Global RFID Locks Market to Reach $12 Billion by 2030

The global market for RFID Locks estimated at US$4.8 Billion in the year 2022, is projected to reach a revised size of US$12 Billion by 2030, growing at a CAGR of 12.3% over the analysis period 2022-2030, according to a new report.

Key Cards, one of the segments analyzed in the report, is projected to record 12.4% CAGR and reach US$8.8 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 12.8% CAGR for the next 8-year period.

The RFID Locks market in the U.S. is estimated at US$1.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2030 trailing a CAGR of 11.4% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.1% and 10.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR.