The global RFID locks market size was US$ 2.7 billion in 2021. The global RFID locks market is forecast to grow to US$ 11.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.4% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The continuous advancements in the electronics and wearables technology industry are forecast to fuel the growth of the global RFID locks market. In addition, the growing demand for RFID wearables, such as wristbands or rings, dongles, and fobs, will offer ample growth opportunities for the RFID locks market. This technology carries an RFID chip tag that allows them to interact with the RFID readers.
Growing urbanization and employment rate will surge the demand for wearable technology, thereby propelling the growth of the global RFID locks market.
Growing advancements in the industry will gain significant traction, which will surge the growth of the overall RFID locks industry. For instance, Demokaba introduced RT plus mobile-enabled RFID guestroom electronic door locks at HITEC booth 1308 in the year 2019. In addition, Spectrum brands unveiled its RFID lock, PHS00S41, with fingerprint, code, RFID card, and other key features in 2019. Thus, more such advancements will benefit the overall RFID locks market.
On the contrary, the high cost of RFID locks may limit the growth of the market during the forecast period.
RFID locks find their wide applications across various industrial verticals, such as automotive, government, retail, residential, etc. Thus, it will escalate the growth of the global RFID locks market.
COVID-19 Impact Analysis
The COVID-19 outbreak forced the governments of the impacted nations to shut down the production facilities of the RFID locks. Moreover, the unavailability of the workforce and shortage of raw materials forced the manufacturing units to close the operations for more time. Furthermore, the pandemic declined the demand for consumer electronics as people were more focused on healthcare. Thus, it impacted the growth of the global RFID locks market. The market witnessed reduced demand for RFID locks from the automotive industry.
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Regional Analysis
Asia-Pacific RFID locks market is forecast to grow at the fastest growth rate. It is due to the surging demand for advanced technologies and rising concerns related to data safety & security. In addition, the growing demand for various types of smart locks, including smart deadbolts, smart levers, aura smart locks, Wi-Fi smart locks, and other smart locks, will benefit the market during the study period. Furthermore, the increasing demand for RFID locks in various sectors, such as residential hospitality, automotive, and the government, will contribute to the growth of the market.
Competitors in the Market
Godrej & Boyce Manufacturing Company Ltd.
Assa Abloy Group
Samsung Electronics Co Ltd
Honeywell International Inc.
Dorma + Kaba Holdings AG
Allegion plc
MIWA Lock Co.
OJMAR, S.A.
Spectrum Brands, Inc.
Hettich Holding GmbH & Co. oHG.
Other Prominent Players
Market Segmentation
The RFID locks market segmentation focuses on Access Device, End-Use, and Region
By Access Device Outlook
Key Cards
Mobile Phone
Wearables
By End-Use Outlook
Residential
Hospitality
Automotive
Government
Retail
BFSI
Others
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the key findings of the report?
•This report provides comprehensive information on factors expected to influence the market growth and market share in the future.•The report offers the current state of the market and future prospects for various geographical regions.•This report provides both qualitative and quantitative information about the competitive landscape of the market.
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