Latest News- Vehicle RFID Tag Market: Passenger cars is expected to lead the Application 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 (Radio Frequency Identification) technology is utilized in the automotive industry through the implementation of RFID tags on vehicles for various applications. Traditionally, RFID tags are affixed to windshields to enable seamless toll collection, allowing RFID readers at toll plazas to extract vehicle identification numbers for online payment processing. Moreover, advanced RFID tags, known as electronic license plates, are integrated into license plates for enhanced security and identification purposes. These innovative solutions offer benefits such as tamper-proof vehicle registration, traffic management, and access control. European countries are currently testing these technologies, while countries like the Philippines and Pakistan are actively deploying them in on-road vehicles for counter-terrorism activities, auto theft prevention, and improved transportation infrastructure management. In October 2019, the Islamabad Excise Department and the Islamabad Safe City Project collaborated to introduce RFID vehicle registration plates in Pakistan to meet international standards and ensure public safety. 

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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
    • 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 is experiencing significant growth due to the integration of machine learning and artificial intelligence (AI) in connected vehicles for data analysis and real-time monitoring. This technology is revolutionizing sustainable transportation and the freight transportation industry, enabling data-driven decision making and logistics optimization. Sensor technology and cloud computing are key components, offering benefits such as asset tracking, route optimization, predictive maintenance, and compliance. The trucking industry, smart city initiatives, and last-mile delivery are major applications, with digital transformation driving demand for contactless technology, logistics software, and smart logistics. Additionally, RFID tags are used in various sectors including manufacturing, museums, livestock tracking, and access control, offering benefits such as asset management, security, and traceability. Big data analytics, supply chain analytics, and real-time monitoring are essential for digital transformation in the transportation sector, while system integration ensures seamless implementation and data security. Furthermore, RFID technology is also used in the compliance and fraud detection aspects of various industries, making it a versatile solution for various applications.

Market Research Overview

The Vehicle RFID Tag Market is a significant segment of the broader global electronic equipment and instruments market. This market encompasses the production and sale of high-frequency RFID tags, primarily utilized for toll collection and real-time data monitoring in commercial vehicles, including electric and conventional models. The integration capabilities of these active tags enable seamless data collection and transmission for transportation applications. The growth of this market can be attributed to the increasing demand for advanced toll collection systems, the proliferation of electric vehicles, and the need for real-time data analysis in the transportation sector. Technavio forecasts that this trend will continue, driven by the digital transformation and technological advancements in industries such as automotive, logistics, and transportation infrastructure.. 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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Email: media@technavio.com
Website: www.technavio.com/