Europe Inventory Tags Market is expected to reach US$ 1,574.93 million by 2028

Plastics segment to dominate the Europe Inventory Tags Market during 2020–2028

According to The Insight Partners market research study on “Europe Inventory Tags Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Label Type, Printing Technology, and End-user,” is expected to reach US$ 1,574.93 million by 2028 from US$ 1,198.17 million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the Europe inventory tags market along with the drivers and restraints pertaining to the market growth. Elevating potential for inventory tag technology in automotive sector, growing adoption of RFID technology in retail sector, and burgeoning counterfeiting activities are the major factor driving the growth of the Europe inventory tags market. However, security problems related to inventory tag technology hinders the growth of Europe inventory tags market.

Due to the COVID-19 outbreak, Russia, UK, France, Italy, Spain, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020 and, most likely, in 2021. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a major market for inventory tags adoption due to the rising e-commerce and automotive industries. Since several European countries are in the phase of lockdowns, warehouses have been closed. In Germany, several fashion retailers, shoe and sports shops, and electronics stores are affected due to this pandemic. Additionally, major automotive plants were temporarily closed, leads to a decrease in the shipments of car spare parts, where inventory tags play an important role to efficiently track the products. All these factors are expected to have a direct impact on inventory tags market growth in European countries. Russia, Italy, Germany, UK, and France inventory tags markets are anticipated to see a decrease till mid-2021.

The Europe inventory tags market is segmented on the basis of technology, label type, printing technology, end-user and country. Based on technology, the market is segmented into RFID, barcodes, and others. In 2020, RFID segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on label type, the market is segmented into plastics, paper, metal, and others. In 2020, plastics segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on printing technology, the market is segmented into offset printing, digital printing, flexography printing, gravure printing, and others. In 2020, offset printing segment held the largest share in the market, and digital printing is expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into retail, transportation and logistics, industrial, and others. In 2020, industrial segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Germany, the UK, France, Italy, Russia, and Rest of Europe. In 2020, Germany held the largest share in the market, and Rest of Europe is expected to be the fastest growing country during the forecast period.

3M; Alien Technology, LLC; Brady Worldwide, Inc.; CCL Industries Inc.; Johnson Controls, Inc.; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc.; and Camcode are among the leading companies in the Europe inventory tags 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, Sato Holdings Corporation announced it will deploy its PJM RFID Source Tagging Solution which includes hardware, software, and tags across the Supply Chain for LimaCorporate, an orthopedic implant manufacturer based in Italy.

Europe Inventory Tags Market, By Country, 2020 and 2028 (%)

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