Market Size of Automotive Labels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.37 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Labels Market Analysis
The automotive labels market was valued at USD 7.41 billion the previous year and is expected to register a CAGR of 5.37%, reaching USD 10.11 billion over the forecast period.
- The increasing need for vehicles from the automotive industry and the requirement for labels like radio-frequency identification (RFID) and bar codes for the automotive part's identification, information, and safety are anticipated to drive the market. Due to the growth of the packaging and labeling markets across all end-user industries, the automotive labels industry is expanding significantly.
- Automotive labels typically consist of badging and labels, such as barcode, estimate, and vehicle identification number (VIN) labels, that display component information, a company's name and logo, price, technical information, and other important details. Additional factors anticipated to fuel market growth include the increased demand for smart labels, such as RFID and barcodes, and the rising demand for eco-friendly label production methods.
- The increasing utilization of automotive labels in passenger cars is one of the key factors driving the market growth. Moreover, the increasing investments in automobile manufacturing facilities and rising passenger car production are key factors fostering the market demand for automotive labels. The market for automotive labels market is also expanding due to technical developments occurring in almost every industry. It's important to properly categorize the millions of photos and videos that autonomous driving platforms produce.
- The automotive industry has many labeling requirements, from cleaning supplies and car producers to Formula 1 and public transportation. There are labels used in this industry in almost every area of a car, including the exterior and the engine. In this sector, automotive labeling may be used on starting motors, cables, pumps, motors, and engine management systems, among other things.
- As the market for automotive labels continues to grow, so too are the global compliance regulations for ink components. As a result, it has become complex and challenging for formulators to select ingredients to meet such a market and are different from the elements that could be a design ink. This and rising production costs in various countries are expected to hinder the market's growth.
- Automotive label manufacturers are expected to protect their operations and supply chain from meeting the impending crisis and finding new ways of working post-COVID-19. However, the labels are part of the supply chains of necessities. Additionally, they serve as a critical tool for conveying information. Furthermore, the automotive labels market is in advance with technological changes in the industry. Autonomous driving platforms generate hundreds of millions of images and videos to be labeled with the highest levels of accuracy.
