EMEA Vehicle RFID Tag Market Size By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Application (Vehicle Manufacturers, Component Manufacturers), And Forecast
Report ID: 369772|No. of Pages: 202
EMEA Vehicle RFID Tag Market Size By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Application (Vehicle Manufacturers, Component Manufacturers), And Forecast
EMEA Vehicle RFID Tag Market Size And Forecast
EMEA Vehicle RFID Tag Market size was valued at USD 3,934.47 Million in 2022 and is projected to reach USD 8,799.29 Million by 2030, growing at a CAGR of 11.43% from 2023 to 2030.
Radio-frequency identification (RFID) innovation has arisen as a strong power driving upgrades in the EMEA automotive market’s supply chain productivity. The EMEA Vehicle RFID Tag Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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EMEA Vehicle RFID Tag Market Definition
RFID, or radio-frequency identification, is a technology that enables electronic devices to interact across short distances. RFID technology has significant data-collecting capabilities that are suitable for making corporate operations quicker and easier to administer. It works by attaching a tiny tag to an object that has electronically recorded information, such as a unique RFID serial number, that can be read from a distance. This data is often saved in the tag’s integrated computer chip, which interacts with the reading device via an antenna. The RFID reader then translates the data into digital form and sends it to the receiving device, which can be as far away as several meters/feet depending on its power output.
RFID is becoming increasingly popular for use in access control, security systems, inventory monitoring, and asset management. Operations may now be carried out more effectively thanks to this one-of-a-kind technology, which eliminates the need to manually count products or scan barcodes repeatedly. RFID chips are currently employed in the automotive sector for a number of functions, ranging from warning lights that notify personnel of specific problems in a timely way to automated systems that accurately manage inventory levels throughout manufacturing lines.
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EMEA Vehicle RFID Tag Market Overview
In the consistently developing scene of the Europe, Middle East, and Africa (EMEA) automotive market, there’s an urgent requirement for innovative solutions to tackle the intricacies of the supply chain and satisfy rising client needs for effectiveness and transparency. Radio-frequency identification (RFID) innovation has arisen as a strong power driving upgrades in the EMEA automotive market’s supply chain productivity. The EMEA region boasts a strong automotive market with an organization of producers, suppliers, and get-together assembly plants. In any case, this tremendous snare of tasks accompanies its portion of difficulties.
The automotive supply chain, known for its complexities, is a calculated puzzle, with a large number of parts obtained universally. Dealing with this perplexing flow of parts is vital to keep production lines running easily. Failures in the supply chain can bring about exorbitant disturbances, creating setbacks for production and monetary misfortunes. Also, in the core of the Europe, Middle East, and Africa (EMEA) region, a significant change is reshaping the auto manufacturing area. A steadfast shift towards automation and the standards of Industry 4.0 are reforming how vehicles are created. At the focal point of this development, one can track down Radio-Frequency Identification (RFID) innovation, a strong impetus for propelling robotization in auto fabricating.
The EMEA automotive market is eminent for its immovable obligation to advancement, accuracy, and quality. This devotion has driven makers in the region to embrace mechanization and intelligent fabricating rehearses with extraordinary energy. The result is remarkably wonderful, laying out the EMEA region as a global hub for cutting-edge auto manufacturing. Though, in the unique scene of the Europe, Middle East, and Africa (EMEA) automotive area, Radio-Frequency Identification (RFID) innovation is a distinct advantage, driving functional effectiveness, enhancing supply chains, and reforming manufacturing processes. Nonetheless, a considerable obstruction poses a potential threat – the significant execution costs related to RFID innovation.
The presentation of RFID innovation into automotive fabricating conditions isn’t without its portion of costs. However, In the steadily developing scene of the Europe, Middle East, and Africa (EMEA) region, the automotive area ends up near the precarious edge of a mechanical transformation. This change is being moved by the joining of associated vehicles and the Internet of Things (IoT), with Radio-Frequency Identification (RFID) innovation arising as a key part in this change in perspective. In this unique circumstance, RFID isn’t simply a device for following stock or streamlining supply chains. It’s taking on a new and essential job in empowering secure vehicle-to-vehicle (V2V) and (V2I) correspondence, proclaiming another period for transportation systems.
EMEA Vehicle RFID Tag Market: Segmentation Analysis
The EMEA Vehicle RFID Tag Market is segmented on the basis of Vehicle Type and Application.
EMEA Vehicle RFID Tag Market, By Vehicle Type
- Passenger Vehicle
- Commercial Vehicles
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Based on Vehicle Type, the market is bifurcated into Passenger Vehicles and Commercial Vehicles. Passenger Vehicles accounted for the largest market share of 83.22% in 2022, with a market value of USD 611.02 Million, and is projected to grow at a CAGR of 10.82% during the forecast period. Commercial Vehicles was the second-largest market in 2022, valued at USD 123.21 Million in 2022; it is projected to grow at a CAGR of 8.23%.
EMEA Vehicle RFID Tag Market, By Application
- Vehicle Manufacturers
- Component Manufacturers
- Logistics Providers
- Dealers/Distributors
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Based on Application, the market is bifurcated into Vehicle Manufacturers, Component Manufacturers, Logistics Providers, and Dealers/Distributors. Vehicle Manufacturers accounted for the largest market share of 45.31% in 2022, with a market value of USD 332.65 Million, and is projected to grow at the highest CAGR of 10.61% during the forecast period. Component Manufacturers were the second-largest market in 2022, valued at USD 188.89 Million in 2022; it is projected to grow at a CAGR of 11.23%.
Key Players
The “EMEA Vehicle RFID Tag Market” study report will provide valuable insight with an emphasis on the EMEA market. The major players in the market are Avery Dennison, Beontag, Impinj, Hermos, HID Global Corporation (LUX-IDent s.r.o.), Invengo Information Technology Co., Ltd., Trace ID, ams-OSRAM AG, Kronegger GmbH, Paragon ID, Talkin’ Things Sp. z o.o., Magna International Inc., Schreiner Group GmbH & Co. KG, Faurecia Group, Plastic Omnium, NXP Semiconductors, Zebra Technologies, Siemens AG, Honeywell International Inc., Tageos, Alien Technology, and Xerafy.
The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2019-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Period | 2019-2021 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Avery Dennison, Beontag, Impinj, Hermos, HID Global Corporation (LUX-IDent s.r.o.), Invengo Information Technology Co., Ltd., Trace ID, ams-OSRAM AG. |
| Segments Covered |
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| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Industry Analysis Matrix
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