Brandessence Market Research has published a new report title and According to Study “The Electronic Toll Collection Market is valued at USD 6.83 billion in 2017 and expected to reach USD 18.88 billion by 2027 with a CAGR of 10.7% over the forecast period.
Electronic Toll Collection Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027- Growing requirement of reduction of traffic congestion, owing to the increasing number of vehicles on the road and growing traffic jams drives the growth of Electronic Toll Collection Market.
Scope of Electronic Toll Collection Market Report
Toll is a fee charged for the access of public and private roadways. In earlier days it is done manually which not only cause traffic delays during rush hours, but it is also prone to errors. This has given birth to electronic toll collection which is also known as ETC. Electronic toll collection is the cashless toll collection technology which eliminates the manual operations for toll collections. It uses latest technology such as GPS, DSRC and others for toll collection and tracking process. These electronic tolls do not require to stop vehicles at the toll booth, it scans the transponder available in the vehicle for toll collection. This not only saves time but also reduced the traffic congestion during rush hours along with high accuracy.
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The COVID-19 pandemic has exaggerated the global Electronic Toll Collection Market due to the supply of raw materials imported from China and other countries were hampered due to lockdown restrictions. The delay in the supply chain of tolling system integrators is likely to have consequences on the market. However, the growing demand for contactless arrangements is expected to shoot the demand for electronic toll collection systems. This can invalidate the chances of contracting coronavirus and limit cash transactions.
Global Electronic Toll Collection Market Segmentation:
The Electronic Toll Collection market is segmented on the basis of Product, Technology, Means of collection, Application and regions. On the basis product, the market is classified as communication systems, cameras, transponders, treadles, antennae, film storage devices, scanning devices, weigh-in-motion devices, inductive loops, and other. On the basis of Technology, it is classified as Global Positioning System (GPS), Radio Frequency Identification (RFID), Dedicated Short Range Communication (DSRC) and Others. On the basis of Means of Collection it is classified as Prepaid and Post-paid. On the basis of Application, it is classified as By Highways, Urban and Others
By Product
Communication systems
Cameras
Transponders
Treadles
Antennae
Film storage devices
Scanning devices
Weigh-in-motion devices
Inductive loops
Other
By Technology
Global Positioning System (GPS)
Radio Frequency Identification (RFID)
Dedicated Short Range Communication (DSRC)
Others
By Means of Collection
Prepaid
Post-paid
By Application
Highways
Urban
Others
The regions covered in this Electronic Toll Collection Market report are North America, Europe, Asia-Pacific and Rest of the World. On the base of nation level, the marketplace is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, India, China, Japan, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Electronic Toll Collection Market
Key players of this market are Thales SA, Q-Free ASA, Quarterhill Inc., The Revenue Markets Inc., Siemens AG, Raytheon Company, Transcore (Roper Technologies), Thales Group, Kapsch Trafficcom AG, Vinci, Efkon GmbH, Neology (Formerly 3M), Conduent Incorporated (Formerly Xerox Corporation), Cubic Transportation Systems, Inc., and others.
Increased demand for reduction in traffic congestion, owing to the increasing number of vehicles on the road and growing traffic jams at toll booth drives the growth of Electronic Toll Collection Market.
The global Electronic Toll Collection Market is expected to flourish due to efforts taken by governments for curbing traffic jams at various toll centres. Furthermore, the use of advanced technologies for counting vehicles as well as reducing human interaction at tolls can bode well for the market. Formation of connected roads, curbing of manpower costs and efforts for improving road infrastructure is also expected to support the electronic toll collection market. Video content investigation or video analytics are being progressively used by governments for identifying vehicles and sending electronic receipts to users. Advances in deep learning and implementation of CCTV surveillance cameras are expected to provide development openings to electronic toll collection system manufacturers. Public-private partnerships for driving the application of ETC systems can bring the demand for video analytics and also expected to create ample opportunities for the ETC market.
However, Shortage of funds in developing economies and the lack of suitable infrastructure can create implementation issues. Frequent power outages, poor communication infrastructure, and lack of proper connectivity can restrain the global ETC market growth over the forecast period.
North America is expected to dominate the Electronic Toll Collection Market.
North America is projected to lead the global Electronic Toll Collection Market in terms of market share owing to replacement of legacy payment systems with digital tags. Progress of communication standards as well as investment of USD 13 billion for advancement of toll facilities on 9600 roads is expected to propel the market growth. Developments in minimalizing component size and addition of new technologies such as RFID can boost the demand in region. Asia Pacific is expected to develop at a significant rate owing to the presence of developing economies with high adoption rate of ETC system along with supportive government initiatives to install ETC system in the region. Thus, all the above mentioned factors are expected to enhance the electronic toll collection market.
Key Benefits for Electronic Toll Collection Market Report:
Electronic Toll Collection Market report covers in-depth historical and forecast analysis.
Electronic Toll Collection Market place research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Electronic Toll Collection Market report helps to identify opportunities in marketplace.
Electronic Toll Collection Market report covers extensive analysis of emerging trends and competitive landscape.
Electronic Toll Collection Market By Regional & Country Level:
North America
U.S.
Canada
Europe
U.K.
France
Germany
Italy
Asia Pacific
China
Japan
India
Southeast Asia
Latin America
Brazil
Mexico
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
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