DUBLIN–(BUSINESS WIRE)–The RFID Tags Market Size, Market Report 2022 To 2030: “Growing Penetration of RFID Technology along with Consistent Price Decline to Drive the RFID Tags Market” report has been added to ResearchAndMarkets.com’s offering.
RFID tags market worldwide is set to register robust CAGR through the forecast period from 2022 to 2030.
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
RFID tags are electronic devices embedded with an antenna attached to the goods/animals/personnel to be tracked. The demand for RFID tags is primarily governed by the continually growing penetration of RFID tracking systems worldwide. Factors such as consistent decline in price and widespread application area has ensured robust market growth over the period. RFID tags are available in wide price range starting as low as US$ 0.10 to more than US$ 20, based on particular application.
The market heavily relies on retail and transportation & logistics sectors constituting to more than 65% of the overall market revenue generated worldwide. Major retail companies such as Walmart, Inc., Metro AG and Target Corporation have already mandated the use of RFID tracking systems for effective asset and goods tracking.
Additionally, major consumer packages goods (CPG) companies too hold prominent position in adopting RFID tracking systems, thereby supporting the RFID tags market growth.
HF RFID Tags to Dominate the Market; UHF RFID Tags Segment to Register the Highest Growth
HF RFID tags segment led the overall market in 2021, contributing to more than 40% of the total market revenue generated worldwide. Although LF RFID systems too are fairly competent, factors such as standardized technology, faster detection, larger memory, fairly longer range and wide application area.
Thus, despite being costlier than LF systems, HF RFID systems are more widespread making the HF tags segment dominant in the market. In the following years, UHF RFID tags segment is set to register the highest growth in the market. UHF RFID tags are cheap, long range and offer faster data transfer rate as compared to LF and HF counterparts.
Additionally, this latest RFID standard supports multiple tag reading and can be used in wide array of applications including retail, inventory management, pharmaceutical anti-counterfeiting and several others. Thus, the segment would register highest growth rate during the forecast period.
Asia Pacific to Continue its Dominance due to Rising Industrial & Retail Sectors
In 2021, Asia Pacific accounted for the largest share, in terms of value, in the overall RFID tags market contributing to more than 1/3rd of the global market value.
Asia Pacific possesses the most promising retail sector globally, demonstrating nearly 5% growth rate every year since 2015. Similarly, e-commerce industry in India and China is has been demonstrating double-digit growth since the past few years. The two countries are expected to remain the most lucrative markets on account of rapidly growing retail and transportation & logistics sectors here.
The Asia Pacific region is closely followed by North America due to higher adoption in applications such as livestock tracking, pet tracking and personnel tracking. North America is expected to register robust growth rate due to rapidly growing penetration of UHF RFID systems here.
New Product Development for Serving Multiple End-use Verticals to Remain the Key Strategy
The overall RFID tags market is competitive in nature and characterized by large number of regional as well as international players. Major market players have emphasis on product enhancement in accordance with the latest RFID standards and booming RFID applications. Due to continued adoption of UHF RFID (RAIN RFID) systems in the industry, market players are more inclined towards introducing UHF RFID tags.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of RFID Tags market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the RFID Tags market?
- Which is the largest regional market for RFID Tags market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving RFID Tags market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the RFID Tags market worldwide?
The report provides detailed profiles of the major market players including
- Zebra Technologies Corporation
- Impinj Inc.
- Alien Technology Corporation
- Invengo Technology Pte. Ltd.
- Honeywell International Inc.
- GAO RFID Inc.
- NXP Semiconductors N.V.
- SATO Holdings Corporation
- Omni-ID Ltd.
- HID Global Corporation
- SMARTRAC N.V.
- Confidex Ltd.
Segmentation
Product
- Active RFID Tags
- Passive RFID Tags
- Semi-passive RFID Tags
Frequency
- Low Frequency (LF) RFID Tags
- High Frequency (HF) RFID Tags
- Ultra-high Frequency (UHF) RFID Tags
Industry Vertical
- Apparel & Retail
- Transportation & Logistics
- Industrial Manufacturing
- Pharmaceuticals & Healthcare
- Automotive
- Agriculture & Livestock
- Others (Oil & Gas, Government etc.)
For more information about this report visit https://www.researchandmarkets.com/r/m4eu2o
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