Vehicle Registration Plate Market Size, Share, Growth, and Industry Analysis, By Type (Aluminum License Plate, Plastic License Plate and Other), By Application (Passenger Vehicles and Commercial Vehicles), and Regional Forecast to 2032

VEHICLE REGISTRATION PLATE MARKET OVERVIEW

The global Vehicle Registration Plate market size was USD 466.9 million in 2023 and is projected to touch USD 579.99 million by 2032, exhibiting a CAGR of 2.7% during the forecast period.

A vehicle registration plate or more simply referred to as a license plate, is an identification tag made from metal or plastic that is fixed to a vehicle. It normally looks like letters and/or numbers, which are the specific code and are assigned by a government agency, and has an association with the vehicle identification number. The plate makes it easier for police and other task forces to recognize car owners, control traffic usage and conform to requirements like insurance and vehicle fitness for the road.

COVID-19 IMPACT

Vehicle Registration Plate Industry Had a Positive Effect Due to Increasing Vehicle Ownership and Urbanization during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

This is due to a growing number of vehicle users around the world and especially in the developing countries, all of which require registration plates. Such growth of urban areas and expansion of infrastructure supports this increase, and coupled with the need for more vehicles results in the need for registration plates.

LATEST TREND

"Increased Adoption of RFID Technology to Drive Market Growth"

The integrating use of RFID technology in the vehicle registration plate is also rising as a new trend due to the growing demand for automating, securing, and improving operations. It’s a system where plates are RFID tag coded, thereby enabling the personnel on the ground to avoid having to identify each vehicle and track them on their own. These plates have embedded RFID tags that can be easily scanned at a distance which means that various tolls, parking lots and even borders can be regulated through these plates .

VEHICLE REGISTRATION PLATE MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Aluminum License Plate, Plastic License Plate and Other.

• Aluminium License Plate- Manufactured from aluminum, a light-weight yet strong metal, aluminum plates are forming an important part of equipment all over the world since they are very durable and have a high level of corrosion protection.
• Plastic License Plate- Common types of these plates are made of high-grade plastic or polycarbonate materials since they are cheap and easy to manufacture.

By Application

Based on application, the global market can be categorized into Passenger Vehicles and Commercial Vehicles.

• Passenger Vehicles- Register plates are crucial for passenger vehicles because they make it easier to regulate them according to expectations of the government. Every plate is tied to a specific identity of a car, its owner, model and insurance status.
• Commercial Vehicles- Delivery vans, trucks and buses as well as other utility vehicles make use of registration plates connected to the fleet management system that monitors their rental status. It assists companies to track their vehicles, maneuver around the roads and enhance their operations.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Increasing Vehicle Ownership to Boost the Market"

A factor in the Vehicle Registration Plate market growth is the Increasing Vehicle Ownership. The main reason being constant increase in car demand across the globe especially in the developing countries such as China, India and Brazil. When people and companies buy cars, the need for an automotive registration plate also increases. Growing urban environments and roadway systems promote car ownership and operation, which creates demand for more plates for new cars and extra subsidiary infrastructure services, such as tolling, parking, and traffic observation systems.

"Growth of Electric Vehicles (EVs) to Expand the Market"

Since the electric vehicle market is expanding, several countries are providing a specific registration number to avoid pollution. These plates are used alongside incentives such as toll free, access to low emission areas, and other privileges which motivates the consumption of EVs and in extension, the plates. In particular, a shift to better environmental respect is bringing governments and customers to require the use of these eco-friendly materials in production of the registration plates that is stimulating the market demand.

Restraining Factor

"High Manufacturing Costs to Potentially Impede Market Growth"

Aftermarket technologies such as the RFID chips, smart features and better security measures add to the cost of manufacturing vehicle registration plates. Use of embedded GPS, anti-counterfeiting features, and digital façade increases the production costs Manufacturing plates with sustainable, recyclable materials like Recyclable plastics, lightweight metals, etc. also increases the cost of production, thus discouraging manufacturing companies to achieve these costs effectively.

Opportunity

"Growing Vehicle Sales and Fleet Expansion To Create Opportunity for the Product in the Market"

That is, as automobile ownership increases around the world and particularly in the rapidly-growing developing countries, the requirement for registration plates also grows. As with the economic growth across the world, there is always increased car ownership as well as demand for passenger cars and two wheelers that have an always growing need for registration plates across the globe. Another driving force is the enhanced demand for commercial vehicle fleets across industries such as logistics, transport, and all kinds of eCommerce transactions. As fleets advance so does the requisite for plates associated with the fleet management systems that allow for tracking, controlling or meeting the necessary legislation demands.

Challenge

"Counterfeiting and Fraudulent Activities Could Be a Potential Challenge for Consumers"

Many fake and forged registration plates ours the vehicle registration plate market to evade responsibilities such as paying tolls, fines, and theft checks. Ever since more advanced holograms and barcodes are being used as security features of the plates, there are always people who are also capable of replicating or forging the plates which will result in reduced market and thus reduced growth and consumers’ confidence. In some parts of the region, police enforcement or monitoring agencies are either non – existent or ineffective making it easier for people to use forged plates, making the issue worse.

VEHICLE REGISTRATION PLATE MARKET REGIONAL INSIGHTS

• North America

North America has emerged as the most dominant region in the Vehicle Registration Plate market share due to a convergence of factors that propel its leadership in this dynamic industry. The US region particularly North America has a developed market for the traditional and the renaissance vehicle registration plates. The region is FAVD, has high years of vehicle manufacture, high propensity to own vehicles, inclination towards personalized and specialty plates.

• Europe

The market for registration plates in Europe is already very developed, with sound legislation and norms in member states. The European Union supports the standardization of the procedure of vehicle registration that makes it easier to register a vehicle in another EU state.

• Asia

The Asia Pacific region can be identified as a key expanding market in terms of the volume of demand for vehicle registration plates relating to the currently observed tendencies in urbanization, vehicle ownership, and, thereby, economic growth in countries such as China and India. The region boasts of a large population and increasing middle class, thus observed hike in sale and registration of vehicles.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Vehicle Registration Plate Market Through Innovation and Market Expansion"

Key enterprise players are shaping the Vehicle Registration Plate marketplace through strategic innovation and marketplace growth. Today the companies are spending a lot of effort and money aiming at manufacturing the registration plates using sustainable and recyclable material. This has correlated with the increased customer sensitivity toward environmentally friendly products and ensured organizations meet environmental standards. If a firm introduces a sustainable approach in the manufacturing process through reducing waste or energy consumption, this creates a reputation or brand image in the market that most consumers nowadays look for.

List of Top Vehicle Registration Plate Companies

• Shanghai Fa Yu Industrial(China)
• Bestplate(U.K.)
• Rosmerta(India)
• Hills Numberplates(U.K.)
• SAMAR’T(Spain)

KEY INDUSTRY DEVELOPMENTS

2023: A registration plates manufacturer, Metalcraft, has come up with holographic designs as well as laser etching which cannot be easily imitated. Each of these features aids in the identification of the plates and minimizing on fake plates being made.

January 2024: A US-based company launched intelligent registration plates with RFID and QR code functionalities that track in real time and prevent fraud. These plates aspire to enrich traffic monitoring and vehicle identification systems

October 2024: Major companies set forth investment plans for greenfield manufacturing facilities in Asia-Pacific and North America to cater to the growing need for advanced registration plates.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.