Global License Plate Frame Market Analysis By Material (Metal, Plastic, Carbon Fiber, Others), By Distribution Channel (OEMs (Original Equipment Manufacturers), Aftermarket), By Vehicle Type (Passenger Cars, Commercial Vehicles) & Forecast
- PUBLISHED ON
- 5/10/2023
- NO OF PAGES
- 267
- CATEGORY
- Automotive & Transportation
The global license plate frame market was valued at around USD 2.1 billion in 2022 and expected to grow at a CAGR of 5.6% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 2,100 million |
Market Forecast in 2033 | USD 5,260 million |
CAGR % 2023-2033 | 5.6% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Consumption and Production ratio, company analysis by sales, revenue and gross margin |
Key Companies | Cruiser Accessories, Custom Accessories, Bell Automotive, U.S. Auto Parts Network, Inc., Pep Boys, Pilot Automotive, Winplus North America, Autogold, Inc., WeatherTech, Eurosport Daytona |
Covid-19 Impact:
The global license plate frame market has been impacted by the COVID-19 pandemic. The outbreak of the pandemic has resulted in a slowdown of the automotive industry, which is one of the major end-users of license plate frames. The supply chain disruptions, shutdowns of manufacturing facilities, and decrease in demand have resulted in a decline in the production of vehicles, thereby affecting the market for license plate frames.
However, as the automotive industry is slowly recovering, the demand for license plate frames is expected to increase. With the rising trend of vehicle customization, the demand for license plate frames with unique designs and colors is also expected to grow. Moreover, the increasing adoption of electric vehicles and the growing focus on promoting eco-friendly products are expected to drive the demand for license plate frames made from sustainable materials.
In addition, the pandemic has also led to an increase in e-commerce sales, as people prefer online shopping to avoid physical contact. This trend is expected to benefit the aftermarket suppliers of license plate frames, as they can reach a wider customer base through online channels.
Overall, the global license plate frame market is expected to gradually recover from the impact of the pandemic and continue to grow in the coming years.
Market Dynamics:
Drivers:
Increasing vehicle sales: The growing demand for automobiles, especially passenger cars and commercial vehicles, is driving the demand for license plate frames. The increasing number of vehicle registrations and sales worldwide is expected to drive the market for license plate frames.
Vehicle customization trend: With the rising trend of vehicle customization, the demand for license plate frames with unique designs and colors is increasing. Consumers are increasingly opting for personalized license plate frames that reflect their personality and style.
Stringent government regulations: Governments across the world are imposing regulations on license plate frames to ensure their safety and readability. For instance, in the US, license plate frames must not cover any of the letters, numbers, or state name on the license plate. This is driving the demand for license plate frames that comply with such regulations.
Increasing demand for sustainable products: The growing focus on sustainability and eco-friendliness is driving the demand for license plate frames made from sustainable materials such as recycled plastic or aluminum. Such materials are not only environmentally friendly but also offer durability and resistance to rust and corrosion.
E-commerce sales: The increasing popularity of e-commerce channels is driving the demand for license plate frames, as customers can easily purchase them online. Online sales channels offer convenience, wider variety, and often lower prices, driving the demand for license plate frames among consumers.
Restraints:
Strict government regulations: License plate frames are subject to strict regulations regarding their size, shape, and color. The use of non-compliant frames may result in penalties, which can discourage consumers from purchasing these products.
Limited customization options: License plate frames are usually small, and there may be limited space available for customization. This may limit the appeal of license plate frames for some consumers who are looking for more personalized options.
Availability of alternative products: There are alternative products available in the market such as license plate holders, which may provide similar benefits and functionalities as license plate frames, but at a lower cost. This may impact the demand for license plate frames negatively.
Regional Analysis:
North America: North America is expected to hold a significant market share owing to the increasing sales of vehicles and the presence of major manufacturers in the region. The United States and Canada are the major contributors to the growth of the market in this region.
Europe: Europe is expected to witness significant growth due to the high adoption of license plate frames in the region. Germany, the United Kingdom, and France are expected to be the major contributors to the growth of the market in this region.
Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market for license plate frames due to the increasing sales of vehicles in the region. China, India, and Japan are expected to be the major contributors to the growth of the market in this region.
Middle East & Africa: The Middle East and Africa region are expected to witness steady growth due to the increasing demand for license plate frames from automotive manufacturers and consumers.
Latin America: Latin America is expected to witness moderate growth due to the increasing sales of vehicles and the rising adoption of license plate frames in the region. Brazil, Mexico, and Argentina are expected to be the major contributors to the growth of the market in this region.
Market Segmentation:
By Material:
• Metal
• Plastic
• Carbon Fiber
• Others
By Distribution Channel:
• OEMs (Original Equipment Manufacturers)
• Aftermarket
By Vehicle Type:
• Passenger Cars
• Commercial Vehicles
By Region:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Competitive Landscape:
The global license plate frame market is highly fragmented with the presence of numerous global and regional players.
Cruiser Accessories
Custom Accessories
Bell Automotive
U.S. Auto Parts Network, Inc.
Pep Boys
Pilot Automotive
Winplus North America
Autogold, Inc.
WeatherTech
Eurosport Daytona
These players compete on the basis of product quality, price, distribution network, and brand recognition. Many of these players are increasingly investing in research and development activities to launch new and innovative license plate frame products. Strategic partnerships, collaborations, and mergers and acquisitions are also common strategies adopted by key players to strengthen their market position.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
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• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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Conclusion
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