RFID Locks Market Size, Trends and Growth Analysis by 2027

The global RFID locks market was valued at approximately US$ 3,585.11 million in 2019 and is anticipated to grow to US$ 8,779.61 million by 2027. This growth represents a compound annual growth rate (CAGR) of 12.6% from 2020 to 2027.

Technological advancements, a robust economy, and the rise of new technologies are driving the development of innovative and user-friendly solutions. The demand for advanced access control systems, particularly RFID locks, is on the rise. There has been a significant shift towards the adoption of electromechanical products over traditional locking mechanisms, a trend that is expected to persist and create numerous opportunities for users of smart locking systems. Consequently, manufacturers are integrating smart technologies into their electronic locks, enhancing their functionality. The introduction of RFID locks that can be operated via smartphones is gaining considerable traction. Utilizing smartphones or voice commands to unlock doors eliminates the need for physical keys, making the process more convenient. The increasing penetration of smartphones is likely to further encourage the adoption of RFID locks among potential users.

Moreover, RFID locks equipped with keycard readers can operate from a short distance, making them increasingly popular among consumers. The rising number of hotels in regions such as the United States, United Arab Emirates, and Saudi Arabia is expected to accelerate the implementation of RFID locks in hotel rooms significantly. The global consumer electronics market is heavily influenced by the widespread adoption of smartphones across various demographics. Developing nations in the Asia-Pacific, Middle East and Africa, and South America are witnessing a notable increase in smartphone users, largely due to the availability of affordable smartphone options. Additionally, countries like the Netherlands, Sweden, Australia, United States, Spain, Germany, United Kingdom, and France are among the advanced economies with high smartphone ownership rates, driven by rising disposable incomes.

The overall size of the RFID locks market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aids in providing an overview and forecast of the RFID locks market across various segments and regions. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the RFID locks sector.

Key players in the RFID locks market include Assa Abloy AB, Bai Fu Co., Ltd., Digilock, Dormakaba Group, Euro-Locks SA NV, Godrej & Boyce Manufacturing Company Limited, Onity Inc., Samsung, and Senseon. These companies have been profiled in this market study, highlighting their contributions and strategies within the RFID locks industry.