RFID Locks Market Growth, Trends and Forecast 2024-2026

RFID locks are designed to perform unlocking and locking operations. Each access device contains the encoded data on the RFID chip. When the access device comes in the vicinity of the lock’s (reader’s antenna), the chip transmits the data, thus identifying the user. Enhanced security, compliance, audit trails, and efficiency are just a few of the reasons people are looking to deploy electronic security. Since the 1970’s, RFID locks have progressed significantly when they were prominently used in the hospitality industry and relied upon holes that were pierced into the cards. The market for RFID locks is expected to grow at a CAGR of 16.9% during the forecast period 2018-2026. The market is expected to reach 16,450.6 Mn in 2026.

With increase in property crime, home invasions and burglaries in the past few years, demand for RFID lock solutions across the residential and other sectorsis unceasingly increasing, which is expected to propel growth of the RFID locks market in the forthcoming years. Furthermore, increasing smartphone penetration and its user friendly experience is providing a better channel for companies to reach out to customers and offer their product services rightinto the customers hand by enabling them to control the door locksmore conveniently. This would lead to increase in the smart lock user base, thus supporting the growth of the RFID locks market.

The RFID locks market is segmented in terms of access device and application. Based on access device, themarket is further bifurcated into key cards, mobile phones, wearables, and key fobs. In terms of application, the market is segmented into hospitality, automotive, aerospace & defense, residential, manufacturing, BFSI, retail, transportation & logistics, and others (governments & public utilities, healthcare, etc.). Growth of the market is majorly due the increasing number of people opting for latest solutions and technologies available in the market, aiming at ensuring high levels of security and automation in the premises.

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Apart from this, interoperability of multiple devices with a high level of convergence would lead to greater market attraction. All these factors are expected to drive the RFID locks market during the forecast period.  However, low IT literacy is hampering large-scale acceptance by consumers and thus is a major concern restraining the market. Similarly, unaffordable prices of security solutions is restricting the potential customer base in regions such as Asia Pacific and MEA,thus limiting the growth of the RFID locks market.

However, rapid development in terms of innovations, and growing adoption and awareness of having advanced security solutions among the population in emerging economies especially in China, India, and in Southeast Asian countries is anticipated to offer lucrative opportunities to the RFID lock market players in longterm.

Based on region, the RFID locks market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Demand for RFID locks in North America is growing mainly due to rising renovation activities of residential units. Construction activityis the driving factor for the RFID locks market in North America.

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The construction of residential and non-residential buildings is creating demand for new locks that are installed directly into the building. Additionally, it is also creating demand for the retrofit business largely due to increasing number of people/companies upgrading their existing lock systems.

Furthermore, the market in Europe is expected to grow significantly due to presence of major leading players such as ASSA ABLOY. Apart from ASSA ABLOY, TYCO International PLC, and Siemens are also some of the major players operating in this region. Numerous strategies are adopted by players such as new product development, strategic alliances, partnerships and acquisitions, in Europe. The market in Europe is also expected to grow due to the increasing adoption rate of smart homes coupled with significant amount of construction spending. Major growth in the RFID locks market in Europe is mainly seen in countries such as the U.K., Germany, and France. The high adoption rate of data connectivity and medium penetration rate of access control devices makes this region a gold mine of opportunities for companies.

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Enhanced security needs of customers driving adoption of security solutions across the world have encouraged many regional and global companies to extend their product portfolio across the world. Some of the major players in the global RFID locks market are Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Nestwell Technologies, United Technologies Corporation, Siemens AG, Vivint, Inc., Samsung Electronics Co Ltd., and dorma+kaba Holdings AG.