Europe Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure Printin

Europe Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure Printing, Offset Printing, and Others), and End-user (Retail, Transportation and Logistics, Industrial, and Others)

The inventory tags market in Europe is expected to grow from US$ 1,198.17 million in 2021 to US$ 1,574.93 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The increasing disposable incomes in several emerging countries are augmenting the demand for retail products. The retail industry is fueled by a mounting set of suppliers selling various products online and changing buying behavior of consumers. E-commerce is the fastest-growing segment of the retail industry in Europe. As per the Centre for Retail Research Limited, in 2019, the combined e-commerce sales in the UK, France, the Netherlands, Italy, and Spain were US$ 313.53 billion. RFID is also installed to increase visibility in inventory, which allows for much higher stock accuracy levels. Giants in the retail sector, such as H&M, Nike, and Zara, use this technology for inventory management to generate an effective supply chain, combat counterfeit items, and prevent out-of-stock situations. RFID deployments code and read products in the warehouses. When shipments reach store locations, RFID identifies which sizes and models to restock. Inditex Group, the owner of Pull and Bear, Bershka, Massimo Dutti, Zara, Stradivarius, and Oysho, has given Tyco Retail Solutions a contract for RFID-based inventory intelligence. The Tyco solution has been installed in 700 Zara stores across 22 countries. Thus, the increasing deployment of RFID tags among major retailers is fueling the market growth.

Due to the COVID-19 outbreak, Russia, the UK, France, Italy, Spain, and Germany are among the worst-affected member states in Europe. Businesses in the region faced severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, Europe experienced an economic slowdown in 2020 and 2021. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among its citizens. European countries represent a major market for inventory tags adoption due to the rising e-commerce and automotive industries. Also, warehouses were closed across several European countries due to lockdowns. In Germany, several fashion retailers, shoe and sports shops, and electronics stores are affected due to this pandemic. Additionally, major automotive plants were temporarily closed, which reduced the shipments of car spare parts, where inventory tags play an important role to efficiently track the products. All these factors directly impacted the inventory tags market growth in European countries.

The Europe inventory tags market is segmented on the basis of technology, label type, printing technology, and end-user. Based on label type, the market is segmented into plastics, paper, metal, and others. In 2020, the plastics segment held the largest share in the market. The plastic inventory tags are the most widely used tags, as they are cheaper and have a long lifecycle. The market players offer plastic inventory tags in various shapes, such as rectangular, square, and round, and different color combinations. However, the rising concern over the recyclability of plastics and sustainability hampers the adoption of plastics inventory tags. Moreover, owing to capabilities of being lightweight, nonconductive, noncorrosive, and impact-resistant, the adoption of plastic inventory tags is growing by end-users.

The Europe inventory tags market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe inventory tags market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Europe inventory tags market. 3M; Alien Technology, LLC; Brady Worldwide, Inc.; CCL Industries Inc.; Johnson Controls, Inc.; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc.; and Camcode are among the leading companies in the market.

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