Latest News- Vehicle RFID Tag Market: Passenger cars is expected to lead the Vehicle Type segment during 2025-2029

The Vehicle RFID Tag Market is being driven by Increase in tax revenue

The Vehicle RFID Tag Market is expected to grow at a CAGR of 19% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3203.3 million. RFID vehicle tags serve a crucial role in facilitating seamless toll payments and enhancing security measures. Traditionally, RFID tags are affixed to windshields, enabling RFID readers at toll plazas to extract vehicle identification numbers for online transactions. However, the emergence of electronic license plates, which embed RFID tags, offers additional benefits. These advanced plates support tamper-proof registration, traffic management, and access control. European countries are currently testing these plates, while the Philippines and Pakistan have initiated deployment in on-road vehicles. In October 2019, Pakistan's Islamabad Excise Department and the Islamabad Safe City Project collaborated to introduce RFID vehicle registration plates, adhering to international standards and addressing counter-terrorism activities and auto theft concerns. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Technology
  • Active RFID tag
  • Passive RFID tag
• Application
  • Toll Collection
  • Parking Management
  • Traffic Management
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • South America
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in tax revenue
• Increasing parking-related issues
• Parking system convenience for users and operators

However, the market also witnesses some limitations, which are as follows:

• Presence of alternative technologies to RFID
• Risks associated with vehicle RFID tags
• Lack of proper coordination among government bodies

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Market Scope in Vehicle RFID Tag Market Research Report

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Research Analysis Overview

The Vehicle RFID Tag Market encompasses RFID transponders with long tag lifespans and varying read ranges. Sensitivity, durability, and cost are crucial factors. RFID deployment requires infrastructure, integration services, and consulting. Trends include blockchain technology, AI, ML, autonomous vehicles, and smart cities. Best practices address tag activation, interference, and integration. Challenges include cost, standardization, and security. The future of RFID is digital transformation in various applications, including transportation and logistics, with case studies showcasing success.

Market Research Overview

The global electronic equipment and instruments market, a segment of the larger electronics industry, encompasses manufacturers of test and measurement devices, RFID tags, and associated components. According to Technavio, market expansion will be driven by the escalating demand for RFID technology in vehicle tracking, fleet management, asset tracking, inventory management, and supply chain management. This trend is attributed to the digitalization of industries, particularly in sectors such as automotive, semiconductors, healthcare, and energy. The increasing adoption of RFID tags for enhancing operational efficiency and ensuring real-time asset visibility is expected to fuel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/