Asia Pacific Inventory Tags Market Growth and Analysis by 2028

The inventory tags market in Asia Pacific is expected to grow from US$ 2,551.26 million in 2021 to US$ 1,562.88 million by 2028; it is estimated to grow at a CAGR of 7.3% from 2021 to 2028.

The increasing disposable incomes in several emerging countries are augmenting the demand for retail products. The retail industry is fueled by a mounting set of suppliers selling various products online and changing buying behavior of consumers. The retail sector in India is one of the fastest-growing markets in the world due to economic growth. As per the Indian Brand Equity Foundation, the retail sector in the country has raised US$ 672 billion in 2017 and it is estimated to reach US$ 1,200 billion by the end of 2021. RFID tags are heavily adopted by the retail industry, especially for apparels. The apparel suppliers are increasingly leveraging big data analytics and digitalization with the help of RFID technology, which helps identify objects based on the caught data or track the location of the same. RFID is also installed to increase visibility in inventory, which allows for much higher stock accuracy levels. Giants, such as H&M, Nike, and Zara, in the retail sector use this technology for inventory management to generate an effective supply chain, combat counterfeit items, and prevent out-of-stock situations. RFID deployments code and read products in their warehouses. When shipments reach store locations, RFID identifies which sizes and models to restock. Inditex Group, the owner of retail brands such as Pull and Bear, Bershka, Massimo Dutti, Zara, Stradivarius, and Oysho, has given Tyco Retail Solutions a contract for RFID-based inventory intelligence. The Tyco solution has been installed in 700 Zara stores in 22 countries. Thus, the increasing deployment of RFID tags among major retailers is fueling the market growth.Asia Pacific is characterized by a large number of developing countries, a positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make Asia Pacific a major growth driving region for various markets, including inventory tags. Many online shoppers and the growing e-commerce sector in this region present a huge opportunity for the growth of the global inventory tags 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 inventory tags 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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific inventory tags market. The Asia Pacific inventory tags market is expected to grow at a good CAGR during the forecast period.

Asia Pacific Inventory Tags Market Revenue and Forecast to 2028 (US$ Million)  

 

Asia Pacific Inventory Tags Market Segmentation

Asia Pacific Inventory Tags Market – By Technology

• RFID
• Barcodes
• Others

Asia Pacific Inventory Tags Market – By Label Type

• Plastics
• Paper
• Metal
• Others

Asia Pacific Inventory Tags Market – By Printing Technology

• Offset Printing
• Digital Printing
• Flexography Printing
• Gravure Printing
• Others

Asia Pacific Inventory Tags Market – By End-user

• Retail
• Transportation and Logistics
• Industrial
• Others

Asia Pacific Inventory Tags Market – By Country

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

Asia Pacific Inventory Tags Market – Companies Mentioned

• 3M
• Alien Technology, LLC
• Brady Worldwide, Inc.
• CCL Industries Inc.
• Johnson Controls, Inc.
• Zebra Technologies Corporation
• SATO Holdings Corporation
• Honeywell International Inc.
• Camcode

Asia Pacific Inventory Tags Report Scope