The global market size of RFID electronic tags is expected to reach US$7.51 billion in 2030

In recent years, the global RFID market has continued to expand and become one of the key technologies that are indispensable in the era of the Internet of Things. The widespread application of RFID technology has not only promoted the digital transformation of multiple industries such as logistics, retail, manufacturing, medical care, and transportation, but also greatly improved efficiency and transparency. ‌

According to research data from Global Info Research and QYR (Hengzhou Bozhi) and other institutions, the global RFID market has continued to grow in recent years. According to QYResearch data, the global RFID tag market size has reached 61.095 billion yuan in 2023, and is expected to grow at a compound annual growth rate of 7.40% to 104.694 billion yuan in 2029. According to the latest report of the QYResearch research team, "Global RFID Electronic Tag Market Report 2024-2030", the global RFID electronic tag market size is expected to reach US$7.51 billion in 2030, with a compound annual growth rate of 8.8% in the next few years.

Taking the RFID Reader market as an example, global sales reached US$9.9 billion in 2023 and are expected to grow to US$14.71 billion by 2030, with a compound annual growth rate (CAGR) of 5.9%. The RFID tag chip market also showed strong growth momentum, especially UHF RFID tag chips, whose market size is expected to grow at a CAGR of 11.00% and reach RMB 14.302 billion by 2029. The application of RFID technology in sub-sectors such as book management, smart cabinets, and electric vehicle charging has also significantly promoted the expansion of the market size. For example, the global RFID book management solution market reached RMB 71.18 billion in 2023 and is expected to grow at a CAGR of 8.10% to RMB 116.502 billion in 2029.

The main drivers of RFID market growth are as follows:

1. Market demand expansion

The growing demand for RFID technology in logistics, retail, medical care, smart manufacturing and other fields has driven the continuous expansion of the market size. ‌

2. Promotion of Internet of Things Technology

As an important application field of RFID technology, the rapid development of Internet of Things has injected new vitality into the RFID market.

3. Technological progress and cost reduction

The progress of RFID chip manufacturing technology and the continuous reduction of production costs have made the price of RFID tags more affordable and the scope of application more extensive.

4. Policy support and standard setting

Governments and relevant institutions of various countries have continuously issued policy support and standard setting to promote the development and application of RFID technology.

With the continuous advancement of RFID technology and the further expansion of application fields, the RFID market will usher in a broader development prospect. However, in the process of development, it also faces challenges such as data security, privacy protection, and unified technical standards. Therefore, enterprises need to increase R&D investment, promote technological innovation, and strengthen industrial chain cooperation to meet challenges and seize development opportunities.