South America 2D Barcode Reader Market Forecast to 2028 -Regional Analysis

The South America 2D barcode reader market is expected to grow from US$ 334.09 million in 2023 to US$ 408.43 million by 2028. It is estimated to grow at a CAGR of 4.1% from 2023 to 2028.

Growth of Logistics and E-Commerce Sector is Fueling South America 2D barcode reader market

Growth in consumer disposable income has changed their lifestyle 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. 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.

South America 2D Barcode Reader Market Overview

The South America (SAM) 2D barcode reader market is segmented into Brazil, Argentina, and the Rest of SAM. The significant rise in e-commerce in SAM is changing the way companies serve their customers. Brazil is a driving force in SAM’s economy and economic trends. According to International Trade Administration, the e-commerce sector in Brazil experienced a growth of 16% in 2021 compared to 2020.

Thus, the rising e-commerce sector contributes to the increase in the need for warehousing and a robust logistics sector for storing and transporting goods. As 2D barcode readers in the warehousing and logistics sector can help manage inventory with high accuracy, its demand is expected to increase in these sectors, propelling the market growth in the region. In addition, the retail sector in South America is rising due to the opening of new retail stores.

For instance,

In May 2021, Falabella, one of South America's largest retailers in Chile, announced the plan to open 21 stores in Uruguay, Chile, Colombia, Peru, and Mexico. Also, in November 2021, the company opened its largest store in Chile. In October 2021, DIA, a supermarket chains, announced an investment of US$ 100 million from 2021 to 2023 to expand its business and stores in Argentina. In this investment plan, the company is focused on opening a new distribution center in Argentina to establish new stores. Hence, the opening of new retail stores contributes to increased use of 2D barcode readers by retailers, as the device helps them with inventory and sales management. It further improves customer’s experience in the store for fast checkout. All these factors are propelling the 2D barcode reader market in SAM.

Exhibit: South America 2D Barcode Reader Market Revenue and Forecast to 2028 (US$ Million)

South America 2D Barcode Reader Market Segmentation

The South America 2D barcode reader market is segmented into product type, application, and country. Based on product type, the market is bifurcated into handheld and fixed. The handheld segment held a larger market share in 2023.

Based on application, the market is segmented into warehousing & logistics, pharmaceuticals, e-commerce & retail, and others. The e-commerce & retail held the largest market share in in 2023.

Based on country, the market is segmented into Brazil, Argentina and the Rest of South America. Brazil dominated the market share in 2023.

Cognex Corp; Newland Auto-ID Tech Co Ltd; Honeywell International Inc; Keyence Corp; Omron Corp; DataLogic Spa; and Zebra Technologies Corp are the leading companies operating in the 2D barcode reader market in the region.