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 (Radio Frequency Identification) technology is utilized extensively in the automotive industry for contactless vehicle identification and payment processing. Traditionally, RFID tags are affixed to windshields to enable toll collection systems at plazas to automatically extract vehicle identification numbers and facilitate online toll payments. Advanced RFID tags, referred to as electronic license plates, are being tested and deployed in Europe and other regions. These innovative plates offer enhanced security features, including tamper-proof vehicle registration and identification, traffic management, and access control. In October 2019, Pakistan's Islamabad Excise Department and Safe City Project introduced RFID vehicle registration plates to meet international standards and bolster counter-terrorism efforts and vehicle security. 

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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 technologies such as RFID tag encoding, offering various data formats, and backscatter communication for tag reading at extended ranges. Antenna tuning and RFID middleware ensure seamless data processing, while data logger integration and tamper detection enhance security. Scalability, reader sensitivity, and frequency hopping ensure system compatibility. Tag material, compliance standards, data transmission speed, and system cost are key factors. RFID systems provide real-time vehicle fleet management through deployment, reliability, size, and upgradeability. Signal boosting and infrastructure development facilitate efficient implementation.

Market Research Overview

The global electronic equipment and instruments market, a significant segment of the larger electronics industry, encompasses manufacturers of test and measurement equipment, RFID systems, and electronic components. Technavio's market analysis projects growth in this sector, driven by the expanding demand for advanced vehicle tracking systems, such as RFID immobilizer systems and long-range RFID readers, fueled by technological advancements and digital transformation in various industries, including automotive, semiconductors, IT, consumer electronics, industrial, energy, and medical devices. RFID data encryption ensures secure and accurate transmission of information, further enhancing the market's potential.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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