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RFID Lock Market size and Key Trends in terms of volume and value 2016-2024
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By geography, the RFID lock market is segregated into North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. North America held the key share of the RFID lock market in 2015 and is anticipated to remain dominant during the forecast period. Rise in demand for technology in the residential sector is one of the key factors driving the RFID lock market in this region. Increasing demand for RFID locks combined with mobile access solutions is driving demand in North America. The U.S is one of the large markets for RFID locks in North America. Europe has a considerable share in the global RFID lock market owing to the increasing popularity of mobile connectivity. This is a growing opportunity for hotels to drive the demand for RFID locks by using mobile access solutions. Germany and France account for majority of the market share in this region. Asia Pacific is one of the fast growing regions for RFID locks and is projected to remain so over the forecast period. Adoption of RFID based locks is one of the major factors driving the RFID lock market in this region. China and Japan are likely to create more opportunities for the RFID lock market in this region. Middle East & Africa has an emerging RFID lock market due to the wide popularity of smart home devices used for residential purposes. Saudi Arabia is one of the large markets in the RFID locks market in this region. Latin America is an emerging region for this market.
The RFID lock market is fragmented and competitive owing to the extensive presence of a large number of players. Global manufacturers are aiming to acquire local players in order to expand business. Manufacturers are adopting innovative technologies in order to expand their business worldwide. The key players in the RFID lock market are ASSA ABLOY Hospitality, MIWA Lock, Dormakaba, and Samsung. Some of the key vendors in the RFID lock market are Godrej Locking Solutions and Systems, Allegion, LockState, Onity, SALTO Systems, and Hettich Hettlock.
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