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RFID Locks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 149 Pages
  • October 2023
  • Region: Global
  • IMARC Group
  • ID: 5701105

Quick Summary:

As the global market for RFID locks continues to expand, it presents an exceptional opportunity for companies operating in the safety and security sector. RFID locks, an ergonomic design offering superior security, accessibility, adaptability, and efficiency, are fast becoming the preferred alternative to traditional key-and-knob locks for both interiors and exterior doors in commercial and residential spaces.

The growing adoption of RFID locks is driven by a shift in preference towards electromechanical devices and a growing concern over safety. Amplified by rapid urbanization, increasing population densities, and demand for advanced infrastructure solutions, the market continues its upwards trajectory. Technological advancements like touch displays and Wi-Fi-and Bluetooth-based locking systems paired with growth in hospitality, tourism, and real estate industries are fueling this market's progress. Comprehensive analysis of access devices, end users, and regional trends within the global RFID locks market is crucial for businesses aiming to stay ahead in this changing landscape.

The global RFID locks market size reached US$ 3.8 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.2% during 2023-2028.

An RFID lock is designed to operate both as an unlocking and locking device. Data is encoded on the RFID chip of each access device. As soon as the access device approaches the lock's (reader's) antenna, the chip transmits the data, identifying the user, and the data is transmitted by the RFID chip, which is implemented in each access device. RFID locks have several benefits, such as ergonomic and well-suited design, ADA compliance, universality, and flexibility. The electronic security provided by RFID locks is beneficial to organizations in multiple ways, including increased security, compliance, audit trails, and efficiency. As a result, they are swiftly replacing traditional key-and-door knob locks on both interiors and exterior doors of commercial as well as residential spaces.

RFID Locks Market Trends:

The market is majorly driven by a paradigm shift toward the adoption of electromechanical devices over conventional locking systems. This can be attributed to the increasing concerns regarding safety and security among the masses. With rapid urbanization, there has been a considerable expansion of conurbations and cities with the growing number of inhabitants, which is creating the escalating need for advanced and sophisticated infrastructure solutions. In addition to this, continual technological advancements, such as touch displays, Wi-Fi-and Bluetooth-based (BLE) locking and unlocking assistance, are fueling the market. Significant growth in the hospitality, tourism and real estate industries resulting in the construction of new commercial buildings are also providing an impetus to the market. Some of the other factors creating a positive outlook for the market include the inflating disposable income levels of consumers, continual product innovations, penetration of high-speed internet connectivity, the growing adoption of artificial intelligence (AI) and internet of things (IoT), and extensive research and development (R&D) activities conducted by key players.

Key Market Segmentation

The report provides an analysis of the key trends in each sub-segment of the global RFID locks market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on access device and end user.

Breakup by Access Device:

  • Key Cards
  • Mobile Phone
  • Wearables

Breakup by End User:

  • Residential
  • Hospitality
  • Automotive
  • Government
  • Retail
  • BFSI
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being Assa Abloy AB, Dormakaba Group, Euro-locks SA NV (Lowe & Fletcher Group), Godrej & Boyce Manufacturing Co. Ltd., Hanman International Pte. Ltd., Hettich Holding GmbH, MIWA Lock Company Ltd, Nestwell Technologies, Ojmar SA, Onity Inc., SALTO Systems S.L, Senseon and Yale.

Key Questions Answered in This Report

1. What was the size of the global RFID locks market in 2022?
2. What is the expected growth rate of the global RFID locks market during 2023-2028?
3. What are the key factors driving the global RFID locks market?
4. What has been the impact of COVID-19 on the global RFID locks market?
5. What is the breakup of the global RFID locks market based on the access device?
6. What is the breakup of the global RFID locks market based on the end user?
7. What are the key regions in the global RFID locks market?
8. Who are the key players/companies in the global RFID locks market?
Frequently Asked Questions about the Global RFID Locks Market

What is the estimated value of the Global RFID Locks Market?

The Global RFID Locks Market was estimated to be valued at $3.8 Billion in 2022.

What is the growth rate of the Global RFID Locks Market?

The growth rate of the Global RFID Locks Market is 14.1%, with an estimated value of $8.4 Billion by 2028.

What is the forecasted size of the Global RFID Locks Market?

The Global RFID Locks Market is estimated to be worth $8.4 Billion by 2028.

Who are the key companies in the Global RFID Locks Market?

Key companies in the Global RFID Locks Market include Assa Abloy AB, Dormakaba Group, Euro, locks SA NV (Lowe & Flher Group), Godrej & Boyce Manufacturing Co. Ltd., Hanman International Pte. Ltd., Hettich Holding GmbH, MIWA Lock Company Ltd, Nestwell Technologies and Ojmar SA.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global RFID Locks Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Access Device
6.1 Key Cards
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Mobile Phone
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Wearables
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by End User
7.1 Residential
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Hospitality
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Automotive
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Government
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Retail
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 BFSI
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Others
7.7.1 Market Trends
7.7.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Assa Abloy AB
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2 Dormakaba Group
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.3 Euro-locks SA NV (Lowe & Fletcher Group)
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.4 Godrej & Boyce Manufacturing Co. Ltd.
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.5 Hanman International Pte. Ltd.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.6 Hettich Holding GmbH
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.7 MIWA Lock Company Ltd
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.8 Nestwell Technologies
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.9 Ojmar SA
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.10 Onity Inc.
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.11 SALTO Systems S.L
13.3.11.1 Company Overview
13.3.11.2 Product Portfolio
13.3.12 Senseon
13.3.12.1 Company Overview
13.3.12.2 Product Portfolio
13.3.13 Yale
13.3.13.1 Company Overview
13.3.13.2 Product Portfolio
List of Figures
Figure 1: Global: RFID Locks Market: Major Drivers and Challenges
Figure 2: Global: RFID Locks Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: RFID Locks Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: RFID Locks Market: Breakup by Access Device (in %), 2022
Figure 5: Global: RFID Locks Market: Breakup by End User (in %), 2022
Figure 6: Global: RFID Locks Market: Breakup by Region (in %), 2022
Figure 7: Global: RFID Locks (Key Cards) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: RFID Locks (Key Cards) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: RFID Locks (Mobile Phone) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: RFID Locks (Mobile Phone) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: RFID Locks (Wearables) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: RFID Locks (Wearables) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: RFID Locks (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: RFID Locks (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: RFID Locks (Hospitality) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: RFID Locks (Hospitality) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: RFID Locks (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: RFID Locks (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: RFID Locks (Government) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: RFID Locks (Government) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: RFID Locks (Retail) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: RFID Locks (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: RFID Locks (BFSI) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: RFID Locks (BFSI) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: RFID Locks (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: RFID Locks (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: North America: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: North America: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: United States: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: United States: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Canada: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Canada: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Asia-Pacific: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Asia-Pacific: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: China: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: China: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Japan: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Japan: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: India: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: India: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: South Korea: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: South Korea: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Australia: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Australia: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Indonesia: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Indonesia: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Others: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Others: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Europe: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Europe: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Germany: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Germany: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: France: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: France: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: United Kingdom: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: United Kingdom: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Italy: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Italy: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Spain: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Spain: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Russia: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Russia: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Others: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Others: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Latin America: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Latin America: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Brazil: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Brazil: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Mexico: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Mexico: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Middle East and Africa: RFID Locks Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Middle East and Africa: RFID Locks Market: Breakup by Country (in %), 2022
Figure 75: Middle East and Africa: RFID Locks Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Global: RFID Locks Industry: SWOT Analysis
Figure 77: Global: RFID Locks Industry: Value Chain Analysis
Figure 78: Global: RFID Locks Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: RFID Locks Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: RFID Locks Market Forecast: Breakup by Access Device (in Million US$), 2023-2028
Table 3: Global: RFID Locks Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 4: Global: RFID Locks Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: RFID Locks Market: Competitive Structure
Table 6: Global: RFID Locks Market: Key Players

Companies Mentioned

  • Assa Abloy AB
  • Dormakaba Group
  • Euro-locks SA NV (Lowe & Flher Group)
  • Godrej & Boyce Manufacturing Co. Ltd.
  • Hanman International Pte. Ltd.
  • Hettich Holding GmbH
  • MIWA Lock Company Ltd
  • Nestwell Technologies
  • Ojmar SA
  • Onity Inc.
  • SALTO Systems S.L
  • Senseon
  • Yale.

Methodology

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