DIGITAL PRODUCT PASSPORT SOFTWARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Regional Analysis

To learn more about this report, request sample copy

North America has traditionally dominated the digital product passport software market. The region is expected to account for a market share of 34.81% in 2024, owing to strong industry presence and early adoption. The region is home to many large manufacturing companies that recognize the value digital passports bring in terms of efficiency, compliance and transparency across supply chains. With growing emphasis on sustainability and circular economy, major organizations are implementing product passports to record materials and components throughout a product's lifecycle. This allows them to track resources, facilitate easier repair/remanufacturing and achieve recycling targets. Further impetus comes from regulations around extended producer responsibility and ‘right to repair’ laws. The U.S., in particular, has seen proactive measures to standardize formats and encourage interoperability between platforms. Overall, the market enjoys network effects due to widespread familiarity with digital passports among industrial players.

In 2024, the Asia Pacific region is expected to be the fastest-growing market for digital product passport software, with a CAGR of 31.89%.. China has played a critical role as manufacturers look to digitize processes and comply with domestic regulations. However, other developing economies have shown high momentum as well. In India, initiatives like the National E-Governance Plan have fuelled technology adoption across segments like automotive and electronics. Electronics exports remain a major economic driver and trackability of components is important. Furthermore, overall ‘Make in India’ thrust and growing consumption of smart devices creates fertile ground. The pricing of passports also remains relatively affordable versus developed markets, removing entry barriers. This has allowed Asia Pacific to rapidly gain ground as global supply chains increasingly pivot towards the region.