"Growing Penetration of RFID Technology along with Increasing Affordability to Drive the RFID Electronic Locks Market"

Wide choices of making life easier for users by developing technologies are increasing the demand for smart buildings day by day. Therefore, smart facilities with advanced security measures has become a major driving factor for RFID electronic locks market. The market set to grow with significant CAGR during the forecast period from 2021 to 2029, accounted for US$ 3.25 Bn in 2017. RFID locks built to secure the asset with smart and fast operation along with enhanced security. Required information encoded on the RFID chip and each time the permissible gadget encounters lock, the mod chip pass on the reports analyzing the data. The RFID electronic locks market primarily driven by the swiftly rising penetration of RFID technology across the end-users. Factors such as steadily diminishing price and wide applications has guaranteed strong market growth over the period. RFID electronic locks offered with wide price range initiating as low as US$ 20 to more than US$ 1000, pertaining particular application. The market deeply determined by retail and corporate offices comprising to more than 1/3rd of the market value generated worldwide. Prime retail companies such as Metro AG, Target Corporation and Walmart, Inc. have already regulated the use of RFID technology for effective asset and goods safety.

"Cards to Dominate the Market; Mobile Phones Segment to Register the Highest Growth"

With standard smart card mode, the system keeps locked until opened with the key card that has access rights to the asset. Information regarded permissible entity encoded on the cards and each time the person encounters, the systems unlocks after analyzing authorized data. These cards also used as multifunctional tool as with some modification it widens the application area. Along with locking functionality these cards used as identity cards in corporate offices, retail and other sectors. Similarly, following cashless transaction mode, such cards used for transaction with encoded customer identity. Nevertheless, in the following years, the mobile phones segment expected to register the highest growth rate. With advancement in Near Field Communication (NFC) technology, mobile phones are witnessing rapid traction as a new approach to the alternative access devices. Rapidly growing smartphone users with application of RFID locking functionality expected to surge the higher growth of segment compared to other devices.   

"Steady Growth of End-user Industry to Ensure Fastest Growth of RFID Electronic Locks Market in Asia Pacific"

Asia Pacific expected to exhibit comparatively higher market growth throughout the forecast period, principally due to development of end-user industries. Asia Pacific incorporates the flourishing retail sector, demonstrating nearly 5% growth rate every year since 2015. Similarly, industrial and commercial sector in China, Japan, South Korea and India demonstrating promising growth since last few years. These countries expected to remain the most lucrative markets on account of rapidly growing automotive, hospitality and transportation & logistics sectors here. The Asia Pacific region closely followed by North America due to higher adoption in smart applications. Similarly, Europe expected to enroll robust growth rate due to rapidly growing healthcare, corporates and banking & finance sector among others. Swift growth of end-use industries along with growing smart security techniques, RFID electronic locks market expected to witness comparatively higher growth across the globe.

"Mergers & Acquisition to Remain the Key Strategy"

RFID electronic locks market intensely fragmented in nature with major players such as Assa Abloy Group, Dormakaba Holdings AG and Allegion plc. among others demonstrating about 30% of overall market shares. Gaining critical mass is a key differentiator in this market. Players are aiming for mergers & acquisition to widespread the customer reach for absorbing maximum shares in global market. For instance, Assa Abboy Group has made over 200 acquisition in door locking systems business since its inception. Prime instances of acquisition in RFID electronic lock systems include acquisition of Aontec Teoranta by Assa Abloy Group; acquisition of Creativesystems by TYCO International PLC; alliance of Dormakaba Holdings AG with Epproach Communications. Similarly innovation in product offering becoming key strategy for continued sustainable growth of major players. For instance, in June 2021, Dormakaba Holdings AG announced Bluetooth Low Energy (BLE) enabled access control systems offering functionality through mobile phones. Similarly, in March 2021, Assa Abloy group expanded innovative RFID lock technology to DIN and SIS doors with new addition of products. Key players of global RFID electronic locks market includes Assa Abloy Group, TYCO International PLC, Siemens AG, Honeywell International Inc., Godrej & Boyce (G n B), NestWell Technologies, United Technologies Corporation, Vivint, Inc., Samsung Electronics Co. Ltd., Dormakaba Holdings AG, Spectrum Brands Holdings, Inc., Allegion plc., Hettich Holding GmbH & Co., Onity, Inc., SALTO Systems S.L. and Others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of RFID Electronic Locks market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the RFID Electronic Locks market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of RFID Electronic Locks market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the RFID Electronic Locks market?
• Which is the largest regional market for RFID Electronic Locks market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving RFID Electronic Locks market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the RFID Electronic Locks market worldwide?