According to our latest study on "2D Barcode Reader Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type and Application," the market is expected to grow from US$ 8,373.12 million in 2023 to US$ 12,708.70 million by 2028; it is estimated to register a CAGR of 8.7% from 2023 to 2028.
The increase in consumers’ disposable income has changed their lifestyles and purchasing patterns. Consumers prefer to shop online as it offers a wide range of products and saves time and money compared to brick-and-mortar stores. In addition, the increasing penetration of the internet and smartphones has further boosted the online shopping market. For instance, according to India Brand Equity Foundation, the online shopper base in India was 150 million in 2021 and is expected to reach 350 million by 2026. These factors have led to the growth of the e-commerce sector. Further, the increasing e-commerce sector is boosting the transportation of goods. This is positively influencing activities in the warehouses and goods supply chain, further propelling the growth of the logistics sector.
A 2D barcode reader plays a vital role in supporting the increasing e-commerce sector by managing the increased amount of goods and their information. In the supply chain networks, tracking product and sales information in real-time helps deliver the goods on time to the customers, which demands a 2D barcode reader to maintain the sales information and for better inventory management. Every product has a unique identification code that stores its information which can be accessed with the help of a 2D barcode reader. In warehouses and wholesale markets, using 2D barcode readers can help reduce data entry and increase the accuracy of the data, making it easier to maintain the inventory and track product information. It offers more flexibility and productivity in the e-commerce and logistics businesses. Thus, the growth of e-commerce and logistics sectors propels the 2D barcode reader market growth.
Based on country, the Europe 2D barcode reader market size is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Europe is witnessing a rise in e-commerce sales due to the growing e-commerce sector. According to Ecommerce Europe, the e-commerce sector in Europe grew by 13% in 2021 compared to 2020. Further, the surge in e-commerce activities across the region has boosted the need for more space to keep inventory. Hence, the demand for warehousing in Europe is also increasing. In October 2021, Gonvarri Material Handling predicted that an additional 8.6-million-meter square of warehouse space would be required in the region between 2021 and 2025. Thus, rising e-commerce sales and growing need for better management of new warehouse space are propelling the demand for 2D barcode readers to manage the inventory and track the products, further fueling 2D barcode reader market.
The rise of 2D barcode reader market share in Asia Pacific is attributed to the rise in the establishment of new warehouses in the region. The region is focused on strengthening its logistics infrastructure for better and more efficient workflow management. In addition, many 3PL companies in the region expanded their manufacturing facilities. For instance, in December 2022, 20Cube Logistics Pte. Ltd., a Singapore-based software solution provider, expanded its distribution center in Selangor D.E, Malaysia, with an extra 250,000 square feet of storage. This expansion helped the company to support offshore warehousing across the region. In addition, in March 2023, India-based KSH Logistics announced to increase its operation across the country and plans to grow by over 50% annually in the next five years. Such expansions by companies to increase their warehousing facility and business in the region are contributing to increased movements of goods. This, in turn, will require 2D barcode readers to track their movement, fueling the 2D barcode reader market growth in the region.
The 2D barcode reader market size is segmented based on product type, application, and geography. In terms of product type, the 2D barcode reader market is categorized into handheld and fixed. Based on type, the 2D barcode reader market is segmented into warehousing & logistics, pharmaceuticals, e-commerce & retail, and others.
Key Findings of Market Study:
Based on product type, the global 2D barcode reader market is segmented into handheld and fixed. In terms of revenue, handheld dominated the 2D barcode reader market share in the product type segment. A handheld barcode reader is a portable device that reads different types of barcodes in various settings, such as warehouses, retail stores, and manufacturing facilities. Handheld barcode readers are easy to handle. These omnidirectional readers can read the barcodes from any surface such as printed or screen. The time taken for scanning is significantly less since there is no need to line up the scanner line precisely across the code. These barcode readers are more tolerant when the print is faded or not quite dark enough since they are processing images instead of reflected light which contributes to its demand in 2D barcode reader market. Another advantage is that they can read any type of barcode, such as stacked, 1D, 2D, and QR. Therefore, 2D barcode readers play a vital role in helping manage sales information, and track products, increasing the demand 2D readers and offering lucrative opportunities to the 2D barcode reader market players to use different types to 2D readers.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com