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Vehicle RFID Tags Market Size
- Report ID: GMI7786
- Published Date: Jan 2024
- Report Format: PDF
Vehicle RFID Tags Market Size
Vehicle RFID Tags Market size was valued at USD 802.6 million in 2023 and is anticipated to register a CAGR of over 8% between 2024 and 2032. The increasing demand for electronic tolling solutions is driving the market growth. As electronic tolling becomes more prevalent, there is a rising need for RFID tags to facilitate seamless toll collection processes.
According to the National Payment Corporation of India, under the National Electronic Toll Collection (NETC) program, in November 2023, the total NETC FASTag issuance surged to 79.2 million from 64.7 million, recorded in January 2023. A growing number of vehicle RFID tags issued by governments and toll operators is propelling industry growth. This growth in number is due to the extensive adoption of electronic tolling systems globally, streamlining toll collection and enhancing overall transportation efficiency.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Vehicle RFID Tags Market Size in 2023: | USD 802.6 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8% |
| 2032 Value Projection: | USD 1.6 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 328 |
| Segments covered: | Components, Applications, Frequency, Vehicle Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rising need for vehicle tracking is a key factor propelling the vehicle RFID tags market. As businesses & industries increasingly focus on optimizing logistics and enhancing fleet management, RFID tags offer an efficient solution for real-time vehicle tracking. These tags enable organizations to monitor the location & status of vehicles, streamline supply chain operations, and improve overall transportation efficiency. The demand for RFID tags in the context of vehicle tracking is consequently contributing significantly to market growth.
Privacy concerns pose a significant challenge to the growth of vehicle RFID tags. The continuous tracking and data collection inherent in RFID technology raise privacy issues, necessitating careful navigation of regulatory frameworks and ethical considerations. Striking a balance between leveraging the benefits of RFID for streamlined operations and addressing individual privacy rights is crucial. Industry stakeholders must proactively address these concerns through transparent communication, robust security measures, and adherence to privacy regulations to foster wider acceptance of RFID solutions.
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Vehicle RFID Tags Market Scope
