RFID Locks Market is expected to reach US$ 8,779.61 million by 2027

Rising Penetration of Smartphones to Provide Growth Opportunities for RFID Locks Market

According to our latest market study on “RFID Locks Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Access Device and End-User,” the market was valued at US$ 3,585.11 million in 2019 and it is projected to reach US$ 8,779.61 million by 2027; it is expected to grow at a CAGR of 12.6% from 2020 to 2027.

The global consumer electronics market is strongly driven by the significant adoption of smartphones among people of all age groups. The developing countries in APAC, the MEA, and South America are experiencing a substantial rise in number of smartphone users owing to increasing availability of low-cost smartphones. Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income. For instance, ViAge Technology—a provider of magnetic stripe & smart card applications—offers Esmart Mobile access locks. The lock combines pin and RFID (radio-frequency identification) with BLE (Bluetooth low energy) mobile access technology. It would make locking activity efficient as it combines RF user card with smartphone access key. Therefore, growing penetration of smartphones is anticipated to boost the use of RFID locks among hospitality and other end users in coming years.

Geographically, Europe held the largest share of the RFID locks market in 2019, followed by Asia Pacific and North America. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The RFID locks market is segmented into access device, end-user, and geography. Based on access device, the market is further categorized into key cards, mobile phones, and key fobs. The key cards segment represented a larger share of the overall market in 2019. In terms of end-user, the market is segmented into hospitality, residential, manufacturing, retail, automotive, aerospace & defense, government & public utility, and others. In 2019, the hospitality segment accounted for a substantial share of the global RFID locks market.

Impact of COVID-19 Pandemic on RFID Locks Market

The COVID-19 outbreak has created enormous disruption across industries, including electronics & semiconductor. Every phase of the business model has been witnessing drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply-chain, production decisions, and mergers and acquisitions. Over the past several months, the COVID-19 outbreak had severely challenged the electronics manufacturers. The disruption among the raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from the customers have showcased adverse impact on the electronics & semiconductor manufacturers. According to Electronic Components Industry Association, the emergence of COVID-19 has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various electronic and semiconductor products, including RFID strips and chips, have been experiencing substantial delay in lead times, which has weakened the supply chain. Similar to RFID strips or chip manufacturers, the locking system manufacturers also observed delay in procuring RFID strips and chips, which are integrated on the locks. This resulted in lesser production and delay in shipment of the final products. This has had a negative impact on RFID locks market.

Assa Abloy AB; Bai Fu Co., Ltd.; Digilock (Security People, Inc.); dormakaba Holding AG; Euro-Locks SA NV (Lowe & Fletcher Group); Godrej & Boyce Manufacturing Company Limited; Onity Inc.; Qilocks Equipment Ltd; Samsung Group; and Senseon (Accuride International Inc.) are among the few major companies operating in the RFID locks market.

RFID Locks Market — by Geography, 2019

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RFID Locks Market to Grow at a CAGR of 12.6% to reach US$ 8,779.61 million from 2020 to 2027

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RFID Locks Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Access Device (Key Cards, Mobile Phones, and Key Fobs) and End User (Hospitality, Residential, Manufacturing, Retail, Automotive, Aerospace & Defense, Government & Public Utility, and Others), and Geography

The report segments the global RFID locks market as follows:

By Access Device

• Key Cards
• Mobile Phones
• Key Fobs

By End-User

• Hospitality
• Residential
• Manufacturing
• Retail
• Automotive
• Aerospace & Defense
• Government & Public Utilities
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America
  • Brazil
  • Argentina
  • Rest of SAM