Report : South America RFID Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Access Device (Key Cards, Mobile Phones, and Key Fobs), End-User (Hospitality, Residential, Manufacturing, Retail, Automotive, Aerospace & Defense, Government & Public Utility, and Others)
Key Cards Segment to Dominate South America RFID Locks Market during 2019–2027
According to a new market research study on “South America 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$ 455.96 Mn by 2027 from US$ 265.60 Mn in 2019. The market is estimated to grow at a CAGR of 7.5% from 2020 to 2027. The report provides trends prevailing in the South America RFID locks market along with the drivers and restraints pertaining to the market growth. Rise in urbanization and rapid growth of the hospitality industry are the major factors driving the growth of the South America RFID locks market. However, the longer battery life may hinder the growth of South America RFID locks market.
The market for South America 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 South America RFID locks market. Based on end-user, the South America RFID locks is divided into hospitality, residential, manufacturing, retail, retail, hospitality and defense, government and public utilities, and others. The retail segment is expected to be the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the South America RFID locks market has been facing difficulties and several countries have suffered heavily. Brazil, Colombia, Argentina, Peru, Chile, and Ecuador 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.
Assa Abloy AB, Digilock (Security People, Inc.), Dormakaba Holding AG, Euro-Locks SA NV (Lowe & Fletcher Group), Onity Inc. and Samsung Group are among some of the leading companies in the South America 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 South America RFID Locks market as follows:
South America RFID Locks market – By Access Devices- Key Cards
- Mobile Phones
- Key Fobs
- Hospitality
- Residential
- Manufacturing
- Retail
- Automotive
- Aerospace & Defense
- Government & Public Utility
- Others
- Brazil
- Argentina
- Rest of South America