Vehicle License Plate Market Size, Share, Research Report 2023

The global vehicle license plate market size was valued at USD x million in 2022 and is poised to grow at a significant CAGR of 4.3% during the forecast period 2023-29. In various sectors such as government, law enforcement, defense and security, and commercial increased demand for the Vehicle license plate is increasing. The government increasing funding for intelligent transport systems plays an important role in driving the market growth. Furthermore, reinforce traffic regulations and government initiatives to enhance road safety by increasing the implementation of the Automated Number Plate Recognition system. Vehicle license plate recognition is an intelligent transport technology useful in traffic management.

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The global vehicle license plate market segmentation:
1) By Type: Aluminum License Plate, Plastic License Plate, Other
2) By Application: Passenger Vehicles, Commercial Vehicles

The passenger Vehicles segment accounted for a considerable market share, and it is expected to grow with a CAGR from 2022-2028. The passenger Vehicles segment is expected to grow drastically due to demand is frequently seen as a measure of economic progress in any nation or area, since it is closely tied to industrial production, economic development, and population demographics. This category is likely to be the largest contributor over the projection period, owing to robust demand from emerging markets and the rebound of developed economies.

North America leads Vehicle license plates Market:
In the north, the vehicle license plates market holds a considerable market share in 2022 and the market is expected to grow at a significant CAGR during the forecast period. Due to rising demand for vehicle license plate recognition for law enforcement applications, growing sales of automobiles, rising population, and the need to ameliorate traffic management in regions. Due to the increase in the use of vehicle license plate recognition system security and surveillance application, North America accounts for the highest share of the vehicle license plate recognition market.

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Key players' profiles in the vehicle license plate market report are UTSCH, ADVICS CO., LTD., Samar't UK., EHA Group, Bestplate, SPM Groupe, Rosmerta Technologies Limited, Nachiappa Impressions, Jepson & Co. Ltd, aiHit Ltd., Continental AG., Robert Bosch GmbH, Brembo S.P.A., TÖNNJES E.A.S.T. INFRASTRUKTUR INVEST GmbH, Orbiz, Irwin Hodson Group.

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This release was published on openPR.