Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Vehicle RFID Tag Market Size Expected to Grow from USD 2.11 Billion in 2023 to USD 5.09 Billion by 2033, at a CAGR of 9.21% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Vehicle RFID Tag Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Passive RFID Tags and Active RFID Tags), By Application (Fleet Management, Toll Collection, Access Control, Parking Management, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
RFID tags are small electronic devices that employ a microchip and an antenna to identify and track people or objects wirelessly. Real-time asset tracking and surveillance are made possible with RFID technology, which also improves supply chain visibility and efficiency. Additionally, the market for RFID (Radio Frequency Identification) tags is anticipated to grow as Internet of Things (IoT) devices become more widely used. Because IoT devices are internet-connected, they may gather and share data with other devices, facilitating smooth communication and process automation. An essential part of the Internet of Things is RFID technology, which makes it possible to identify and track assets and things in real time. The need for RFID tags is anticipated to rise as IoT devices are embraced more extensively across a range of sectors, including healthcare, retail, logistics, and transportation. By giving organizations precise and up-to-date information about the location and condition of assets, RFID technology helps them increase operational effectiveness, cut expenses, and improve customer satisfaction. However, the high initial investment cost is one of the primary problems holding back the market for car RFID tags. Purchasing tags, readers, and software, as well as integrating and maintaining the system, are all expensive aspects of implementing RFID technology.
The passive RFID tags segment is expected to hold the largest share of the global vehicle RFID tag market during the projected timeframe.
The global vehicle RFID tag market is segmented by product type into passive RFID tags and active RFID tags. Among these, the passive RFID tags segment is expected to hold the largest share of the global vehicle RFID tag market during the projected timeframe. The most popular RFID tags are passive ones because of their affordability and ease of usage. The reader's radio waves are used to power the tag and send data because they lack an internal power source. Because of this, they are perfect for situations where cost reduction is crucial and the RFID system is only needed for short-range operations.
The fleet management segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the application, the global vehicle RFID tag market is categorized as fleet management, toll collection, access control, parking management, and others. Among these, the fleet management segment is expected to grow at the fastest CAGR during the projected timeframe. RFID tags in fleet management offer vital information that facilitates tracking and controlling vehicle movement. For the logistics and transportation sectors, where timely supply and operating efficiency are critical, this application is especially important.
Asia-Pacific is projected to hold the largest share of the global vehicle RFID tag market over the forecast period.
Asia-Pacific is projected to hold the largest share of the global vehicle RFID tag market over the forecast period. Countries like China and India are making significant investments in technology and infrastructure to support effective transportation systems because of their expanding automobile markets. The region's market has the potential to be a profitable one for RFID technology, with a compound annual growth rate (CAGR) of roughly 11.5% expected during the projection period. The government's encouragement of technology and emphasis on smart city projects drive the market's expansion in this area.
North America is expected to grow at the fastest CAGR growth of the global vehicle RFID tag market during the forecast period. The adoption of cutting-edge technologies in the automobile industry and rising investments in intelligent transportation are the main drivers of the region's growth. With programs targeted at enhancing traffic control and road safety, the US in particular contributes significantly to the market. Innovation and development in the RFID industry are also encouraged by the region's top automakers and tech businesses.
Company Profiling
Major vendors in the global vehicle RFID tag market are Smartrac N.V., Avery Dennison Corporation, Alien Technology Corporation, Confidex Ltd., Invengo Technology Pte. Ltd., Omni-ID, Ltd., HID Global Corporation, GAO RFID Inc., Impinj, Inc., Checkpoint Systems, Inc., Honeywell International Inc., NXP Semiconductors N.V., Zebra Technologies Corporation, RFID Global Solution, Inc., Securitag Assembly Group Co., Ltd., and Others.
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global vehicle RFID tag market based on the below-mentioned segments:
Global Vehicle RFID Tag Market, By Product Type
Global Vehicle RFID Tag Market, By Application
Global Vehicle RFID Tag Market, By Regional
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