Vehicle License Plate Market to grow at a CAGR of 6.69% from 2022 to 2027, Increasing vehicle registrations to boost market growth – Technavio

NEW YORK, Sept. 6, 2023 /PRNewswire/ — The vehicle license plate market is estimated to increase by USD 220.39 million from 2022 to 2027, with a CAGR of 6.69%, according to a recent market study by Technavio. Increasing vehicle registrations year-on-year is a key factor driving the market growth. Growing purchasing power and strong economic expansion in emerging markets such as Brazil, China, and India are driving demand for passenger cars and commercial vehicles. The BRIC countries, especially China, have experienced significant growth due to substantial tax incentives and industrial development. In addition, intense competition between suppliers and market saturation has forced automakers around the world to focus their efforts on these regions. Hence, these factors are expected to drive market growth during the forecast period. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region.  Discover some insights on market size before buying the full report –Request a FREE sample report

Vehicle License Plate Market – Company Insights

The vehicle license plate market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 companies listed Below –

3M Co., Asahi Kasei Corp., EHA Hoffmann International GmBH, Erich Utsch AG, Fuwong License Plate, GibPlates, Godawari Techno Solution Pvt. Ltd., Hills Numberplates Ltd., Jepson and Co. Ltd., LC Security Equipment Co. Ltd., LicenSys Pty Ltd., Muschard Schildertechnik, ORBIZ, ReviverMx Inc., Rosmerta Technologies Ltd, SPM Systems Sp. zo.o. Sp. k., The Waldale Irwin Hodson Group, TONNJES E.A.S.T. INFRASTRUKTUR INVEST GmbH, UTAL Sp. z o.o, and Yarya Sekur Download a FREE Sample

Vehicle License Plate Market – Segmentation Analysis

The market is segmented by distribution channel (OEM and aftermarket), vehicle type (passenger cars (PC), light commercial vehicles (LCV), heavy commercial vehicle (HCV), and electric vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa)

• The market share growth by the OEM segment will be significant during the forecast period. OEMs mainly supply license plate frames to automakers or pre-installed license plate systems. These license plate systems are designed to fit specific OEM-manufactured vehicle models. Then, during the assembly process, car manufacturers will install license plates on the vehicle. Furthermore, the aftermarket distribution channel is for the sale and shipping of license plates to consumers after purchasing a new vehicle. Auto parts retailers, e-commerce platforms, specialty stores, and auto service centers are also among these channels. Hence, these factors are expected to drive segment growth during the forecast period.
• APAC is estimated to contribute 42% to the growth of the global market during the forecast period. To procure the data – Buy the report!

Major Trends- The adoption of digital license plates is a major trend in the market.

Significant Challenge- Risks associated with technologically advanced license plates is a significant challenge restricting market growth. For Insights on the market dynamics & segmentations VIEW FREE PDF SAMPLE!

What are the key data covered in this Vehicle License Plate Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the vehicle license plate market between 2023 and 2027
• Precise estimation of the size of the vehicle license plate market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the vehicle license plate market across APAC, Europe, North America, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of vehicle license plate market companies

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Distribution

7 Market Segmentation by Vehicle Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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