LONDON–(BUSINESS WIRE)–The global vehicle license plate market is expected to post a CAGR of
over 4% during the period 2018-2022, according to the latest
market research report by Technavio.
However, the growth momentum of the market is expected to decelerate due
to a decline in the year-over-year growth.
A key factor driving the growth of the market is the increasing vehicle
registrations year-on-year. Demand for passenger cars and commercial
vehicles are growing in emerging countries such as Brazil, China, and
India owing to the elevated purchasing power of consumers and
significant economic growth. Factors such as the ongoing
industrialization and global trade activity can be attributed to this
This market research report on the global
vehicle license plate market 2018-2022 also provides an analysis
of the most important trends expected to impact the market outlook
during the forecast period. Technavio classifies an emerging trend as a
major factor that has the potential to significantly impact the market
and contribute to its growth or decline.
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market snapshot before purchasing
In this report, Technavio highlights digital license plates as one of
the key emerging trends in the global vehicle license plate market:
Global vehicle license plate market: Digital
The automotive industry has evolved with autonomous vehicles and even
flying cars entering the market. The only element that has remained
almost unchanged over the last century is the license plates. However,
the license plates are undergoing a major transformation.
“Companies such as ReviverMx launched Reviver license plate, which
has the appearance of a Kindle tablet. rPlate has wireless connectivity,
which can instantly update the vehicle registration, which would make
updating of license plate stickers obsolete. rPlate can also be
programmed to connect with smart parking apps. Services such as tolls
and parking fines can also be instantly deducted from the vehicle’s
owner,” says a senior analyst at Technavio for research on
Global vehicle license plate market:
This market research report segments the global vehicle license plate
market by application (passenger cars and commercial vehicles) and
geographical regions (APAC, EMEA, and the Americas).
The passenger cars segment held the largest market share in 2017,
accounting for over 77% of the market. This application segment is
expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 54%. This
region is expected to dominate the market through 2022, with over 1%
increase in market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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