Yahoo Finance India RFID Market to Generate $1.86 Billion By 2030: Allied Market Research
Rise in efficiency of RFID tags and surge in demand for RFID from the banking and healthcare sector drive the growth of the India RFID market. Production facilities in the electronics and semiconductors sector have been closed down partially or completely due to lockdown measures, shortage of raw materials, and lack of sufficient workforce during the Covid-19 pandemic. This affected the production volumes of RFID tags and readers.
Portland,OR, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the India RFID market generated $523.7 million in 2020, and is expected to generate $1.86 billion by 2030, witnessing a CAGR of 14.1% from 2021 to 2030. The report offers an extensive analysis of changing market trends, key investment pockets, value chain, top segments, regional scenario, and competitive landscape.
Rise in efficiency of RFID tags, surge in demand for RFID from the banking and healthcare sector, and shift of retailers toward RFID products drive the growth of the India RFID market. However, possibility of tag collisions restrains the market growth. On the other hand, innovations of cloud-based systems present new opportunities in the coming years.
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Covid-19 Scenario:
Production facilities in the electronics and semiconductors sector have been closed down partially or completely due to lockdown measures, shortage of raw materials, and lack of sufficient workforce. This affected the production volumes of RFID tags and readers.
Moreover, supply chain disruptions resulted in various challenges for manufacturers to reach customers. The ban on import and export activities impacted the overall growth of the RFID market in India.
Market players have been assessing their business models to ensure continuity and implementing various strategies to stabilize the supply chain.
The report offers detailed segmentation of the India RFID market based on product type, frequency, and application.
Based on product type, the tags segment accounted for the largest share in 2020, contributing to around three-fifths of the total share, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 14.6% from 2021 to 2030. The research also analyzes the segments including reader and software & service.
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Based on frequency, the high-frequency segment contributed to the highest share in 2020, holding nearly half of the India RFID market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to register the highest CAGR of 14.9% from 2021 to 2030. The report also discusses segments including low frequency and ultra-high frequency.
Based on application, the retail segment held the highest share in 2020, contributing to more than one-fourth of the total share, and is estimated to maintain its dominant share by 2030. However, the transportation segment is projected to portray the largest CAGR of 16.2% during the forecast period.
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Leading players of the India RFID market analyzed in the research include Alien Technology, LLC, Bar Code India Limited (BCI), Avery Dennison Corporation, Bartronics India Limited, Bartech Data Systems Pvt. Ltd, Identiv, Inc., Honeywell International Inc., NXP Semiconductors N.V., Infotek Software & Systems Ltd. (i-TEK), and Zebra Technologies Corporation.
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