February 26, 2024

Increasing Adoption Of Industrial 4.0 Automation Trends Is Projected to boost the growth of Barcode Printer Market

 

The global Barcode Printer Market is estimated to be valued at US$ 3,900 Million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Barcode printers are used for printing barcodes on various products and packages for product identification and tracking purpose. There are different types of barcode printer available such as desktop barcode printer and industrial barcode printer. Desktop barcode printers are usually used for printing smaller quantities like product labels, invoices, barcode stickers. Industrial barcode printers can print larger volumes of barcodes and are ideal for items like shipping containers, pallets and other product packages. Barcode printers provide advantages like faster order processing, increase productivity, reduce errors and streamline supply chain management. With growing e-commerce and logistic industry, demand for barcode printers is increasing globally.

Market key trends:

One of the key trends in barcode printer market is increasing adoption of Industrial 4.0 automation trends. Many manufacturing companies are automating their production lines with implementation of industrial internet of things (IIoT) and industrial automation solutions. Barcode printers play an important role in automation by enabling identification and tracking of materials, products and assets on automated production lines and warehouses in real-time. This is boosting the demand of industrial grade rugged barcode printers. Another major trend is rising popularity of mobile barcode printers. Many barcode printer manufacturers are launching portable and wireless barcode printers that can be easily carried and used at different locations. This is increasing preference of mobile printers among transport and logistics and field sales workforce where barcode printing is required on-the-go.

Porter’s Analysis

Threat of new entrants: The barcode printer market requires heavy capital investments and robust distribution networks to produce and distribute equipment. These high barriers limit the threat of new entrants.

Bargaining power of buyers: Large scale buyers have significant bargaining power given the diverse array of product options available. However, buyers are not very price sensitive as barcode printing is crucial for operations.

Bargaining power of suppliers: The suppliers of barcode printers depend heavily on a few dominant players for key components like printing mechanisms, controllers, and connectivity components. This increases their bargaining power over suppliers.

Threat of new substitutes: There exist no close substitutes for barcode printers currently. However, mobile scanning and direct part marking are emerging as potential substitutes.

Competitive rivalry: The barcode printer market is fragmented with the presence of numerous global and regional players. Intense competition on pricing and performance impacts profitability.

Key Takeaways

The global Barcode Printer Market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing adoption across industries like retail, transportation and logistics, and healthcare for efficient inventory management and asset tracking.

Regional analysis

The Asia Pacific region is anticipated to dominate the barcode printer market due to rapid industrialization and the presence of a large manufacturing sector in countries like China and India. North America is also expected to exhibit significant growth due to high barcode printer usage across various industries for supply chain applications.

Key players

Key players operating in the barcode printer market are Zebra Technologies Corporation, Honeywell International, Inc., Toshiba TEC Corporation, SATO Holdings Corporation, Avery Dennison Corporation, GoDEX International Co., Ltd., Printronix, Inc., TSC Auto Id Technology Co., Ltd., Printek, Inc., Oki Electric Industry Co., Ltd., and Stallion Systems And Solutions Pvt. Ltd. Zebra Technologies maintains its leading position through continuous innovation and expanding its product lines.