Yahoo Finance Global RFID Locks Market Report 2021: Market was Valued at $3,585.11 Million in 2019 and is Projected to Reach $8,779.61 Million by 2027
Dublin, April 20, 2021 (GLOBE NEWSWIRE) -- The "RFID Locks Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Access Device and End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
Rising Penetration of Smartphones to Provide Growth Opportunities for RFID Locks Market
RFID Locks Market was valued at US$ 3,585.11 million in 2019 and it is projected to reach US$ 8,779.61 million by 2027; it is expected to grow at a CAGR of 12.6% from 2020 to 2027.
The global consumer electronics market is strongly driven by the significant adoption of smartphones among people of all age groups. The developing countries in APAC, the MEA, and South America are experiencing a substantial rise in number of smartphone users owing to increasing availability of low-cost smartphones.
Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income. For instance, ViAge Technology - a provider of magnetic stripe & smart card applications - offers Esmart Mobile access locks.
The lock combines pin and RFID (radio-frequency identification) with BLE (Bluetooth low energy) mobile access technology. It would make locking activity efficient as it combines RF user card with smartphone access key. Therefore, growing penetration of smartphones is anticipated to boost the use of RFID locks among hospitality and other end users in coming years.
Geographically, Europe held the largest share of the RFID locks market in 2019, followed by Asia Pacific and North America. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The RFID locks market is segmented into access device, end-user, and geography. Based on access device, the market is further categorized into key cards, mobile phones, and key fobs. The key cards segment represented a larger share of the overall market in 2019.
In terms of end-user, the market is segmented into hospitality, residential, manufacturing, retail, automotive, aerospace & defense, government & public utility, and others. In 2019, the hospitality segment accounted for a substantial share of the global RFID locks market.
Impact of COVID-19 Pandemic on RFID Locks Market
The COVID-19 outbreak has created enormous disruption across industries, including electronics & semiconductor. Every phase of the business model has been witnessing drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply-chain, production decisions, and mergers and acquisitions.
Over the past several months, the COVID-19 outbreak had severely challenged the electronics manufacturers. The disruption among the raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from the customers have showcased adverse impact on the electronics & semiconductor manufacturers.
According to Electronic Components Industry Association, the emergence of COVID-19 has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources.
Additionally, the manufacturers of various electronic and semiconductor products, including RFID strips and chips, have been experiencing substantial delay in lead times, which has weakened the supply chain. Similar to RFID strips or chip manufacturers, the locking system manufacturers also observed delay in procuring RFID strips and chips, which are integrated on the locks. This resulted in lesser production and delay in shipment of the final products. This has had a negative impact on RFID locks market.
Assa Abloy AB; Bai Fu Co., Ltd.; Digilock (Security People, Inc.); dormakaba Holding AG; Euro-Locks SA NV (Lowe & Fletcher Group); Godrej & Boyce Manufacturing Company Limited; Onity Inc.; Qilocks Equipment Ltd; Samsung Group; and Senseon (Accuride International Inc.) are among the few major companies operating in the RFID locks market.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. RFID Locks Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. RFID Locks Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Urbanization
5.1.2 Expanding Hospitality Industry
5.2 Market Restraints
5.2.1 Longer Battery Life
5.3 Market Opportunities
5.3.1 Rising Penetration of Smartphones
5.4 Future Trends
5.4.1 Integration of AI with Locking System
5.5 Impact Analysis of Drivers and Restraints
6. RFID Locks - Global Market Analysis
6.1 Overview
6.2 RFID Locks Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Global Market Players Ranking
7. RFID Locks Market Analysis - By Access Devices
7.1 Overview
7.2 RFID Locks Market, By Access Devices (2019 and 2027)
7.3 Key Card
7.4 Mobile Phones
7.5 Key Fobs
8. RFID Locks Market Analysis - By End-User
8.1 Overview
8.2 RFID Locks Market Breakdown, By End-User, 2019 & 2027
8.3 Hospitality
8.4 Residential
8.5 Manufacturing
8.6 Retail
8.7 Automotive
8.8 Aerospace & Defense
8.9 Government & Public Utilities
9. RFID Locks Market - Geographic Analysis
9.1 Overview
10. Impact of COVID-19 Outbreak
10.1 Impact of COVID-19 Pandemic on Global RFID Locks Market
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. COMPANY PROFILES
12.1 Key Facts
12.2 Business Description
12.3 Products and Services
12.4 Financial Overview
12.5 SWOT Analysis
12.6 Key Developments
Assa Abloy AB
Bai Fu Co. Ltd.
Digilock (Security People Inc.)
Dormakaba Group
Euro-locks SA NV (Lowe and Fletcher Group)
Godrej and Boyce Manufacturing Company Ltd.
Onity Inc.
Qilocks Equipment Ltd.
Samsung
Senseon (Accuride International Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/m1hqp6
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