LONDON--(BUSINESS WIRE)--The vehicle RFID tag market is expected to grow by 26.32 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Urban cities are facing high demand for parking areas owing to the rise in the number of vehicles and consequent scarcity of parking spaces. Hence, urban areas are getting more automated parking technologies to improve parking systems. The RFID technology is crucial for automated parking systems as the use of RFID tags enable functions like online payment of parking charges and securely locating special reserved parking. RFID readers compute the data received from RFID tags to trace them while entering and exiting parking areas. Thus, the use of RFID technology to solve parking-related issues will drive the growth of the market.
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As per Technavio, the integration of RFID tags with fleet management systems (FMS) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vehicle RFID Tag Market : Integration of RFID Tags with Fleet Management Systems (FMS)
FMS includes management of fleets, routes, and drivers. The requirement of operating efficiency and cost savings heightens the adoption of FMS among fleet operators. For example, fleet managers often face challenges associated with fleet downtime and maintenance that can delay the delivery of goods, leading to an increase in costs, and drop in customer satisfaction. This has led to the increased resulted in FMS being viewed as a necessity in the rapidly-expanding logistics business because of the proliferation of many markets. Stringent regulations to reduce emissions also contribute to the demand for FMS through fleet operations. The adoption of RFID tags is crucial for fleet operators as they are integrated into the fleet management systems to simplify the management of commercial fleets. RFID tags assist many operational functions like vehicle monitoring and vehicle identification to dispense fuel from dedicated fuel stations. Thus, the integration of RFID tags with FMS will drive the growth of the market during the forecast period.
“Factors such as the growing popularity of RFID-based license plates, and development of headlight-placed RFID tags will have a positive impact on the growth of the vehicle RFID tags market value during the forecast period,” says a senior analyst at Technavio.
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Vehicle RFID Tag Market: Segmentation Analysis
This market research report segments the vehicle RFID tag market by application (passenger cars and commercial vehicles), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the vehicle RFID tag market in 2019, followed by North America, South America, Europe and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the introduction of the electronic toll collection system, high adoption volume of automobiles and regulatory mandates to install RFID tags in vehicles and increasing purchasing power of consumers.
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Some of the key topics covered in the report include:
- Passenger cars
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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