The Asia-Pacific RFID readers market is projected to record a CAGR of 9.73% during the forecasted years of 2021 to 2028. The regional market’s growth is accredited to the development in e-commerce, the rising inclination towards technology-enabled processes and methods, the rapid increase in modernization and industrialization, and increased automation capabilities.
The Asia-Pacific RFID readers market growth assessment entails the analysis of South Korea, Thailand, Japan, Vietnam, Indonesia, China, Australia & New Zealand, India, and the rest of the Asia-Pacific. Business, as well as consumer behaviour trends in India, observed a perpetual evolution in 2020. Moreover, an unprecedented migration occurred online, with nearly 700 million internet users across the nation and the vast adoption of e-commerce owing to nationwide lockdowns, thus making warehousing an apparent beneficiary. As per statistics, the demand for e-commerce warehousing registered a robust growth over recent years, with the share increasing from 14% to 23% between 2017 to 2018 and 2019 to 2020. The shift in buying behavior will further augment the share of e-commerce in logistics and the demand for warehousing in the medium to long term.
South Korea’s retail sector is one of the largest markets across Asia. In terms of the country’s economic size, South Korea ranks 4th in Asia and 12th globally. Furthermore, convenience stores, hypermarkets, supermarkets, and online retailing in South Korea have swiftly developed over the years. Retailers are attempting to attract shoppers back to offline stores through special seasonal promotions. As a result, the country’s sales witnessed an 18.5% increase in March 2021, compared to the previous year. Thus, such factors are attributed to the market growth in the Asia-Pacific.
Eminent companies operating in the market are Invengo Technology PTE Ltd, Motorola Solutions Inc, Honeywell International, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments