Global Anti-counterfeit Automobile Packaging Market Driven by Rising Consciousness Among Consumers about the Forged or Counterfeit Products

Counterfeiting or forging is a worldwide phenomenon which not only affects the growth of industries but also affects the end-users of their products. Companies are becoming progressively conscious of the potential negative effects of counterfeit parts in their supply chain, which affect the sales revenue of the company. Besides, since the quality of the counterfeit product does not match with that of the original product, it also affects the brand image of the company. The forged components are so well developed that they are undetectable in normal conditions and thereby find application in critical areas, such as in automobile spare parts and maintenance. The usage of such components results in poor product quality and thus increases consumer safety concerns, which leads to the deterioration of the brand image of the concerned company.

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Counterfeiting affects the company’s gross revenue and results in immense long term damage to its credibility in the market. In the automobile and aerospace industries, the costs incurred due to usage of forged and counterfeit parts are estimated to be in multi-millions.

The anti-counterfeit automobile packaging technology has emerged as an efficient solution for detecting counterfeit products globally. The automobile industry is severely affected by counterfeit products as they are easily available in the local market. The Motor & Equipment Manufacturers Association (MEMA) conducted a survey in 2013 regarding the losses suffered by the global automobile industry due to counterfeiting. The results of the survey estimated losses close to US$ 12 Bn, which obviously is a significant amount.

Due to the severe increment in counterfeit products in the automobile industry, the anti-counterfeit automobile packaging market is expected to witness noteworthy growth over the forecast period.

The global anti-counterfeit automobile packaging market is projected to become a multi-billion industry, growing significantly over the forecast period of 2016-2024. Innovative technologies are coming into market for tracking and authentication of the original products, which are easy as well as very efficient in functioning. Their increasing adoption in the market, in turn, is propelling the demand for anti-counterfeit automobile packaging globally. Use of product level RFID technologies is one of the most significant factors expected to drive the growth of the overall anti-counterfeit automobile packaging market.

Rising consciousness among consumers about the forged or counterfeit products and anti-counterfeit technologies is also affecting the market positively. Increasing government regulations and efforts taken in order to eliminate the usage of counterfeit products in the automobile industry is also increasingly driving the companies to invest in advanced anti-counterfeit technologies. The synergistic approach of industrial players, along with various government organizations, is expected to provide a platform for the growth and development of the global anti-counterfeit automobile packaging market over the forecast period.

Apart from the above beneficial properties, there are several others factors restraining growth of the market for anti-counterfeit automobile packaging. Among these, high costs of anti-counterfeit setups and their impact on the product distribution system are the major factors expected to restrain growth of the anti-counterfeit automobile packaging market over the forecast period.

The global anti-counterfeit automobile packaging market is segmented on the basis of technology and regions. On the basis of technology, the market is segmented into authentication technology and track and trace packaging technology. The authentication technology segment is further sub-segmented into ink & dyes, holograms, watermarks, and taggants. On the other hand, the track and trace packaging technology segment is sub-segmented into barcode technology and RFID technology.

On the basis of geography, the global anti-counterfeit automobile packaging market is segmented into seven main regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, the Middle East & Africa, and Japan. Currently, North America accounts for the largest share of the global anti-counterfeit automobile packaging market, followed by the Europe market. The Asia-Pacific anti-counterfeit automobile packaging market is also expected to expand at a significant growth rate over the forecast period.

Some of the key players in the global anti-counterfeit automobile packaging market are FUJIFILM Holdings America Corporation, Alien Technology Corp., AlpVision, Avery Dennison Corp., Datamax-O'Neil (Honeywell), Giesecke & Devrient (G&D), and IAI Industrial Systems.

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This release was published on openPR.