RFID Lock

RFID Lock

Global RFID Locks Market to Reach $8.3 Billion by 2027

In the changed post COVID-19 business landscape, the global market for RFID Locks estimated at US$3.7 Billion in the year 2020, is projected to reach a revised size of US$8.3 Billion by 2027, growing at a CAGR of 12.2% over the analysis period 2020-2027. Key Cards, one of the segments analyzed in the report, is projected to record a 12.3% CAGR and reach US$6.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Wearables segment is readjusted to a revised 12.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.1 Billion, While China is Forecast to Grow at 11.4% CAGR

The RFID Locks market in the U.S. is estimated at US$1.1 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2027 trailing a CAGR of 11.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.1% and 10.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR.

Mobile Phones Segment to Record 11.7% CAGR

In the global Mobile Phones segment, USA, Canada, Japan, China and Europe will drive the 11.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$285.4 Million in the year 2020 will reach a projected size of US$616.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.

Select Competitors (Total 14 Featured) -

• Allegion PLC
• Assa Abloy AB
• Dolphin RFID Pvt., Ltd.
• Dorma Kaba Holding AG
• Fortune Marketing Pvt Ltd.
• Godrej Locking Solutions and Systems
• Hettich Holding GmbH & Co. oHG
• Honeywell International, Inc.
• LockState, Inc.
• Miwa Lock Co.
• Nestwell Technologies
• Onity, Inc.
• SALTO Systems SL
• Samsung Electronics Co., Ltd.
• Siemens AG

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