Tag: Logistics

2D Barcode Reader Market Worth $8.6 Billion By 2025

The global 2D barcode reader market size is expected to reach USD 8.60 billion by 2025, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow as incumbents of industries, such as retail, transportation & logistics, warehousing, and e-commerce, continue to adopt various tools to increase the operational efficiency of their business operations. Initiatives being undertaken by businesses to develop innovative strategies and adopt strategic methods and tools to gain a competitive edge in the marketplace also bode well for the growth of the market.

A barcode reader is emerging as one of the solutions that can potentially help businesses in ensuring lean operations and improving productivity. As a result, manufacturers operating in the market are responding to the situation by focusing on the development of innovative technologies for enhancing the barcode reading capabilities and offering numerous benefits to several end-use industries. The development of 2-Dimensional (2D) barcode scanners has particularly helped in solving several problems and challenges, such as having the capability to scan 2D barcodes while also ensuring the backward compatibility to scan 1-Dimensional (1D) barcodes.

A 2D barcode reader has assumed a pivotal role in increasing the operational efficiency of businesses. Owing to advantages such as higher accuracy, higher scanning speed, reduction in clerical cost, and improvement in customer service, the 2D barcode reader has cemented its position as a prominent tool for streamlining internal and external operations. Apart from being compact and flexible, the reader can also turn out to be an economical solution with a payback period of just 3-6 months. It is particularly getting vital for the industrial sector as a result.

The adoption of barcode technology as an automatic identification/scanning system has helped significantly in reducing human errors. A typical error rate for human data entry is estimated at around 1 error per 300 characters typed. However, the error rate of a barcode reader is estimated at 1 error per 35 trillion characters. Thus, from accelerating the checkout process in the retail industry to tracking inventories in warehouses, barcode scanners have eventually proliferated into a myriad of business operations. These scanners can not only help businesses in conserving their resources but in optimizing the data entry process, improving real-time visibility of the products, and enhancing the productivity of employees.

However, the proliferation of mobile barcode Software Development Kits (SDKs) is anticipated to hinder the growth of the market. Organizations with low-volume operations are particularly preferring smartphones over scanners for barcodes to reduce their operational costs. The adoption of Bring Your Own Device (BYOD) policies is also anticipated to encourage the adoption of barcode scanning apps over readers. In other words, any growth in the usage of smartphones for scanning barcodes can potentially take a toll on the demand for dedicated 2D barcode readers.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/2d-barcode-reader-market

Further key findings from the study suggest:

  • The global market for 2D barcode reader was valued at USD 6.39 billion in 2018 and is expected to exhibit a CAGR of 4.7% from 2019 to 2025
  • The handheld segment accounted for the largest revenue share of over 65% in 2018 and is anticipated to register a CAGR of 5.2% over the forecast period
  • The logistics segment is anticipated to exhibit the highest CAGR of 6.1% over the forecast period as transporters continue to deploy barcode readers at their logistics facilities
  • The warehousing segment dominated the market in 2018 and was valued at USD 2.60 billion as warehousing companies aggressively adopted 2D barcode readers to track inventories
  • The Asia Pacific regional market was valued at USD 2.66 billion in 2018 and is expected to register a significant growth rate owing to the booming e-commerce industry and the continued rollout of warehousing network, particularly in developing countries, such as India and China
  • The key players dominating the 2D barcode reader market include Zebra Technologies Corporation, Datalogic S.p.A., Cognex Corporation, Honeywell International Inc., and Keyence Corporation, among others

Commercial Vehicles Market Size Worth $2.27 Trillion By 2025

The global commercial vehicles market size is expected to reach USD 2.27 trillion by 2025, according to a study conducted by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.1% during the forecast period. Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.

In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.

To meet changing market needs, original equipment manufacturers (OEMs) across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/commercial-vehicle-market

Further key findings from the study suggest:

  • Expanding e-commerce industry and availability of easy finance options are anticipated to play a key role in boosting the commercial vehicles market growth
  • Increasing spending on infrastructural development and efforts taken by OEMs to provide value-added services focused on enhancing in-vehicle experience are projected to drive market demand
  • The global market is expected to register a volume-based CAGR of over 6.0% from 2018 to 2025, primarily as a result of sustained economic activity in emerging markets
  • The light commercial vehicles (LCVs) segment recorded consistent growth from 2014 to 2017 and this trend is expected to continue over the forecast period due to expansion into newer markets such as Africa and Southeast Asia
  • The logistics segment is anticipated to witness high demand for commercial vehicles, primarily due to rise in trade and e-commerce activities across the globe
  • Rapid urbanization and improving road infrastructure in Asia Pacific are projected to drive the region to register a revenue-based CAGR of more than 8.0% from 2018 to 2025
  • The market is marked by the presence of numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. These players implement various inorganic and organic growth strategies to maintain their presence and withstand intense competition.