iCrowdNewswire Jan 13, 2021 1:40 PM ET
Global Electric Toll Collection Market was valued at USD 5.57 billion in 2019 which is expected reach USD 15.7 billion by 2027 at a CAGR 8.3%.
Electronic toll collection is also referred as ETC. It is type of high end technology which helps to improve traffic flow and saves time of driver. ETC uses latest technological solutions like GPS, GNSS, and DSRC toll collection and tracking solutions. This system helps to reduce delay on toll tunnels high accuracy vehicle lane, and toll roads in order to improve efficiency of toll collection system.
Increase in demand for safety and efficacy of transportation infrastructure is the key driving factor which is expected to boost the global electronic toll collection market growth. Furthermore, increase in technological advancements in this industry like GNSS and GPS technology adopted by Japan in their systems, have enforced government across the world to make heavy investments on toll lanes will have the positive impact on market growth. Moreover, increase in government support in framing new regulations and standards regarding the implementation of these systems which is expected to propel the market growth.
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However, issues related to interoperability, common standards, and selection of toll technology is the major challenging factor which is expected to hinder the global electronic toll collection market growth. Also, high initial cost with significant operating and maintenance costs will obstruct the market growth.
Market Segmentation
Global Electronic Toll Collection Market is segmented into type such as Transporter or Tag Based Toll Collection Systems, and Others, by technology such as Radio- Frequency Identification (RFID), Dedicated Short Range Communication (DSRC), and Others. Further, market is segmented into application such as Highways, and Urban Areas.
Also, Global Electronic Toll Collection Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Siemens AG, Raytheon Company, Thales Group, Transcore, Kapsch Trafficcom AG, Efkon GmbH, Neology, Cubic Transportation Systems, Inc., and Vinci
Market Taxonomy
By Type
- Transporter or Tag Based Toll Collection Systems
- Others
By Technology
- Radio- Frequency Identification (RFID)
- Dedicated Short Range Communication (DSRC)
- Others
By Application
- Highways
- Urban Areas
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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