Market Development Forecast of RFID Industry in China and the World in 2021
Global electronic shelf labels shipments increased from approximately 9.29 billion pieces in 2014 to approximately 18.88 billion pieces in 2019, maintaining a compound annual growth rate of 15.2%. At the same time, as the implementation cost of RFID technology continues to fall, the downstream application will be more extensive. Global e-tag shipments are expected to reach 37.05 billion pieces in 2024, maintaining a compound annual growth rate of 14.4% during this period.
According to statistics, the global RFID or NFC industry market size in 2019 is about 11.64 billion US dollars, is expected to grow to 15.23 billion US dollars in 2024, 2019-2024 cagR is about 6.61%.
In recent years, the use of RFID digital price tags in China also shows a rapid growth trend. According to statistics, the number of RFID tags in Use in China increased from about 1.03 billion in 2014 to about 2.74 billion in 2019, with a compound annual growth rate of 21.6% in 2014-2019 and will reach 6.49 billion in 2024.
At present, RFID or NFC technology is widely used in identity identification, financial services and other areas of public life. At the same time, due to the maturity of UHF RFID technology and the cost reduction brought by large-scale production, RFID has been widely used in the retail field, especially in the clothing industry. In the future, with the continuous upgrading and development of transportation logistics and manufacturing, the penetration rate of RFID in these two fields will continue to increase.
