Asia Pacific UHF RFID (RAIN) Market is expected to reach US$ 1,178.78 Mn by 2027

Software Segment is Expected to be Fastest Growing for the APAC Region During the Forecast Period

According to The Insight Partners market research study on “APAC UHF RFID (RAIN) Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application” is expected to reach US$ 1,178.78 million by 2027 from US$ 423.37 million in 2019. The market is estimated to grow at a CAGR of 13.8% from 2020 to 2027. The report provides trends prevailing in the APAC UHF RFID (RAIN) market along with the drivers and restraints pertaining to the market growth. New opportunities being created due to developments in IoT are among the major factor driving the growth of the APAC UHF RFID (RAIN) market. However, various privacy concerns related to RAIN RFID technology hinders the growth of APAC UHF RFID (RAIN) market.     

The APAC UHF RFID (RAIN) market is segmented into component, and application. Based on component, the market is segmented into hardware and software and services. The hardware segment held the largest share of APAC UHF RFID (RAIN) market in 2019. The UHF RFID (RAIN) market, based on application, is segmented into retail and consumer goods, logistics and transportation, healthcare, manufacturing, and other applications. The market for the retail and consumer goods segment held the largest share of APAC UHF RFID (RAIN) market in 2019. 

APAC is characterized by many developing countries, a positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including UHF RFID (RAIN). Many online shoppers and the growing e-commerce sector in this region present a huge opportunity for the growth of the global UHF RFID (RAIN) market. Due to the pandemic, social distancing and staying home have pushed the consumers towards online shopping. Nevertheless, uncertain consumer demand and supply chain problems have affected the UHF RFID (RAIN) industry in the region. The e-commerce supply chains are mainly strained by the pandemic and factory closures in China. The lockdown of various factories in China affects the global supply chains and negatively impacts manufacturing, delivery schedules, and various products and services. Even as the factories in China are beginning to reopen, several logistics businesses have reduced or hit pause on their operations; thus, some cargo terminals shut down due to low volume. China has impacted adversely in the automotive industry. The country is the world’s largest car market, and Wuhan city is home to various auto plants, such as Honda, General Motors, Nissan, and Renault. As per the World Economic Forum (WEF), for Honda Company alone, the city holds ~50% of total production in China. In 2019, in China, Hubei Province was the fourth-largest car manufacturer, with ~10% of China’s car-making capacity and manufactured 2.24 million vehicles. However, several auto companies closed their doors as part of the nationwide shutdown. Hence, it resulted in a decline in car and its spare part sales. The restrictions imposed on human movement in APAC countries to control the spread of COVID-19 have negatively impacted the retail business, especially the businesses of hypermarkets, supermarket, and specialty stores.

CAEN RFID S.r.l; Convergence Systems Limited; Impinj, Inc.; Invengo Technology Pte. Ltd.; Jadak- A Novanta Company; Murata Manufacturing Co., Ltd.; NXP Semiconductors N.V.; Securitag Assembly Group Co., LTD (SAG); Walki Group Oy are among the leading companies in the APAC UHF RFID (RAIN) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, CAEN RFID announced the availability of Hadronmini, a RAIN RFID reader module for embedded applications. The product is suitable for kiosks, mobile terminals, and wearable devices.      

The report segments the APAC UHF RFID (RAIN) Market follows:  

 APAC UHF RFID (RAIN) Market – By Component

• Hardware
  • Tags and Labels
  • Readers
  • Printers
  • Other Hardware
• Software
• Services

APAC UHF RFID (RAIN) Market – By Application

• Retail and Consumer Goods
• Logistics and Transportation
• Healthcare
• Manufacturing
• Other Applications

APAC UHF RFID (RAIN) Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC