Global RFID Locks Market: Industry Analysis and Forecast

Global RFID Locks Market was US$ XX.XX Mn in 2019 and is expected to grow at CAGR 17.22% during forecast period. Rising construction and renovation in residential and commercial sectors expected to drive the market growth and to reach US$ XX.XX Mn by 2027.

Global RFID Locks Market, By Region

Global RFID Locks Market Overview:

RFID locks are intended to accomplish locking and unlocking operations. As soon as the access device comes in the vicinity of the lock (reader’s antenna), the data is transmitted by the RFID chip which is implemented in each access device. Thus by identifying the authorised user, it provides Enhanced security, audit trails, efficiency and compliance. All these benefits are just a few of the reasons of high demand to deploy electronic security. In the initial time of its launch, the RFID locks market had developed expressively, as it was adopted largely by the hospitality industry. Since its introduction in market, these were mostly relied upon holes that were pierced into the cards and the hospitality was the prominent driving sector of RFID Locks market. But gradually this trend is changing and RFID locks are now demanded by residential and other sectors also.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Global RFID Locks Market Dynamics:

Since the past decade, the increase in property crime, home invasions and burglaries have fuelled the demand for RFID lock solutions across the both residential and commercial sectors. This demand for higher safety is expected to propel growth of the RFID locks market in the forecasted years. Furthermore, the usage of smartphone and the penetration of its several features in day to day lifestyle are proving to be the lucrative opportunity for the market growth. As the user friendly experience of smart phones and its numerous apps are enabling companies to offer their product services right into the customer’s hand by enabling them to control the door locks more efficiently & conveniently. This is the most prominent attraction for the customers and in forecasted years, this would lead to increase in the smart lock user base, thus supporting the growth of the RFID locks market. However, low awareness about RFID locks and low literacy about its usage is hampering large-scale acceptance by consumers and thus is a major concern restraining the market. Similarly, high cost for security solutions is limiting the potential customer base in regions such as Asia Pacific and Middle East & Africa, thus restricting the growth of the RFID locks market.

Global RFID Locks Market Regional Analysis:

RFID locks market in North America is expected to reach US$ XX Mn by 2027 growing with CAGR XX%. Rapid & consistent renovation activities of residential places along with the rising construction activities are the driving factor for the RFID locks market in North America. In Asia Pacific the growing construction in both residential and non-residential buildings is generating huge demand for new locks. Additionally, renovation activities and higher adoption of new & secure locking systems is boosting the demand in Asia Pacific and anticipated to drive the market with CAGR XX% during the forecast period. Furthermore, the market in Europe is expected to grow significantly with CAGR XX% in forecasted period, due to presence of leading players. Major growth in the RFID locks market in Europe is mainly witnessed in countries such as the U.K., Germany, and France. Similarly, the report covers the detail analysis of all the regions such as, Latin America, and Middle East & Africa. Their growth rate and the reason for growth along with the expected value to be reached by end of the 2027 are mentioned in the final report.

Global RFID Locks Market Segmentation Analysis:

The RFID locks market is segmented in terms of access device and application. Based on access device, the market is further divided into key cards, mobile phones and key fobs. Among all, the key cards & mobile phones segments are expected to witness the highest growth with CAGR XX% and XX% respectively, during the forecast period. The main factors for the growth of these segments are the increasing number of people choosing for latest solutions and technologies available in the market, aiming at ensuring high levels of security and automation in the premises. In terms of application, the market is segmented into hospitality, automotive, aerospace & defense, residential, manufacturing, BFSI, retail, transportation & logistics, and others (governments & public utilities, healthcare, etc.). Amongst which, BFSI and hospitality sector is growing at rapid pace with CAGR XX% and XX% respectively over the year 2020 – 2027.

Objective of the Report:

The objective of the report is to present a comprehensive analysis of the Global RFID Locks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global RFID Locks Market dynamics, structure by analyzing the market segments and projects the Global RFID Locks Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global RFID Locks Market make the report investor’s guide.
Scope of the Global RFID Locks Market Report:

Global RFID Locks Market, By Access Device

• Key Cards
• Mobile Phones
• Key fobs
Global RFID Locks Market, By Application

• Hospitality
• Automotive
• Aerospace & Defense
• Residential
• Manufacturing
• BFSI
• Retail
• Transportation & Logistics
• Others (Government, Public Utilities, Healthcare, etc.)
Global RFID Locks Market, By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global RFID Locks Market

• Honeywell International Inc.
• Godrej & Boyce Manufacturing Company Ltd.
• Assa Abloy Group
• Nestwell Technologies
• United Technologies Corporation
• Siemens AG
• Vivint, Inc.
• Samsung Electronics Co Ltd.

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