Rewritable PVC Cards Market is poised to grow at a CAGR of 4.02% by 2032
Updated · Feb 16, 2023
WHAT WE HAVE ON THIS PAGE
The Rewritable PVC Cards Market is a segment of the larger smart cards market, which includes contact and contactless smart cards. Rewritable PVC cards are used in various applications such as ID cards, membership cards, loyalty cards, access control cards, and transportation cards. The market is driven by factors such as increasing demand for contactless payment methods, rising concerns for security and data privacy, and government initiatives to implement e-governance and e-commerce.
The Rewritable PVC Cards market is expected to grow from USD 2.66 billion in 2022 to USD 3.95 billion by 2032, at a CAGR of 4.02% during the forecast period.
The growing demand for Rewritable PVC Cards belonging to Entertainment applications can be attributed the market growth. This report provides insight into the lucrative opportunities within the Rewritable PVC Cards Market, at the country level. The healthcare sector is also expected to be a significant growth driver for the market, as healthcare providers increasingly adopt smart card technology to enhance patient safety, streamline administrative processes, and reduce costs. Also, the market growth can be attributed to the increasing popularity of RFID technology being used in Rewritable PVC Card. The market growth forecast is likely to be constrained by a lackluster awareness of the many benefits provided by rewritable Cards.
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- North America held the largest share of the rewritable PVC cards market in 2022, accounting for around 34.2% of the market.
- Europe held the largest share of the rewritable PVC cards market in 2020, accounting for over 30% of the global market.
- The transportation and logistics sector is expected to be the largest application segment for rewritable PVC cards, owing to the increasing demand for contactless ticketing and smart cards for transit systems.
- The Asia-Pacific region is expected to witness the highest growth in the rewritable PVC cards market during the forecast period, owing to the increasing adoption of contactless payment methods and the rising demand for smart cards in various applications.
- The contactless smart card segment is expected to dominate the rewritable PVC cards market, owing to the increasing adoption of contactless payment methods and the rising demand for secure and convenient payment options.
- The use of biometric authentication and artificial intelligence technologies in smart cards for enhanced security and convenience is also expected to drive the growth of the rewritable PVC cards market.
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Benefits of Rewritable PVC Cards
- Rewritable PVC cards are known for their durability and low cost, making them an attractive option for businesses looking to maximize their budget. They provide a variety of benefits, including:
- Data Retention & Security: With rewritable PVC cards, businesses can store data on the card itself or in a secure database linked to the card without worrying about it being compromised. This makes them ideal for multi-use credentials such as access control and employee ID cards that require frequent updates. Furthermore, the data is retained even if the card is lost or destroyed.
- Cost Savings: Rewritable PVC cards are more cost effective than traditional plastic cards when it comes to printing needs due to their reusability. Businesses don’t need to purchase new stock every time they want to make changes; instead they simply rewrite existing cards saving money and eliminating waste.
Geographically, the coffee bean market can be divided into five key regions: North America, Western Europe, Eastern Europe, APEJ/Japan, Latin America and Middle East & Africa. North America is projected to experience a healthy compound annual growth rate for Rewritable PVC Cards due to their rapid adoption across establishments.
North America is leading the rewritable PVC Cards technology revolution with constant improvements and modifications that make it more efficient and user friendly. Western Europe follows closely behind with a large share of the rewritable PVC Cards market share; countries throughout this region are adopting this technology for various requirements.
Rewritable PVC Cards market growth is being seen in Asia Pacific (APEJ) and Eastern Europe; although currently these regions have not seen tremendous success, forecasts indicate the market will expand significantly over the forecast period. Regional markets such as Middle East/Africa (MEA), Latin America have also seen considerable expansion of this product over recent years, particularly Japan due to its tech-driven population and society.
The technology landscape for rewritable PVC cards is constantly evolving. As the demand for smart card solutions increases, manufacturers are integrating more advanced technologies into their products. Among these are radio frequency identification (RFID), near-field communication (NFC), and biometrics-based authentication tools. RFID tags allow users to identify and track objects in real-time, while NFC provides secure communications between two devices using low-power wireless connections.
- The increasing adoption of contactless payment methods and the rising demand for smart cards in various applications are the key drivers of the rewritable PVC cards market.
- Government initiatives to promote the use of smart cards in various sectors, including healthcare, banking, and transportation, are also expected to drive the growth of the market.
- The high cost of rewritable PVC cards compared to traditional magnetic stripe cards is a major restraint for the growth of the market.
- Security concerns regarding the storage and transmission of data on smart cards may also hinder the growth of the market.
- The use of biometric authentication and artificial intelligence technologies in smart cards for enhanced security and convenience is expected to drive the growth of the rewritable PVC cards market.
- The increasing adoption of contactless payment methods in emerging economies provides significant growth opportunities for the market.
- The lack of awareness about the benefits of rewritable PVC cards compared to traditional magnetic stripe cards is a major challenge for the growth of the market.
- The fragmented nature of the market and the presence of several small players may also pose a challenge for the growth of the market.
The primary factor driving growth in the rewritable PVC cards market is their widespread usage in various cards such as identity proofs and shopping cards. To eliminate physical currency hassle, these rewritable PVC cards have seen widespread circulation across various applications.
Rewritable PVC cards are connected to an account of the user which can be recharged with desired amount, making them suitable for use anywhere acceptable. With global literacy rising annually and an influx of students into schools and universities each year, this factor has further fuelled demand for rewritable PVC cards as identity documents.
Real estate and large official complexes are experiencing growth, due to various security norms implemented at these premises. Rewritable PVC cards will continue to be in high demand for entry/exit passes, which offer numerous advantages to businesses that use them.
Rewritable PVC cards market growth may be hindered in developing nations due to lack of awareness and consumer attitude, thus hindering its expansion.
- In 2020, Idemia Group introduced a new eco-friendly card that can be erased and rewritten up to 500 times, reducing the need for frequent card replacements and contributing to environmental sustainability.
- In 2021, Eastcompeace Technology Co. Ltd. launched a new rewritable PVC card that can be rewritten up to 2,000 times, offering enhanced durability and convenience for users.
- In 2021, G+D Mobile Security partnered with Samsung SDS to offer a secure and convenient contactless payment solution using smart cards and mobile devices.
- ID Card
- Business Card
- Membership Cards
- Safety & Security
Key Market Players
- ID Card Group
- Shenzhen SMART ONE Technology Company Limited
- ID Wholesaler
- 3iD Cards
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|Market size value in 2022||USD 2.66 billion|
|Revenue forecast by 2032||USD 3.95 billion|
|Growth Rate||CAGR Of 4.02%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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