HF RFID Tags to Dominate the Market
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
RFID tags are electronic devices embedded with an antenna attached to the goods/animals/personnel to be tracked. The demand for RFID tags is primarily governed by the continually growing penetration of RFID tracking systems worldwide. Factors such as consistent decline in price and widespread application area has ensured robust market growth over the period. RFID tags are available in wide price range starting as low as US$ 0.10 to more than US$ 20, based on particular application.
The market heavily relies on retail and transportation & logistics sectors constituting to more than 65% of the overall market revenue generated worldwide. Major retail companies such as Walmart, Inc., Metro AG and Target Corporation have already mandated the use of RFID tracking systems for effective asset and goods tracking.
Additionally, major consumer packages goods (CPG) companies too hold prominent position in adopting RFID tracking systems, thereby supporting the RFID tags market growth.
HF RFID tags segment led the overall market in 2021, contributing to more than 40% of the total market revenue generated worldwide. Although LF RFID systems too are fairly competent, factors such as standardized technology, faster detection, larger memory, fairly longer range and wide application area.
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