Market development forecast of RFID industry in China and the world in 2021
According to China RFID Market Research and investment prospect report (2021 Edition), the earliest application of RFID technology can be traced back to the identification of friend or foe of aircraft in World War II, but it has not been widely used due to technology and cost reasons. In recent years, with the development of integrated circuit technology and communication technology, RFID technology has entered the stage of commercial application.
The global shipment of electronic labels increased from about 9.29 billion in 2014 to about 18.88 billion in 2019, maintaining a compound annual growth rate of 15.2%. At the same time, as the implementation cost of RFID technology continues to decline, the downstream applications will also be more extensive. It is estimated that the global electronic label shipment will reach 37.05 billion in 2024, and the annual compound growth rate of 14.4% will be maintained during this period.
According to statistics, the global RFID or NFC industry market size in 2019 is about 11.64 billion US dollars, which is expected to grow to 15.23 billion US dollars in 2024, with an average annual compound growth rate of about 6.61% from 2019 to 2024.
In recent years, the usage of RFID tags in China also shows a rapid growth trend. According to statistics, the number of RFID tags used in China has increased from about 1.03 billion in 2014 to about 2.74 billion in 2019, with an average annual compound growth rate of 21.6% from 2014 to 2019, and will reach 6.49 billion in 2024.
At present, RFID or NFC technology is widely used in identification, financial services and other public life fields. 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 and logistics and manufacturing industry, the penetration rate of RFID in these two fields will continue to improve.