Europe RFID Locks Market is expected to reach US$ 3,165.39 Mn by 2027

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

According to a new market research study on “Europe 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$ 3,165.39 Mn by 2027 from US$ 1,168.95 Mn in 2019. The market is estimated to grow at a CAGR of 13.8% from 2020 to 2027. The report provides trends prevailing in the Europe RFID locks market along with the drivers and restraints pertaining to the market growth. Upsurge in urbanization and revolution of the hospitality industry are the major factors driving the growth of the Europe RFID locks market. However, the prolonged battery life may hinder the growth of Europe RFID locks market.

The market for Europe 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 Europe RFID locks market. Based on end-user, the Europe RFID locks is divided into hospitality, residential, manufacturing, retail, automotive, aerospace and defense, government and public utilities, and others. The aerospace & defense segment is expected to be the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Europe RFID locks market has been facing difficulties and several countries have suffered heavily. Russia, UK, France, and Italy 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. Thus, impacted the market for RFID locks market.

Assa Abloy AB, Digilock (Security People, Inc.), Dormakaba Holding AG, Euro-Locks SA NV (Lowe & Fletcher Group), Onity Inc., Qilocks Equipment Ltd., Samsung Group and Senseon (Accuride International Inc.) are among some of the leading companies in the Europe 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 Europe RFID Locks market as follows:

• Key Cards
• Mobile Phones
• Key Fobs

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

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe