DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “Global Automotive Labels Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The automotive labels market is projected to grow at a CAGR of 9.38% to reach US$11.125 billion by 2027, from US$5.940 billion in 2020. The rising disposable income among the individuals coupled with the increasing propensity to spend is leading to increased production and consumption of automobiles. The growth of various industries has resulted in the creation of more jobs and a rise in the disposable income of individuals.
This is facilitating a surge in their propensity to spend, and allowing them to spend on luxury items. This factor coupled with the desire to purchase a vehicle among the low-income and the middle-income population is resulting in increased production of passenger vehicles, thereby contributing to the market growth over the forecast period.
There is a rising prevalence of individuals who lack the basic knowledge of the technical know-how of how the different components in the vehicles work or the basic factors to keep in mind while driving a vehicle in order to stay safe and keep their occupants safe. The demand for smart labels RFID import is rising, which uses enhanced techniques to ensure the products that are used are original and would not cause any harm to the driver whilst driving activity.
On the other hand, the labels are also made to deliver important information regarding the part that is been used in the vehicle and the safety guidelines that should be adhered to while interacting with the product. In addition, the presence of RFID or barcodes on the products or some information is essential and important, as it is able to help the owner track the vehicle or the part if it is stolen. The availability of enhanced and advanced products by market players is increasing awareness among the people and boosting the demand for automotive labels.
Some of the examples of product offerings are as follows:
- Schreiner ProTech, which is among one of the leading companies that are involved in the manufacture and sale of automotive and engineering labels and is based in Germany, announced the launch of their new product, which is an anti-counterfeiting solution. The product is a type of micro font, and colour laser film (CLF) nameplate. The cost incurred to produce this product is the same as the conventional solutions that are available in the market.
- Electronic Imaging Materials, Inc., which is another company that is involved in the production of labels for different labelling applications and requirements in different end-user industries, including automobiles, offers a wide range of products under its portfolio. Some of the products that they offer are, “629 EnduraLabel”, this label is suitable for use under the hood parts, undercarriage applications, oily surfaces, and plastic labels. “677 White Plastic”, is a product offered by the company that was developed for use in battery casing applications and is able to withstand chemicals and moisture in a majority of the applications. “1783 EnduraLabel”, which is a product that is suitable for use in applications pertaining to the undercarriage and rims of automobiles.
- Brady Worldwide, Inc. is among one the leading companies dealing in the provision of labels and other products for different industries and offers different types of labels in order to cater to the automobile in interior and exterior applications. It offers its product called the “WorkHorse Series”, which is developed specifically in order to deal with harsh environments, that is durable under heavy usage and shows the ability to survive chemical action and abrasion. This is generally used for barcoding, rating, and serial plates. It also offers other products such as the “MetalLabel Series ” and the “UltraTemp Series”
Over the forecast period, warning and safety labels are expected to grow significantly
The warning and safety labels are expected to hold a significant share and register considerable growth over the forecast period owing to the fact that they are able to provide imperative information to the drivers and the vehicle, informing them about the different functions and the safety procedures that must be followed in order to prevent injury. For example, one of the labels that are provided inside the vehicle includes an airbag warning label, which is provided to make the driver aware that the airbags are present in the vehicle and can cause harm if the seat belts are not applied and crop production is not stopped before a crash takes place.
The Asia Pacific region holds a considerable chunk of the market share owing to the increasing production of automobiles to accelerate the development of the automotive sector, being facilitated by government initiatives in countries such as India and China.
The automotive sector is among one of the most well-developed sectors in the countries that have India and China, but it has been in a slump and has resulted in a decline in the production of automobiles. According to the statistics provided by OICA, the production of passenger vehicles in India in 2018 was registered to be around 4,032,481 and reduced to 3,623,335 in 2019, thus, witnessing a decline of -10.1 %. On the other hand, in China, automobile production in 2018 was registered to be 23,529,423 and dropped to 21,360,193 in 2019, thus, witnessing a decline of -9.2 %. These figures have resulted in the governments in India and China taking the initiative in order to boost automotive production in their countries and accelerate the development of the automotive sector to recover from the slump.
Key Developments in the Market:
- In February 2022, Fedrigoni Group, a pioneer in the creation of premium labels and self-adhesive materials for pharmaceuticals, food, and automotive segments, among many others, announced the acquisition of the Spanish firm Divipa. Divipa develops, produces, and distributes self-adhesive materials from its location in Derio, a small town near Bilbao. Through this acquisition, the former has solidified its position as one of the top three in the production of self-adhesive materials.
- In May 2022, OPM Group, a packaging and labels producer, launched Multi Dex label design for automotive, pharmaceutical, food, and other industries. Multi Dex is a peel-and-read label solution that is multi-layered, multi-indexed, multi-substrate, and multi-coloured. It enables brands to maintain vibrant shelf appeal with colour on multiple layers while offering a useful label with a large amount of additional room for brand information. Because of its adaptability, it may be utilized for a variety of label requirements and sizes to fit the unique requirements of the brand and product in question.
- Track & Trace
- Warning & Safety
- Asset Labels
- Other Types
- QR Code
- RFID Tags
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- Resource Label Group
- AVERY DENNISON CORPORATION
- Whitlam Group
- Electronic Imaging Materials, Inc.
- Advantage Labeling & Packaging, Inc.,
- Clarion Safety Systems
- Bay Tech Label Company, Inc.
- Brady Worldwide, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cnebra-automotive?w=5
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