"Growing Penetration of RFID Technology along with Consistent Price Decline to Drive the RFID Tags Market"
RFID tags market worldwide is set to register robust CAGR through the forecast period from 2023 to 2030, rising from US$ 5,955.8 Mn in 2020. 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. 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. and others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of RFID Tags market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
