Market Introduction
The Asia Pacific RFID locks market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The Asia Pacifica region constitutes developed economies such as Australia, China, India, Japan and South Korea as a developing nation. High industrial presence, and huge population. High growth rate of urbanization and industrialization, on the back of high investments in industrial and commercial developments, in developing countries is anticipated to offer ample growth opportunities to the companies operating in the RFID locks market. Both commercial & residential sectors are witnessing construction of new buildings and thus influencing adoption of new high-end access products. Increase in new buildings is creating demand for the solutions ensuring security at buildings and land sites while maintaining convenience and optimum efficiency. India, China, Australia, Japan, and South Korea are the most significant contributors to market growth in this APAC due to the presence of regional vendors offering RFID locking products. Bai Fu Co., Ltd., Be-Tech Asia Limited, Godrej & Boyce Manufacturing Company Limited., Digilock, and Samsung are among the players catering to in the demand for RFID locks market in this region.
Market Overview and Dynamics
The RFID locks market in Asia Pacific is expected to grow from US$ 1,005.90 Mn in 2019 to US$ 2,865.10 Mn by 2027; it is estimated to grow at a CAGR of 15.0% from 2020 to 2027. The Asia Pacific consumer electronics market is strongly stimulated due to the significant adoption of smartphones among people of all age groups. The developing countries in APAC, are experiencing a substantial rise in the number of smartphone users owing to the growing availability of low-cost smartphones. Also, Australia is one amongst the advanced economies where smartphone ownership is high owing to rising disposable income. Many locks are available with mobile access features. For instance, ViAge Technology—a provider of magnetic stripe & smart card applications—offers Esmart Mobile access locks. The lock combines PIN & RFID with BLE mobile access technology. It will make locking activity efficient as it combines RF user card with smartphone access key. Therefore, the growing penetration of smartphones is anticipated to boost the use of RFID locks among hospitality and other end users in coming years.
Key Market Segments
In terms of access devices, the key cards segment accounted for the largest share of the Asia Pacific RFID locks market in 2019. In terms of end-user, the hospitality segment held a larger market share of the Asia Pacific RFID locks market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific RFID locks market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are include Assa Abloy AB, Bai Fu Co., Ltd., Digilock (Security People, Inc.), Dormakaba Holding AG, Godrej & Boyce Manufacturing Company Limited, Onity Inc. and Samsung Group.
Reasons to buy report
ASIA PACIFIC RFID LOCKS MARKET SEGMENTATION
By Access Devices
By End-User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,005.90 Million |
| Market Size by 2027 | US$ 2,865.10 Million |
| CAGR (2020 - 2027) | 15.0% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Access Device
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific RFID Locks Market is valued at US$ 1,005.90 Million in 2019, it is projected to reach US$ 2,865.10 Million by 2027.
As per our report Asia Pacific RFID Locks Market, the market size is valued at US$ 1,005.90 Million in 2019, projecting it to reach US$ 2,865.10 Million by 2027. This translates to a CAGR of approximately 15.0% during the forecast period.
The Asia Pacific RFID Locks Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific RFID Locks Market report:
The Asia Pacific RFID Locks Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific RFID Locks Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific RFID Locks Market value chain can benefit from the information contained in a comprehensive market report.
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