Vehicle RFID Tag Market to grow by USD 1.89 billion from 2023 to 2028

The vehicle RFID tag market is estimated to grow by USD 1.89 billion from 2023 to 2028, growing at a CAGR of 13.92%. The vehicle RFID tag market is fragmented owing to the presence of many global and regional companies.

By Geography, the market is classified as APAC, North America, South America, Europe, and Middle East and Africa. APAC will have the largest share of the market, contributing 67% to the global market growth. Economies such as China, India, Indonesia, and Malaysia in the region witnessed a rise in the adoption of RFID tags owing to the introduction of the electronic toll collection system. The governments of APAC countries are continuously working to ease the toll payment process and increase their revenue. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.

The passenger cars segment is significant during the forecast period. Sedans, coupes, hatchbacks, crossovers, and SUVs are increasingly in demand in China, the US, Canada, India, Germany, France, the UK, Spain, and others. This is because high disposable income and convenient and attractive vehicle loan schemes by financial institutions and automobile manufacturers back this demand for vehicles.