Latest News- Vehicle License Plate Market: OEM is expected to lead the Distribution Channel segment during 2025-2029

The Vehicle License Plate Market is being driven by Rising standardization of license plate sizes

The Vehicle License Plate Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 438.3 million. RFID technology has revolutionized the vehicle licensing industry by enabling the integration of electronic license plates. Previously, RFID tags were affixed to windshields for toll collection, but now, these tags are embedded within the plates themselves. This innovation offers numerous benefits, including tamper-proof registration and identification, enhanced traffic management, and streamlined access control. With RFID-enabled plates, vehicles can pass through toll booths and parking facilities without halting, resulting in increased efficiency and reduced congestion. The contactless identification process ensures swift and accurate toll collection, making it a game-changer for transportation infrastructure. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • OEM
  • Aftermarket
• Vehicle Type
  • PC
  • LCV
  • HCV
  • Electric vehicles
• Material
  • Aluminum
  • Steel
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising standardization of license plate sizes
• Increasing vehicle registrations year-on-year
• Mandating high-security registration plates in high-volume markets

However, the market also witnesses some limitations, which are as follows:

• Restrictions on issuing license plates
• Risks associated with technologically advanced license plates
• Growing tampering and cloning of license plates

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Market Scope in Vehicle License Plate Market Research Report

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Research Analysis Overview

In the realm of transportation systems, license plates are essential identification tags for vehicles. They come in various forms such as Aluminum and Plastic, used for Motor Cycles and Passenger Cars alike. Registration information is embedded, enabling vehicle identification during Vehicle Sales and Registration. Digital plates are emerging, integrating AI and Machine Learning for efficient Traffic Management. OEMs produce these plates from Raw Materials, catering to Level 4 Autonomous Vehicles and Traditional vehicles. Vehicle Production relies on these plates for ID purposes, contributing to effective Traffic Management and Regulation.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers in the automotive components and equipment industry include the surge in electronic components utilization: the escalating sales of EVs, motorcycles, and PCs have significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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