Vehicle License Plate Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Vehicle License Plate Market Forecast 2024-2028 

The vehicle license plate market size is forecast to increase by USD 261.02 million, at a CAGR of 7.33% between 2023 and 2028.

Moreover, the market's growth trajectory is influenced by various factors, including the growing adoption of standardized license plate sizes, the consistent rise in automobile registrations on an annual basis, and the mandatory implementation of high-security registration plates in key high-volume markets. Standardizing license plate sizes enhances efficiency and compatibility across different automobile types, contributing to smoother registration processes. The steady increase in automobile registrations signifies ongoing demand and market expansion opportunities. Mandating high-security registration plates in high-volume markets promotes automobile safety and security measures, aligning with regulatory standards and consumer preferences for enhanced protection against theft and fraudulent activities. These factors collectively drive the market's growth and evolution, shaping the future landscape of license plate technologies and solutions. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is driven by the necessity for number and information registration associated with Passenger Vehicles, Commercial Vehicles, and Motorcycles. Key drivers include the adoption of Digital license plates and Online vehicle registration systems, alongside traditional Aluminum License Plates and Plastic License Plates. Traffic management requirements and the integration of Artificial intelligence (AI) and Machine learning technologies are significant trends shaping the market. Challenges such as ensuring Vehicle registration accuracy and addressing Suspension of public transport systems impact market dynamics for OEMs and the future of Level 4 autonomous vehicles. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Increasing vehicle registrations year-on-year is notably driving the market. The demand for passenger cars and commercial automobiles is rising in emerging economies such as Brazil, China, and India, led by the elevated purchasing power of consumers and significant economic growth. In addition, the growth in emerging markets, in line with the ongoing industrialization and global trade activity, particularly in the BRIC countries, has been vigorous.

Moreover, China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. In addition, the economic growth in BRIC nations has boosted growth rates in the automotive industry. Furthermore, the economic growth in BRIC nations, Brazil, Russia, India, and China, has fueled the rapid growth of the auto industry. In addition, intense competition and saturated markets have encouraged most global vehicle manufacturers to shift their focus to these countries. Hence, such factors are driving the market during the forecast period.

Key Market Trends

High adoption of digital license plates is an emerging trend in the market. Digital license plates promote dynamic information display, enabling real-time updates on registration status, automobile identification, and emergency messages. In addition, this feature extends the functionality of license plates beyond the traditional static plates. Furthermore, digital license plates provide the opportunity for greater personalization.

Moreover, vehicle owners may be able to customize the appearance of their license plates, display personalized messages, or even showcase digital artwork. In addition, this appeals to customers looking for a distinctive style for their automobiles. In addition, ReviverMx (ReviverMx Inc.) launched the Reviver License plate (rPlate), which has the appearance of a Kindle tablet. Furthermore, rPlate has wireless connectivity, which can instantly update the automobile registration, which would make updating license plate stickers obsolete. Hence, such factors are driving the market during the forecast period.

Major Market Challenge

Growing tampering and cloning of license plates is a major challenge hindering the market. License plate cloning is the practice of generating a fake copy of the number plate by criminals, who can then use the fake number plates for various illegal activities including over-speeding. In addition, the legitimate owner of the license plate receives the infringement notices. Furthermore, as per the law, the license plate buyer must provide evidence such as a vehicle registration certificate; however, there are various online merchants that are providing license plates without any documentation.

Moreover, fake license plates are sold openly on various social media platforms, online websites, and local markets such as body shops and garages. In addition, they can be easily obtained without submitting vehicle ownership identification details by paying a small amount of money. Furthermore, many drivers in the US use fake temporary number plates to avoid paying for automobile registration.  Hence, such factors are hindering the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

3M Co: The company offers vehicle license plates such as digital license plate, direct fulfillment license plate.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• 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.
• 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
• Yarya Sekur
• Bestplate Ltd

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

In the market, several key aspects contribute to its segmentation and functionality. The license plate serves as a unique identifier, carrying a number, and information registration specific to each vehicle and its corresponding area of registration. This information is crucial for Passenger Vehicles, Commercial Vehicles, motorcycles, and other types of transportation. The materials used, such as Aluminum License Plate or Plastic License Plate, influence the durability and aesthetics of License plates. Furthermore, advancements like Digital license plates and online vehicle registration systems are transforming the landscape, alongside traditional methods in Vehicle production and Traffic management. The integration of Artificial intelligence (AI) and Machine learning is propelling innovations, especially with the emergence of Level 4 autonomous vehicles and responses like the Suspension of public transport systems in certain scenarios. These developments cater to diverse segments including Passenger cars and are driven by collaborations with OEMs to meet evolving market demands.

The OEM segment is estimated to witness significant growth during the forecast period. The global market segment by distribution channel comprises OEMs. In addition, OEMs are companies that manufacture vehicles or vehicle components and supply them directly to automotive manufacturers. Furthermore, when it comes to license plates, OEMs often provide vehicle manufacturers with pre-installed license plate frames or mounting systems.

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The OEM segment was the largest segment and was valued at USD 323.03 million in 2018. Moreover, these license plate systems are designed to fit the specific vehicle models produced by the OEM. In addition, vehicle manufacturers then install the license plates on the vehicles during the assembly process. Furthermore, by supplying license plates through OEMs, license plate manufacturers ensure that their products are seamlessly integrated into the design of the automobile and meet the quality and regulatory standards set by the automotive industry, which will drive the growth of the OEMs segment in the global market during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is one of the most rapidly growing regions in the world, which comprises rapidly developing countries including China, India, Thailand, Indonesia, and South Korea. In addition, with the rapid economic growth in this region, the per-capita income has drastically increased over the past couple of years, which has increased the purchasing power of consumers, leading to higher automobile sales. Moreover, with increased economic growth, most countries in this region have been actively spending on infrastructure and industrial development, driving demand for commercial vehicles. In addition, owing to the vibrant economic situation of countries in APAC, the region accounts for one of the most rapidly growing and largest automotive markets globally. Hence, such factors are driving the market in APAC during the forecast period.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Distribution Channel Outlook
  • OEM
  • Aftermarket
• Vehicle Type Outlook 
  • PC
  • LCV
  • HCV
  • Electric vehicles
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market encompasses a wide range of elements crucial to vehicle identification and registration processes. These include number and information registration, area, and registration information embedded on Passenger Vehicles and Motor Cycles through various mediums like Aluminum License Plates and Plastic License Plates. The market is deeply intertwined with Transportation systems and Traffic management, necessitating Raw materials for Vehicle production and Vehicle sales. With the advent of technology, Online vehicle registration systems have gained prominence, alongside Automated license plate recognition systems and Electronic displays for Real-time tracking and Emergency alerts. Enhanced security features such as Holograms, Watermarks, and Tamper-evident materials combat Counterfeiting and ensure Vehicle security.

Moreover, the market caters to consumer preferences with options for Personalized and Customized license plates featuring Unique designs and Logos. It also offers Specialty license plates like Aluminium plates and supports Machine vision and RFID (Radio Frequency Identification) technology for Vehicle tracking and Electronic vehicle registration systems. Advancements in Artificial intelligence (AI) and Machine learning further drive innovations, including Level 4 autonomous vehicles and integration with Electronic toll payment systems. Despite challenges like the Suspension of public transport systems, the market continues to evolve with technological advancements and regulatory requirements.

Furthermore, the market encompasses a diverse range of products and technologies. It includes Traditional license plates made of various materials like Aluminium and Metal plates, often adhering to Standardized specifications. With the rise of technology, Automated toll payment systems, and Computer vision have become integral parts of modern license plate solutions. Consumers also have the option for Personalized license plates, adding a touch of customization. Aluminum license plates are gaining popularity for their durability and aesthetic appeal, reflecting the evolving trends in the market.

Market Scope
Report Coverage	Details
Page number	161
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.33%
Market Growth 2024-2028	USD 261.02 million
Market structure	Fragmented
YoY growth 2023-2024(%)	6.91
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 42%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	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., 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, Yarya Sekur, and Bestplate Ltd
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market growth trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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