- Aluminum License Plate
- Plastic License Plate
Vehicle License Plate Market size was valued at USD x million in 2022 and is poised to grow at a significant CAGR of 4.3% from 2023-2029. Each car is registered with a number and information on its number plate. Its primary purpose is to determine the region to which the car belongs based on the licence plate and to verify the owner and registration details of the vehicle. These vehicle licence plates can be created from a variety of materials, such as aluminium sheets and preprinted adhesive sheeting. Different governments have departments that are responsible for issuing, numbering, and colouring vehicle licence plates. Additionally, when it comes to two-wheelers, the installation side, or whether the plate is mounted on the front or back side of the vehicle, often determines the size of such Vehicle licence plates. Additionally, the majority of nations use the car licence plates to indicate usage limitations, vehicle class information, and owner weight. The standard thickness and size of the vehicle licence plate mounting on the vehicle determine the design of the vehicle licence plates. These vehicle number plates are typically produced either by stamping, which involves inking numbers and characters onto a metal plate, or by applying preprinted number sheets to the metal plate. During the forecast period, there will be numerous prospects for growth in the vehicle licence plate market. The global production and sales of automotive vehicles have a direct impact on the licence plate market.The market for automotive vehicle licence plates is anticipated to expand over the course of the assessment period due to the increase in automotive vehicle sales over the previous years. Due to rising disposable incomes among the world's population, the fleet of automobiles has also grown dramatically in the recent years. However, automakers are now supplying cars with a licence plate already affixed, which will further limit the market's potential for expansion. The market's growth is predicted to be hampered throughout the expected period by the restriction on plastic materials.
Vehicle License Plate Market Key Developments:
In March 2022, Genetec unveiled the Auto Vu ShapeZ3 mobile automated number plate recognition system, which provides novel insight into vehicle awareness and analytics.
Fastest Growing Market
Rising global vehicle demand and sales, as well as rising demand for passenger cars and lightweight vehicles, have resulted in a market value increase from 2023 to 2029. Furthermore, the increasing pace of commerce and distribution of products and commodities will boost the trade of transport and carriers, which, combined with the increased use of lightweight and visually attractive number plates, is expected to drive the market's growth. Government restrictions for the installation of number plates on cars become increasingly restrictive, which dampens market growth throughout the anticipated period.
Segmented the vehicle license plate market by type (Aluminum License Plate, Plastic License Plate, Other) and By Application (Passenger Vehicles, Commercial Vehicles) By region ( North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
UTSCH, ADVICS CO., LTD., Samar't UK., EHA Group, Bestplate, SPM Groupe, Rosmerta Technologies Limited, Nachiappa Impressions, Jepson & Co. Ltd, aiHit Ltd., Continental AG., Robert Bosch GmbH, Brembo S.P.A., TÖNNJES E.A.S.T. INFRASTRUKTUR INVEST GmbH, Orbiz, Irwin Hodson Group, are the key players of the market.
North America will register a significant growth rate among the other regions. Therefore, the vehicle license plate market in north America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the vehicle license plate market growth are: Standardization of size, affording economies of scale benefit to license plate manufacturers RFID-based license plate gaining traction.