Asia Pacific RFID Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Access Device, End-User

The Asia Pacific RFID locks market is expected to grow from US$ 1,005.90 million in 2019 to US$ 2,865.10 million by 2027; it is estimated to grow at a CAGR of 13.9% from 2020 to 2027.

Urbanization is showcasing an upward trend due to growing population and rising rural to urban migration across the world. The growth rate of urban population is higher in less-developed countries than more-developed countries. The migration of people demands new workplaces, housing, and stores, which drives the requirement for security and access solutions in buildings to prevent unauthorized entry. With that said, smart locking systems are being increasingly installed in apartments, houses, warehouses, office buildings, hotels, and many other places. Further, the development of touchpad digital locks, fingerprint locks, RFID cards, and other smart locks offers added convenience to users, as there is no need to memorize the password or carry a key. The growth in access security solutions is evident in residential and commercial sectors where the potential of adopting connectivity is increasing, which is driving the demand for smart home security products, such as connected locks.

The key cards segment led the Asia Pacific RFID locks market based on access devices in 2019. The key cards are the most widely accepted access devices for RFID locks market players. The key cards facilitate the user to unlock doors, gates, panels, cabinets, or drawers with ease as the RFID readers read the authorization code embedded on the card. The RFID locks using key cards are much safer compared to other access devices as the card must be close to the RFID reader to transmit the embedded data. This enhances the security and has been attracting maximum RFID lock manufacturers and end users, which, in turn is catalyzing the growth of RFID locks market. Manufacturers such as Assa Abloy, Dormakaba Group, Godrej & Boyce, ShineACS Technology Limited, and Be-Tech Asia Limited are among the key manufacturers of RFID locks that unlock with key cards. The segment holds the largest market share in RFID locks market and is expected to continue dominating the market throughout the foreseeable future.

The overall Asia Pacific RFID locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific RFID locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific RFID locks market. Some of the key players operating in Asia Pacific RFID locks market are Assa Abloy AB, Bai Fu Co., Ltd.; Digilock (Security People, Inc.); Dormakaba Holding AG; Godrej & Boyce Manufacturing Company Limited; Onity Inc.; and Samsung Group.