Smart electronic license plate is based on a new non-contact automatic recognition technology. Radio frequency identification (RFID) technology has been used to manufacture the smart electronic license plate. RFID technology based vehicle recognition accuracy is high, not easy to be affected by the environment, no blind area, and can accurately and comprehensively obtain the vehicle status information and road network traffic conditions.
Factors driving the growth of Global Smart Electronic License Plate Market:
A key factor driving the growth of the market is the increasing vehicle registrations year-on-year. Demand for passenger cars and commercial vehicles is growing in the emerging countries such as Brazil, China, and India owing to the elevated purchasing power of consumers and significant economic growth.
Global Smart Electronic License Plate Market: Global Trends
The automotive industry has evolved with the launch of autonomous vehicles. The only element that has remained almost unchanged over the last century is the license plates. However, the license plates are undergoing a major transformation.
Companies such as ReviverMx launched Reviver license plate, which has the appearance of a tablet. Smart electronic license plate has wireless connectivity, which can instantly update the vehicle registration and which would make updating of license plate stickers obsolete. Smart electronic license plate can also be programmed to connect with smart parking apps such as “Smart Parking” and “Get My Parking”. Services such as tolls and parking fines can also be instantly deducted from the vehicle owner’s bank account with the help of the plate.
Global Smart Electronic License Plate Market: Regional Insight
The idea of a smart electronic licence plate with an electronic screen and wireless connection, is already being use in California and Arizona. After the initial trial it would seem that the technology soon will be available in other regions of the U.S. such as Ohio, Georgia, Florida, Texas, and Arizona.
Auto tech company, Reviver Auto is now selling its smart electronic license plate, at California, including a few in the Los Angeles (L.A.) area. The plates are roughly the size of a standard license plate, but looks more like a tab.
Already in use in California, Reviver Auto has previously reached the U.S. licensing agreements to bring the smart electronic license plate to roughly one-third of the U.S. driving population including Arizona, Texas, and Florida. The company has announced a new international agreement for a proof of concept program of the smart electronic license plate to the Dubai Road and Transit Authority in partnership with local distributor Team Target International.
Dubai is all set to launch smart electronic license plate. Dubai-based investment company, Seed Group plans to roll out digital smart electronic license plate in the region by the end of 2021. Dubai will be the first market outside the U.S. where Reviver’s smart electronic license plates, called RPlate, will be launched. Seed Group is also working in parallel to introduce them in the North Africa, South Africa, and Malta.
For instance, as per India Brand Equity Foundation, Asia Pacific countries such as China, Japan, and India also can be a huge market for smart electronic license plate market. Moreover, As per reports of India Brand Equity Foundation the sales of automobiles in China reached 20 million units, highest in the world where as 3.8 million and 4.2 million units sold in India and Japan respectively.
Key Players in Global Smart Electronic License Plate Market:
Key players operating in the global smart electronic license plate market include Beijing E-Hualu Information Technology Co., Ltd., Gosuncn Technology Group, Invengo Technology Pte. Ltd, Kedacom, China TransInfo Technology Co., Ltd, and Erp, E-plate
Global Smart Electronic License Plate Market: Taxonomy:
On the basis of Product, the Global Smart Electronic License Plate Market segmented into:
- Electronic Tags
- Monitoring Base Station
On the basis of Application, the Global Smart Electronic License Plate Market segmented into:
- Intelligent Parking System
- Intelligent Traffic Management System
On the basis of Region, the Global Smart Electronic License Plate Market segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa