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 (Radio Frequency Identification) technology is utilized in the automotive industry primarily through the implementation of RFID tags on windshields and electronic license plates. These tags enable seamless toll payments via RFID readers at toll plazas, which extract vehicle identification numbers. In addition, electronic license plates, an advanced application of RFID technology, offer enhanced security features such as tamper-proof registration and identification, traffic management, and access control. European countries are currently testing these plates, while the Philippines and Pakistan are progressively deploying them in on-road vehicles. In October 2019, the Islamabad Excise Department and the Islamabad Safe City Project collaborated to introduce RFID vehicle registration plates in Pakistan, aiming to meet international standards and enhance security measures against terrorism-related activities and auto theft.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Passenger cars, Commercial vehicles) Type (Active RFID tag, Passive RFID tag) Geography (APAC, North America, South America, Europe, 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:
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Key Features in Vehicle RFID Tag Market Research Report
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The Vehicle RFID Tag Market encompasses RFID middleware, software, and compliance, offering ROI through best practices and implementation costs. RFID system design integrates IoT solutions and IoT platforms for data analytics, asset management, and supply chain optimization. High-frequency RFID tags provide benefits such as real-time tracking, while NFC technology offers security and applications like payments. Semi-passive tags ensure data security and integration with IoT devices, IoT analytics, and warehouse automation. RFID adoption involves training, consulting, and deployment, ensuring compliance and addressing data security concerns. NFC technology also offers use cases in various industries, from warehouse automation to payments, and requires IoT security for safe implementation. RFID and NFC tags offer numerous benefits, including real-time tracking, improved efficiency, and enhanced security, making them essential components of modern business operations.
In the expansive realm of the global electronics industry, the sector encompassing electronic equipment and instruments represents a significant portion. According to Technavio's market analysis, this market's growth is attributed to several key factors. Primarily, the escalating demand for electronic test and measurement equipment is driven by Industry 4.0 and the digital transformation sweeping through various sectors, such as semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices. Furthermore, the integration of RFID technology in vehicle manufacturing and supply chain management is expected to bolster market growth. However, potential security threats, including data breaches and hacking, pose challenges to market expansion. Stockouts and theft are additional concerns that manufacturers must address to ensure a steady supply of electronic equipment and instruments to meet the burgeoning demand.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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