and commercial markets, offering innovative and reliable security solutions to enhance safety and convenience worldwide.

AU Smart Locks: Established in 2015, is an Australian-based company headquartered in Melbourne. Specialising in high-tech, keyless entry systems, the company provides a range of smart locks designed to enhance security and convenience for homes and businesses. AU Smart Locks prioritise innovation and customer satisfaction.

Smart Door Locks: It is a prominent supplier of advanced locking systems, founded in 2017 and headquartered in Sydney, Australia. The company offers a wide variety of smart locks designed for residential and commercial use, integrating cutting-edge technology for secure, keyless access, and enhanced home automation solutions.

Another key player in the Australia smart locks market report is Safecorp Group Ltd. among others.

Recent Developments

December 2024

Nuki revealed the expansion of its Bluetooth smart lock range in Australia. The updated models feature improved security and easy-to-use apps, addressing the growing demand for keyless entry solutions in contemporary homes.

September 2024

Digital Door Locks introduced its advanced smart deadbolt technology, incorporating biometric access and remote-control features. This innovation is designed to offer homeowners enhanced security and greater convenience.