Vehicle RFID Tag Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41195
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The vehicle RFID tag market size has the potential to grow by 26.32 million units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Avery Dennison Inc., Confidex Ltd., GAO Group Inc., Honeywell International Inc., Infotek Software & Systems (P) Ltd., Omnia Technologies Pvt. Ltd., Paragon Group Ltd., RAMP, SIVA Group, and Smartrac NV.

Market Overview

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Market Competitive Analysis

The market is fragmented. Omnia Technologies Pvt. Ltd., Paragon Group Ltd., RAMP, SIVA Group, and Smartrac NV are some of the major market participants. Although the increase in tax revenue will offer immense growth opportunities, the presence of alternative technologies will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this vehicle RFID tag market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this vehicle RFID tag market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Avery Dennison Inc.
  • Confidex Ltd.
  • GAO Group Inc.
  • Honeywell International Inc.
  • Infotek Software & Systems (P) Ltd.
  • Omnia Technologies Pvt. Ltd.
  • Paragon Group Ltd.
  • RAMP
  • SIVA Group
  • Smartrac NV

Vehicle RFID Tag Market: Segmentation by Region

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APAC was the largest vehicle RFID tag market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The introduction of the electronic toll collection system, the high adoption volume of automobiles and regulatory mandates to install RFID tags in vehicles and the increasing purchasing power of consumers that is augmenting vehicle sales will significantly influence vehicle RFID tag market growth in this region.

Almost 79% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for vehicle RFID tags in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Vehicle RFID Tag Market: Segmentation by Application

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High disposable income and the presence of convenient and attractive vehicle loan schemes by financial institutions and automobile manufacturers are backing the high demand for vehicles. This has further increased the demand for convenience and safety in passenger cars, which is driving the adoption of many additional features, such as RFID tags for automatic parking systems, in modern vehicles. As a result, the vehicle RFID tag market share is expected to grow significantly by the passenger cars segment during the forecast period.

The market growth by the passenger cars segment will be faster than the growth of the market by the commercial vehicles segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the vehicle RFID tag market size.

Vehicle RFID Tag Market: Key Drivers and Trends

Emerging economies have a strong need to enhance their road infrastructure due to the growing economic activities. Vehicle tax revenue and toll collection will be the crucial focus of the regulators in these countries. The National Transport and Safety Authority of Kenya ordered 3.3 million windshield RFID tags from Tönnjes E. A. S.T. that integrated UCODE DNA RAIN RFID chip from NXP Semiconductors. The implementation of RFID tags is expected to securely estimate the vehicle population in the country, which may boost tax revenue. Several economies, such as India, Indonesia, Thailand, and others are encouraging the integration of RFID tags in vehicles to make toll payments convenient. These countries are increasing the adoption of electronic toll collection infrastructure to manage resources and reduce unwanted expenses. Consequently, this can increase revenue from toll operations that can be used to enhance road infrastructure. Benefits such as the increase in tax revenue will drive vehicle RFID tag market growth at a CAGR of about 7% during the forecast period.

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Vehicle RFID Tag Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive vehicle RFID tag market growth during the next five years
  • Precise estimation of the vehicle RFID tag market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the vehicle RFID tag market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of vehicle RFID tag market vendors 

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • Passenger cars - Market size and forecast 2019-2024
  • Commercial vehicles - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Avery Dennison Inc.
  • Confidex Ltd.
  • GAO Group Inc.
  • Honeywell International Inc.
  • Infotek Software & Systems (P) Ltd.
  • Omnia Technologies Pvt. Ltd.
  • Paragon Group Ltd.
  • RAMP
  • SIVA Group
  • Smartrac NV

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The vehicle rfid tag market growth will increase by $26.32 million units during 2019-2024.
The vehicle rfid tag market is expected to grow at a CAGR of 6.97% during 2019-2024.
Technavio has segmented the vehicle rfid tag market by application (Passenger cars and Commercial vehicles) and geographic (APAC, North America, South America, and Europe).
Avery Dennison Inc., Confidex Ltd., GAO Group Inc., Honeywell International Inc., Infotek Software & Systems (P) Ltd., Omnia Technologies Pvt. Ltd., Paragon Group Ltd., RAMP, SIVA Group, Smartrac NV are a few of the key vendors in the vehicle rfid tag market.
APAC will register the highest growth rate of 81.06% among the other regions. Therefore, the vehicle rfid tag market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • India
  • Mexico
  • Canada
  • Russian Federation
The key factors driving the vehicle rfid tag market growth are:
  • Increase in tax revenue
  • Launches of new products
The vehicle rfid tag market vendors should focus on grabbing business opportunities from the passenger cars segment as it accounted for the largest market share in the base year.
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