RFID Locks Market Size, Share, Industry Trends & Forecast, 2032

RFID Locks Market Insights

According to the report published by Zion Market Research, the global RFID Locks Market size was valued at USD 3.42 Billion in 2023 and is predicted to reach USD 5.35 Billion by the end of 2032. The market is expected to grow with a CAGR of 5.1% during the forecast period. The report analyzes the global RFID Locks Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the RFID Locks industry.

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Global RFID Locks Market: Overview

Radio-frequency identification (RFID) lock also known as the IC card lock is an electronic lock that accepts the radio frequency as the key. The RFID technology enables the user to open the door without any contact or batteries and is safe & convenient for use. RFID lock has gained popularity among hoteliers and property owners. Though RFID locks were at first developed for automobiles with remote entrance systems later on they have been extensively used in homes.

Global RFID Locks Market: Growth Factors

The global RFID locks market is growing at a lucrative rate. Factors such as the growing necessity for security & safety of personal assets, growing demand from government organizations, and growing adoption of RFID locks from banking & finance sectors are propelling the growth of the global market. Further, the nature of the RFID locks makes it an ideal choice for access control in several applications and industries. For instance, they can be used to get access by members in hospitals, educational institutions, and gyms. RFID locks also provide several advantages over mechanical locks. This includes integrated expanding access, easy to use, keyless entry, weatherproof, spare key not required, flexibility in configuration, and mobile access available. All such factors coupled with the growing penetration of smartphones, tablets, and wearable devices are fostering the growth of the global RFID locks market.

In addition to this, factors such as the rise in number of smart city projects and increase in adoption of RFID technology are also boosting the overall market growth. Moreover, growing applications of RFID locks in transportation & logistic as well as aerospace & defense sector is also driving the growth of the global market. Furthermore, increase in digital locking systems in emerging countries will provide better opportunities for the growth of the global RFID locks market over the forecast period. However, the low adoption rate of RFID locks in low & middle-income countries and the possibility of getting the access code hacked may hinder the growth of the global RFID locks market.

The emergence of the Covid-19 pandemic has a negative impact on the global RFID locks market. The instant declaration of complete lockdown and constraints on movement enforced the key manufacturers of RFID locks to halt their operations during the first half of the year 2020. Also, the disruption in the supply chain and limitations on personnel movement hampered the production of the final products. Halt in construction activities and shut down of hotels, gyms, and educational institutes also slowed down the demand for RFID locks. All these factors affected the market growth during the pandemic. However, the market is expected to increase in the forthcoming years owing to its contactless opening feature.

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Global RFID Locks Market: Segmentation

The global RFID locks market is categorized based on access device, end-user, and region.

Based on the access device, the global RFID locks market is bifurcated into wearables, mobile phones, and key cards.

The end-users of the global market are residential, BFSI, retail, government, automotive, hospitality, aerospace & defense, transportation & logistics, and others.

RFID Locks Market: Report Scope

Global RFID Locks Market: Regional Analysis

Based on regions, North America is estimated to dominate the global RFID locks market in terms of revenue during the forecast period. Major factors that are contributing to the growth of the market in this region are increase in up-gradation of existing locking systems with RFID technology in several businesses & residential sectors, rise in construction activities, and growing incidences of house invasions & burglaries. Europe is also expected to contribute a significant share owing to the presence of key manufacturers and the increasing adoption rate of smart homes. Asia Pacific is expected to grow at a healthy CAGR value owing to growing applications of RFID locks in retail, BFSI & government sector, and rise in implementation of smart cities project in India.

Global RFID Locks Market: Competitive Players

Some of the prominent players that are operating in the global RFID locks market include;

• Samsung Electronics Co Ltd.
• Assa Abloy Group
• Nestwell Technologies
• Vivint, Inc.
• Honeywell International Inc.
• Siemens AG
• United Technologies Corporation
• dorma+kaba Holdings AG
• Hettich Holding GmbH & Co.
• Godrej & Boyce Manufacturing Company Ltd.

The global RFID locks market is segmented as follows;

Global RFID Locks Market: By Access Device Segment Analysis

• Wearables
• Mobile Phones
• Key Cards

Global RFID Locks Market: By End-Users Segment Analysis

• Residential
• BFSI
• Retail
• Government
• Automotive
• Hospitality
• Aerospace & Defense
• Transportation & Logistics
• Others

Global RFID Locks Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.