LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive labels market to grow at a CAGR of almost 5% during the forecast period.
The emergence of smart label technologies is one of the major trends being witnessed in the global automotive labels market 2018-2022. Technological advancements involved in the creation of smart labels, which can communicate with scanning devices are impacting the automotive labeling industry. Technologies such as NFC, QR, and RFID are used for storing basic information that cannot be printed on labels.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive labels market is the growth of the automotive industry:
Global automotive labels market: Growing automotive industry
The automotive industry is expanding in emerging economies and this is resulting in an increase in the number of vendors in the supply chain. Powertrain electrification is anticipated to be the most substantial trend during the forecast period. This will cause an increase in the adoption of electric components in cars.
According to a senior analyst at Technavio for research on packaging, “The increase in the adoption of smart label technologies has allowed the tracking of spare parts using RFID or NFC technologies. This will lead to an increase in the use of pressure-sensitive labels where these technologies can be included. Many automotive companies have well-defined specifications of spare part labels for their suppliers.”
Global automotive labels market: Segmentation analysis
The global automotive labels market research report provides market segmentation by type (pressure-sensitive labels, heat transfer labels, and in-mold labels) and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major types, the pressure-sensitive labels segment held the largest market share in 2017, accounting for over 43% of the market. This segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for more than 52% share. It was followed by the Americas and EMEA respectively. APAC is expected to project the highest incremental growth during the forecast period when compared to the other regions.
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