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Vehicle RFID Tags Market Trends

Report ID: GMI7786
Published Date: Jan 2024
Report Format: PDF

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Vehicle RFID Tags Market Trends

The integration of tracking systems into school buses is cultivating lucrative growth for the vehicle RFID tags industry. The market is further witnessing a rising demand for RFID tags as educational institutions such as schools adopt RFID technology to monitor and ensure the safety of students during bus transportation.

For instance, in March 2023, Katy ISD implemented Radio-Frequency Identification (RFID) systems on its school buses. This cutting-edge technology enables both the district & parents to oversee ridership and trace the movements of students. This trend enhances security and contributes to the overall market expansion as more school districts & institutions integrate advanced tracking solutions to streamline and optimize student transportation processes.

The increasing focus on vehicle security is a pivotal trend fueling the vehicle RFID tags market growth. RFID tags are widely embraced for access control and secure parking applications, ensuring only authorized vehicles gain entry to restricted areas. As concerns about vehicle theft and unauthorized access rise, the adoption of RFID technology for enhancing security measures is becoming a standard practice, contributing significantly to the market's expansion across various industries and applications.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vehicle RFID tags reached USD 802.6 million in 2023 and is set to exhibit over 8% CAGR from 2024 to 2032, led by the increasing need for electronic tolling solutions.

The tags segment held major share of the industry in 2023, owing to the technological advancements and ongoing innovations in RFID technology, including improved tag performance, enhanced durability, and increased cost-effectiveness.

Asia Pacific market held more than 35% revenue share in 2023, due to the increasing government initiatives for promoting the integration of RFID technology into transportation infrastructure.

Some of the leading companies engaged in the industry includes Alien Technology, LLC., HARTING Technology Group, Confidex, HID Global Corporation, Impinj, Inc., Zebra Technologies Corp., and NXP Semiconductors.