RFID Locks Market Forecast, Trend Analysis & Competition Tracking - Global Industry Insights 2015 to 2031

RFID Locks Market Overview:

Radio Frequency Identification (RFID) locks are keyless locks, also called IC card locks, that use non-contact technology for access control in several industrial, commercial, and residential applications.

The RFID technology uses electromagnetic fields to transmit signals and automatically identify digital data encoded within RFID tags.

RFID locks are mainly used for automatic fare collection systems of buses, subways, and others. It is also used in electronic locking systems, identification systems, access control systems, and E-wallets.

“The RFID Locks Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Nonetheless, various industry players in the global RFID locks market are now increasing their focus on the establishment of successful collaborations, acquisitions, and joint venture activities as a means to enhance their respective customer bases.

In doing so, these players are also increasing their supply capabilities to meet customer requirements on a local and global scale.

This factor, paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

Factors that are increasing the demand for RFID Locks

Increasing demand for RFID locks from several end-use sectors such as automotive, residential sectors, etc., is expected to fuel the revenue growth for this target market.

Growing industrialization, rapid urbanization, and increasing criminal activities in developed and developing countries have led to the increased adoption of smart locking systems.

These factors are expected to fuel the revenue growth for this target market over the forecast period.

Opportunities for the Global RFID Locks Market

Technological advancements in smart locking systems and the use of compact RFID tags have gained popularity across several residential and commercial buildings.

In addition, the rising penetration of smartphones with unique features and easy access is likely to adopt the high ratio of RFID locks, which is expected to create new revenue growth opportunities for small and leading players to gain a competitive edge in the global RFID locks market.

Moreover, there is increasing demand for smartphones in developing countries in the Asia-Pacific region, such as India, China, etc., owing to the popularity of low-cost smartphones and easy availability.

Smartphone Penetration Rate In India From 2018 To 2021

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COVID–19 Impact

The COVID-19 pandemic has severely impacted several industries, including electronics and semiconductors, with significant disruption in manufacturing and day-to-day business operations. The subsequent global lockdown has severely affected economies around the world.

On the other hand, shutting down China's production has forced other consumer electronics manufacturers to delay final product development and has disrupted industrial supply chain activities. This factor is expected to limit the revenue growth for this target market to a certain extent.

Region-wise Analysis

The Global RFID locks Market is segmented into North America, Europe, APAC, SA, and MEA. Among regions, the Asia-Pacific region is anticipated highest share due to rapid urbanization and increasing adoption of technological developments in electronic and smart locking systems.

These have led to increased demand for residential and commercial buildings with advanced security systems. This is also another factor that is expected to proliferate the demand and sales for RFID Locks during the forecast period in this region.

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Competitive Landscape

Some of the leading manufacturers operating in the RFID locks market include

• ASSA ABLOY AB
• Honeywell International Inc.
• Samsung Electronics Co Ltd.
• Siemens AG
• Bai Fu Co., Ltd.
• Digilock
• Dormakaba Group
• Euro-Locks SA NV
• Godrej & Boyce Manufacturing Company Limited
• Onity Inc.
• Vivint Smart Home, Inc.
• Senseon
• Other Key Industry Players

Some notable developments in the market include:

• In Feb 2021, Digilock introduced a new development in smart lock technology, and the sixth-generation (6G) lock is the latest network management system development. Digilock's 6G locks continue to be wireless to easily install new builds, retrofits, and upgrades.
• In July 2021, Inepro's Spider RFID reader enables device manufacturers to establish connections in their security devices, from vending machines to door locks, with LF, HF, NFC and BLE connections, as well as security elements.
• ASSA ABLOY Global Solutions, a leading innovator of security access technology, has been selected by Courtyard by Marriott St. George to enhance its guest safety, convenience, and operational efficiency abilities with VingCard Classic RFID door locks equipped with Mobile Access.
• The upgraded RFID locks allow the hotel to improve its contactless check-in and room access for guests via Hilton's online systems.
• ID&C is a leading supplier of RFID (Radio Frequency Identification) certificates in the hotel industry and has been recognized as an approved supplier of RFID wristbands by ASSA ABLOY Global Solutions, a hotel access control solution company.

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered

RFID Locks Market, By Access Device

• Key Cards
• Mobile Phones
• Key Fobs

RFID Locks Market, By End-User

• Hospitality
• Residential
• Manufacturing
• Retail
• BFSI
• Automotive
• Aerospace & Defense
• Other End-Users

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