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RFID Locks Market Report by Access Device (Key Cards, Mobile Phone, Wearables), End User (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6420
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Market Overview:
The global RFID locks market size reached US$ 4.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.9 Billion by 2032, exhibiting a growth rate (CAGR) of 12.4% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 4.4 Billion |
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Market Forecast in 2032
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US$ 12.9 Billion |
| Market Growth Rate (2024-2032) | 12.4% |
A 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.
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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:
IMARC Group 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 levels from 2024-2032. 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Access Device, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global RFID locks market was valued at US$ 4.4 Billion in 2023.
We expect the global RFID locks market to exhibit a CAGR of 12.4% during 2024-2032.
The increasing consumer concerns regarding safety and security, along with the introduction of touch displays and Wi-Fi- and Bluetooth-based (BLE) locking and unlocking assistance across numerous industry verticals, such as hospitality, tourism, real estate, etc., are primarily driving the global RFID locks market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for RFID locks.
Based on the access device, the global RFID locks market has been segregated into key cards, mobile phone, and wearables. Among these, key cards currently exhibit a clear dominance in the market.
Based on the end user, the global RFID locks market can be bifurcated into residential, hospitality, automotive, government, retail, BFSI, and others. Currently, the residential sector holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global RFID locks market include 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.
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