RFID Tags Market

Global RFID Tags Market

RFID Tags Market- By Product Type, Wafer Size, Tag Type, Material, Frequency, Application, Form Factor and Region.

Market Synopsis:

The Global RFID Tags Market is valued at USD 10.95 Million in the year 2022 and is forecasted to reach a value of USD 22.64 Million by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.50% over the forecast period.

Technological advancements have shaped the world drastically over the past decade and are expected to continue to do so over the forecast period as well. Increased demand for goods and shipments are expected to prominently boost the adoption of RFID Tags across the world through 2028. The increasing popularity of e-commerce is also anticipated to contribute to high demand for RFID Tags over the forecast period. Technological advancements have fueled digitization in almost all industry verticals and this is anticipated to influentially boost consumption of RFID Tags throughout the forecast period.

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The rising availability of cost-effective RFID solutions is also anticipated to favor RFID Tags Market potential in the years to come. The RFID systems are completely wireless and have proven to improve efficiency and productivity in the overall demand and supply chain. Increasing automation in logistics, warehousing, and production industries is also expected to favor RFID Tags Market growth through 2028. However, concerns regarding privacy and security of data through RFID systems are anticipated to have a hampering effect on the Global RFID Tags Market growth. Moreover, high purchase costs coupled with high maintenance and installation costs are anticipated to further restrict the adoption of RFID Tags in the coming years.

Market Segmentation:

The RFID Tags Market is segmented on the basis of Product Type, Wafer Size, Tag Type, Frequency, Application, and Form Factor. Based on product type, the market is segmented as Tags, Readers, and Software and Services. Based on wafer size the market is segmented as 8 inches and others. Based on frequency the market is segmented as Low Frequency, High Frequency, and Ultra-high Frequency (UHF). Based on tag type, the market is segmented as Active Tags and Passive Tags. Based on application, the market is segmented as Agriculture, Commercial, Transportation, Healthcare, Logistics & Supply Chain, Aerospace, Defense, Retail, Security and Access Control, Sports, Animal Tracking, and Ticketing. Based on form factor, the market is segmented as Card, Implant, Key Fob, Label, Paper Ticket, Band, and Others. Based on material, the market is segmented as Plastic, Paper, Glass, and Others.

Based on Frequency:

On the basis of frequency, the market is segmented as Low Frequency, High Frequency, and Ultra-high Frequency (UHF). The ultra-high frequency segment is anticipated to account for a dominant market share over the forecast period. RFID Tags with this type of frequency has the longest read range and the highest of all speeds. These tags are anticipated to see high deployment in the transportation sector as they can be read on vehicles from 5 to 6 meters away as well. These are also expected to be popular in the supply chain management and logistics industry.

Based on tag Type:

On the basis of packaging type, the market is segmented into active tags and passive tags. The passive tags segment is anticipated to witness high growth over the coming years as they do not require a power source. These tags are cheaper and smaller than active tags and hence they are anticipated to witness higher demand and deployment across the forecast period. These tags are anticipated to be highly popular in pharmaceuticals, retail, and supply chain industry verticals.

North America Accounts for a Dominant Market Share

North America RFID Tags Market is anticipated to maintain a dominant outlook over the forecast period while RFID Tags Market in the APAC region rises at the fastest Compound Annual Growth Rate (CAGR). Early adoption of novel technologies in North America is anticipated to be a major factor that drives demand for RFID Tags in this region. The United States is expected to be the most notable market in this region owing to the high technological proliferation in this region.

Increasing use of RFID Tags in the supply chain, patient monitoring, equipment tracking, and other applications is projected to prominently drive RFID Tags Market potential in this region. North America accounted for a major market share of 41.3% while accounting for a revenue of USD 4.1 billion in 2021. The market for RFID Tags in the Asia Pacific region is anticipated to rise at the fastest Compound Annual Growth Rate (CAGR) owing to increasing digitization in various industry verticals. China, India, and Japan are anticipated to be the most notable markets in this region.

Competitive Landscape:

The key players in the Global RFID Tags Market include- Avery Dennison (US), Zebra Technologies (US), Honeywell (US), NXP Semiconductors (Netherlands), Impinj (US) and others.

Segmentation of the Global RFID Tags Market: