Global Vehicle RFID Tag Market 2018-2022
About this market
The growing popularity of RFID-based license plates to push growth in the market. These electronic license plates can be used for tamper proof vehicle registration and identification, traffic management, and access control. Technavio’s analysts have predicted that the vehicle RFID tag market will register a CAGR of close to 7% by 2022.
Increase in tax revenue
Economies like India, Indonesia, Thailand, and others are encouraging the integration of RFID tags in vehicle to make toll payments convenient. This increases the revenue from toll operations that can be used to enhance road infrastructure. Hence, RFID tags are crucial to increase revenue.
Risk associated with Vehicle RFID tags
RFID tags are still a concern for vehicle security. The system uses RFID that is exchanged between the RFID tag in the vehicle and RFID receivers. RFID tags are prone to hacking for the extraction of vehicle identification number.
For the detailed list of factors that will drive and challenge the growth of the vehicle RFID tag market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including AVERY DENNISON and Confidex the competitive environment is quite intense. Factors such as the rising growing popularity of RFID-based license plates and the increase in tax revenue, will provide considerable growth opportunities to vehicle RFID tag manufactures. AVERY DENNISON, Confidex, Honeywell International, Syndicate RFID, Smartrac, and Tönnjes E.A.S.T. are some of the major companies covered in this report.
‘With the presence of a considerable number of companies, this market appears to be fragmented and with all companies constantly focusing improving their market positions, the competitive environment among the players is quite intense’.
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