Mar 2, 2023

There were 2,136 press releases posted in the last 24 hours and 372,495 in the last 365 days. Report on Global Vehicle License Plate Market size growing with$545.03 to $852.55 Mn USD in 2029 with a CAGR of 6.49% News Provided By Share This Article The Global Vehicle License Plate Market was $545.03 Million USD in 2021 and is growing at a CAGR of 6.49% every year, it will reach $852.55 Million USD in 2029. Failure is an option here. If things are not failing, you are not innovating enough.” — Roy Comprehensive details on the Vehicle License Plates market A metal plate that is fastened to the front of a vehicle is known as a "vehicle license plate". A metal or plastic plate used for vehicles is affixed to the front and rear of a vehicle. It has vital details about the car and was given by your state or province. The serial number is the most significant component of the licence plate. Each vehicle has a special identification number that aids law enforcement in finding stolen vehicles. The global production and sales of automotive vehicles have a direct impact on the sales of car number plates. The market for automobile number 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 recent years. Segmentation of the market and the environment The Vehicle License Plates market is segmented based on the type of license plate. The market is divided into aluminum license plates and plastic license plates. Aluminum license plates are favored for their lightweight and corrosion-resistant properties. Plastic license plates, on the other hand, are more affordable and have a longer lifespan. Moreover, they are preferred for their flexibility in terms of design and color printing. The most prevalent and long-lasting form of licence plates is made of plastic. They can be painted to match the color of your automobile and won't rust or corrode. North America is expected to be the largest region in terms of sales volume in 2021, followed by Europe. Asia Pacific is expected to be the fastest-growing regional market in terms of sales volume during the forecast period. Latin America is expected to be the smallest regional market in terms of sales volume during the forecast period. Leading manufacturers and suppliers of automobile navigation systems The Vehicle License Plates market is segmented on the basis of type, application and region. Key market players for this market are Utsch AG, SAMAR’T, WIHG, Hills Numberplates, JH Toennjes, SPM Groupe, Rosmerta Technologies, EHA Hoffmann, Jepson, Bestplate, Fuwong, Shanghai Fa Yu Industrial, Xialong Traffic, GREWE, KUNIMITSU KOGYO. Market segments for Vehicle License Plates The demand for Vehicle License Plates is primarily driven by the following industries: • Aluminum License Plate Russian-Ukrainian War repercussions and COVID-19 Significant changes have been brought about by the COVID-19 pandemic in the "vehicle license plate market.” The main factors influencing this growth are the rising demand for security and safety features in automobiles as well as the increased uptake of cutting-edge safety technologies by various market segments. In order to enhance traffic management and road safety, governments all over the world are also making significant investments in smart infrastructure and vehicle tracking systems. Market developments and difficulties for Vehicle License Plates The "Vehicle License Plate" market is currently facing a number of significant obstacles. Lack of industry standardization is the biggest problem. The requirements for license plates vary widely between nations, making it challenging for businesses to produce and market their goods internationally. How to track the plates after they are issued is a significant challenge as well. Although RFID technology is used in many nations to track license plates, it is not yet widely used. Benefits for Market Players and Stakeholders • A metal or plastic plate that is attached to the front or back of a vehicle is known as a "vehicle license plate" or a "license plate." • It is required by law in the majority of nations and displays the vehicle's registration number. • A license plate serves to identify the owner of the vehicle if it is being used without the owner's consent and to assist law enforcement in locating stolen vehicles. • Report Summary