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Automotive Number Plate Market Segmented By Material such as Steel, Aluminum, Others with Vehicle Type such as PC, LCV, HCV and Electric Vehicles
An automotive number plate refers to the metal plate attached to a vehicle that provides information about the registration of the vehicle. These automotive number plates can be made from different materials including preprinted adhesive sheeting and aluminum sheets. Governments of different countries have their own departments which deal with the issuing, numbering and coloring of automotive number plates.
Moreover, in case of two wheelers, the size of such automotive number plates generally depends on the side of installation, i.e. whether the plate is installed on the front or the rear side of the vehicle. Furthermore, in most countries, weight information about owner, class of vehicle and use restrictions are communicated through the automotive number plates. The design of the automotive number plates depends on the standard thickness and size of the number plate mounting on the vehicle.
Such automotive number plates are usually manufactured either through stamping, in which the numbers and characters are stamped on a metal plate or by the application of preprinted number sheets on the metal plate. The automotive number plate market will witness significant opportunities for growth during the forecast period.
Sales of automotive number plates is directly dependent on the sales and production of automotive vehicles across the globe. The growth in the sales of automotive vehicles during the past years is expected to promote the growth of the automotive number plate market over the assessment period. Moreover, the fleet of automotive vehicles has also increased significantly in the past few years, owing to the increasing disposable income of the global population.
This is expected to further promote the growth of the automotive number plate market over the coming years. Moreover, as the government regulations become more stringent for the installation of number plates on the vehicles, the demand is expected to further increase in the coming years.
Specialized automotive number plates are gaining popularity in the market, with manufactures focusing on providing varied solutions to meet the growing demand from customers. Moreover, with the introduction of lightweight and aesthetically appealing automotive number plates, the demand for automotive number plates is expected to increase considerably to replace the existing automotive number plates.
Moreover, as the emphasis on e-mobility increases, the production and sales of electric vehicles is expected to increase in the coming years. This is expected to supplement the growth of the market in the coming years.
However, vehicle manufacturers are now offering vehicles that come with an already attached number plate, which may hamper the business prospects of the aftermarket manufacturers. Moreover, automotive number plates made of steel get easily rusted, owing to which their demand has seen a decline during the past few years.
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North America and Europe are expected to witness significant growth in terms of aftermarket sales of automotive number plates which can be attributed to the large fleet of automotive vehicles in the region. Furthermore, as the automotive production increases in developing countries of the Asia Pacific region, such as SEA & Pacific, India and China, growth opportunities for OEM manufacturers are also expected to ramp up. The production of electric vehicles is growing at a tremendous rate in Japan. This can be one of the prime reasons which might promote the growth of automotive number plate market over the coming years in Japan.
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