Global Vehicle RFID Tag Market 2018-2022| Key Insights and Forecasts| Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2018--The global vehicle RFID tag market is expected to post a CAGR of nearly 7% during the period 2018-2022, according to the latest market research report by . However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the global vehicle RFID tag market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is solving parking-related issues. Urban cities are facing a high demand for parking areas owing to the rise in the number of vehicles. This creates various parking issues, apart from the scarcity of parking space. These include security, convenience, and ease of operation. Hence, urban areas are getting more automated parking technologies to improve parking systems.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the integration of RFID tags with fleet management systems as one of the key emerging trends in the global vehicle RFID tag market:
Global 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, increase costs, and drop customer satisfaction. This 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. The vehicle tracking solution enabled by RFID tags offer accurate and reliable vehicle movement, which adds to the efficiency of the vehicle management process,” says a senior analyst at Technavio for research on automotive electronics.
Global vehicle RFID tag market: Segmentation analysis
This market research report segments the global vehicle RFID tag market by application (passenger cars and commercial vehicles) and geographical regions (APAC, EMEA, and the Americas).
The passenger cars segment held the largest market share in 2017, accounting for over 71% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 57%. This region is expected to dominate the market through 2022, with over 5% increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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