The anti-counterfeit automobile packaging technology has emerged as an efficient solution for detecting counterfeit products globally. The automobile industry is severely affected by counterfeit products as they are easily available in the local market. The Motor & Equipment Manufacturers Association (MEMA) conducted a survey in 2013 regarding the losses suffered by the global automobile industry due to counterfeiting. The results of the survey estimated losses close to US$ 12 Bn, which obviously is a significant amount.
The global anti-counterfeit automobile packaging market is projected to become a multi-billion industry, growing significantly over the forecast period of 2016-2024. Innovative technologies are coming into market for tracking and authentication of the original products, which are easy as well as very efficient in functioning. Their increasing adoption in the market, in turn, is propelling the demand for anti-counterfeit automobile packaging globally. Use of product level RFID technologies is one of the most significant factors expected to drive the growth of the overall anti-counterfeit automobile packaging market.
Rising consciousness among consumers about the forged or counterfeit products and anti-counterfeit technologies is also affecting the market positively. Increasing government regulations and efforts taken in order to eliminate the usage of counterfeit products in the automobile industry is also increasingly driving the companies to invest in advanced anti-counterfeit technologies. The synergistic approach of industrial players, along with various government organizations, is expected to provide a platform for the growth and development of the global anti-counterfeit automobile packaging market over the forecast period.
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Apart from the above beneficial properties, there are several others factors restraining growth of the market for anti-counterfeit automobile packaging. Among these, high costs of anti-counterfeit setups and their impact on the product distribution system are the major factors expected to restrain growth of the anti-counterfeit automobile packaging market over the forecast period.