July 21, 2024

The Growing Logistics And Transportation Industry Is Driving The U.S. RFID Tags Market

Radio-frequency identification (RFID) tags are used to track goods and assets across various industries such as logistics & transportation, retail, healthcare, and others. RFID tags help track the movement and location of goods in real-time and provide accurate data analytics. It is widely used for warehouse and supply chain management. The rising e-commerce industry, implementation of track-and-trace solutions, and need for inventory management has boosted the adoption of RFID tags.

The global U.S. Rfid Tags Market is estimated to be valued at Us$ 887.15 Mn in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing adoption of automated systems in warehouses and distribution centers is a key trend driving the RFID tags market growth. Automation systems require real-time tracking of assets and goods which has propelled the use of active and passive RFID tags. Furthermore, stringent regulations by governments for product traceability is also resulting in increased RFID deployment across industries. Tracking and tracing solutions ensure quality control and help meet regulatory compliance. Emergence of IoT is enabling integration of RFID tags with various devices and sensors. This is facilitating remote monitoring of assets and providing valuable business insights to optimize operations.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the U.S. RFID tags market is moderate. Established players dominate the market and new entrants require significant investments to establish distribution networks.

Bargaining power of buyers: The bargaining power of buyers in the U.S. RFID tags market is high. Buyers can negotiate on price and demand better customized RFID tags as per their needs.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Few large suppliers dominate the market.

Threat of new substitutes: The threat of substitutes is low as RFID tags offer unique features of contactless identification and tracking of assets.

Competitive rivalry: The competitive rivalry is high due to the presence of few large players. Players compete based on innovative product offerings, technology, and pricing.

Key Takeaways

The U.S. RFID Tags Market Size is expected to witness high growth over the forecast period supported by increasing adoption across various end-use verticals. The retail and healthcare sectors have widely adopted RFID tags for tracking inventory and medical assets. The global U.S. RFID Tags Market is estimated to be valued at US$ 887.15 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

The Western region dominates the U.S. RFID tags market owing to strong government support for adoption of advanced technologies. States like California, Texas and New York are emerging as major markets in the country.

Key players operating in the U.S. RFID tags market are RF Code Inc., HID The U.S. Corporation, AMS AG, Omni- ID Ltd., Impinj Inc., NXP Semiconductors N.V., Alien Technology, Invengo Information Technology Co., Ltd., and Confidex Ltd., Avery Dennison Corporation. Players are focusing on technological advancements and expanding their presence through strategic partnerships and collaborations to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it