Automotive Labels Market Forecast 2023 - 2030

By Type :

Based on the type, the market is bifurcated into automotive interior and exterior part instructional labels, under the hood instructional labels, glass and windshields labels, battery labels, and others. The automotive interior and exterior part instructional labels segment accounted for the largest revenue share of 41.2% in the year 2022. The automotive interior and exterior part instructional labels are among the most crucial types of labels used in automobiles. Automotive interior and exterior part instructional labels help vehicle users in operating the vehicle and maintaining the interior and exterior automobile parts. Most automotive interior and exterior part instructional labels are simple, informative, and provide relevant information regarding the handling and operation of automobiles. The above characteristics of automotive interior and exterior part instructional labels are increasing its utilization in passenger cars and commercial vehicles.

According to International Organization of Motor Vehicle Manufacturers, the total production of passenger cars in South America reached up to 2,133,793 units in 2022, depicting a growth of 10% in comparison to 2021. Hence, the rise in passenger car production is among the key factors driving the application of automotive interior and exterior part instructional labels in passenger cars, in turn contributing to the growth of the market.

The battery labels segment is anticipated to register the fastest CAGR growth during the forecast period. Automotive battery labels include information associated with voltage, cranking amps, reserve capacity, amp hours, deep cycle, and others. Moreover, battery labels offer several features such as high durability and strength, chemical resistance, and long shelf-life, which makes it ideal for utilization in passenger cars, commercial vehicles, and electric vehicles.

According to the International Organization of Motor Vehicle Manufacturers, the total automobile production in the North American region reached 14,798,146 units in 2022, depicting an increase of nearly 10% from 13,467,065 units in 2021. Thus, the rising automobile production is fostering the demand for automotive battery labels for providing relevant technical information related to vehicle batteries, in turn driving the market growth during the forecast period.

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By Vehicle Type :

Based on the vehicle type, the market is segregated into passenger cars and commercial vehicles. The passenger cars segment accounted for the largest revenue share in the year 2022. Factors such as rising disposable income, increasing passenger car production, and growing integration of safety and instruction labels in cars are among the key prospects driving the growth of the passenger car segment.

According to ACEA (European Automobile Manufacturers Association), the total production of passenger cars in the Europe Union reached up to 10.9 million in 2022, depicting a growth of 8.3% in comparison to 2021. Therefore, the rising production of passenger cars is driving the utilization of automotive labels in various components of passenger cars including the car battery, windshield, tire, and other interior and exterior parts of the car, in turn fostering market growth during the forecast period.

The commercial vehicle segment is expected to witness the fastest CAGR growth during the forecast period. The growth of the commercial vehicle segment is attributed to several factors including the rising pace of industrialization, increasing investments in commercial vehicles, and rising demand for cost-effective modes of transportation and logistics.

For instance, according to the Society of Indian Automobile Manufacturers, the total production of commercial vehicles in India has reached 10,35,626 units from April 2022 to March 2023, representing an increase of 28.6% from 8,05,527 units from April 2021 to March 2022. Therefore, the growing commercial vehicles sector is driving the adoption of automotive labels, in turn driving the growth of the market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 2,537.75 Million in 2022 and is expected to reach USD 3,921.13 Million by 2030, registering a CAGR of 5.7% during the forecast period. In addition, in the region, the U.S. accounted for the maximum revenue share of 53.4% in the same year. The adoption of automotive labels in North America is primarily driven by multiple factors including growing investments in the expansion of automobile manufacturing facilities and rising automotive production in the region. For instance, according to the International Organization of Motor Vehicle Manufacturers, the total automobile production in Canada reached 1.2 million in 2022, representing a growth of 10% in comparison to 2021. The above factors are further propelling the growth of the automotive labels market in the North American region. Additionally, the rising adoption of electric vehicles in the region is anticipated to provide lucrative growth aspects for the market in North America during the forecast period.

Asia-Pacific is expected to register the fastest CAGR growth of 6.1% during the forecast period. The rapid pace of industrialization and development is creating lucrative opportunities for market growth in the region. Moreover, factors including the growing pace of urbanization, increasing government investments in the automotive sector, and rising automobile production are stimulating the market growth for automotive labels in the Asia-Pacific region.

For instance, according to the Society of Indian Automobile Manufacturers, the total automotive production in India reached 2,59,31,867 units from April 2022 to March 2023, depicting a substantial growth of 12.6% from 2,30,40,066 units from April 2021 to March 2022. Therefore, the rise in automobile production is driving the deployment of automotive labels, in turn proliferating the market growth in the Asia-Pacific region.