The
automotive print label market includes labels for vehicles identifying
information such as VIN numbers, part descriptions, warning information,
barcodes for tracking, and other important automotive details. Print labels
help automotive manufacturers and suppliers effectively track vehicles and
parts during production and delivery. They protect against counterfeiting and
ensure authenticity.
The global automotive print label market is estimated to
be valued at US$9.5 billion in 2023 and is expected to exhibit a CAGR of 9.0%
over the forecast period 2024-2031, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The increasing demand from OEM industry presents a major market opportunity.
Original Equipment Manufacturers (OEMs) produce millions of vehicles each year
across all major automotive categories. With growing automotive production
worldwide driven by rising vehicle ownership in developing countries, demand
for print labels from OEMs is increasing significantly. Automakers rely on
precise traceability provided by print labels to efficiently manage their
complex global supply chains. Labels ensure components and parts reach the
right production lines on time. This reduces costs for OEMs and enhances
quality control. The growing OEM demand will drive higher adoption of print
labeling technology, presenting lucrative growth opportunities for players in
this market over the forecast period.
Porter’s Analysis
Threat of new entrants: The print label market requires significant investments
for equipment and machinery. Therefore the threat of new entrants is moderate.
Bargaining power of buyers: There are many established players in the print
label market. However, buyers can negotiate on price and demand customized products.
Therefore the bargaining power of buyers is high.
Bargaining power of suppliers: Raw materials required for print labels such as
paper, plastic and ink are commoditized. There are many suppliers for these
materials. Hence bargaining power of suppliers is low.
Threat of new substitutes: Digital printing is an emerging technology. However
print labels have distinct advantages for certain applications. Threat of
substitutes is moderate.
Competitive rivalry: The print label market has many global and regional
players. Competition is intense based on pricing, innovation, quality and
services.
SWOT Analysis
Strengths: Print labels offer durability, accuracy and ability to provide
detailed information. They are also cost effective for large volume production.
Weaknesses: Print labels have limited design flexibility compared to digital
labels. They also involve longer turnaround time. Environmental concerns over
waste generation is also a weakness.
Opportunities: Growth in e-commerce and pharmaceutical sectors will drive
demand. Opportunities also exist in Asia Pacific and Latin America markets.
Threats: Stringent environmental regulations can impact producers. Advent of
digital printing poses threat to conventional print labels over time.
Key Takeaways
The global print label market is expected to witness high growth during the
forecast period owing to increasing demand from various end use industries.
North America dominates the global print label market currently due to strong
presence of packaging industry in the region. However Asia Pacific is expected
to be the fastest growing market due to rapid growth of e-commerce and food
& beverages sector in countries like China and India.
Key players operating in the print label market are Avery Dennison, CCL
Industries, Multi-Color Corporation, UPMB and R.R. Donnelley. These players are
focusing on new product development and expansion in emerging markets to
strengthen their market position.
For more Insights, Read –
https://www.newsstatix.com/print-label-market/
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