Key Cards Segment to Dominate Asia Pacific RFID Locks Market during 2019–2027

According to a new market research study on “Asia Pacific RFID Locks Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast – by Access Device, End-User and Country,” is expected to reach US$ 2,865.10 Mn by 2027 from US$ 1,005.90 Mn in 2019. The market is estimated to grow at a CAGR of 15.0% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific RFID locks market along with the drivers and restraints pertaining to the market growth. Upsurge in urbanization and growth in the hospitality industry are the major factors driving the growth of the Asia Pacific RFID locks market. However, enhanced battery life may hinder the growth of Asia Pacific RFID locks market.

The market for Asia Pacific RFID locks is segmented into access devices, end-user, and country. Based on access devices, the market is segmented into key cards, mobile phones, and key fobs. In 2019, the key cards segment held the largest share in Asia Pacific RFID locks market. Based on end-user, the Asia Pacific RFID locks is divided into hospitality, residential, manufacturing, retail, automotive, aerospace and defense, government & public utilities, and others. The hospitality segment held the largest share during the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific RFID locks market has been facing difficulties and several countries have suffered heavily. India, South Korea, and China are some of the countries that have incurred a huge loss. The manufacturing sectors in the countries mentioned above have been experiencing low production and a weak supply chain. Thereby, impacted the market for RFID locks.

Assa Abloy AB, Bai Fu Co., Ltd., Digilock (Security People, Inc.), Dormakaba Holding AG, Godrej & Boyce Manufacturing Company Limited, Onity Inc. and Samsung Group and are among some of the leading companies in the Asia Pacific RFID locks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The report segments the Asia Pacific RFID Locks Market as follows:

• Key Cards
• Mobile Phones
• Key Fobs

• Hospitality
• Residential
• Manufacturing
• Retail
• Automotive
• Aerospace & Defense
• Government & Public Utility
• Others

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific