LONDON, Nov. 28, 2018 /PRNewswire/ -- 103 pages, November 2018
About this market
In the 1950s, the global automotive industry came to an agreement with governments and international standard organizations to standardize the license plate size. In the EU, the standard size for the front plate is 52 cm X 11.1 cm, and the rear plates are either the same size or 28.5 mm X 20.3 cm or 53.3 cm X 15.2 cm. In the US, the dimension of the license plate is about 12 X 6 inches, although these dimensions may vary marginally according to the jurisdiction. The size of the license plates is similar globally, which affords economies of scale benefit to the license plate manufacturers. Hence, the standardization of the license plate size globally would be beneficial for vehicle license plate manufacturers globally which, in turn, will drive the vehicle license plate market during the forecast period.
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Market Overview
Increasing vehicle registrations year-on-year
The growth in emerging markets, in line with the ongoing industrialization, and global trade activity. particularly in the BRIC countries. has been vigorous. Over the last few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic and is rapidly growing: therefore, many auto OEMs are entering the market to tap the huge potential.
Rise in use of car sharing services and alternate transportation
Car sharing service is a car rental model, wherein people rent cars for a short period, often by the hour. This model is attracting customers who occasionally use vehicles and want to drive different vehicles. The car-sharing market provides a cost-efficient solution for vehicles owners.
For the detailed list of factors that will drive and challenge the growth of the vehicle license plate market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including UTAL and Fuwong License Plate the competitive environment is quite intense. Factors such as the Increasing vehicle registrations year-on-year, will provide considerable growth opportunities to vehicle license plate manufactures. UTSCH, Tönnjes E.A.S.T, Rosmerta Technologies, Waldale Irwin Hodson Group, UTAL, and Fuwong License Plate are some of the major companies covered in this report.
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