Market Overview:
The electronic toll collection (ETC) system market is perceived a rapid upsurge, evolving and maturing on the global platform. The emergence of ETC system has brought about the convenience of systematic, congestion-free travel experience while reducing the traveling time. People are enjoying & appreciating this feature of ETC, further increasingly demanding for these systems to be implemented at the toll collection centers for the highways, sea-links & flyovers.
The market is witnessing huge uptake and demand for ETC systems, which is driving the market growth vigorously. Market Research Future (MRFR) in its recently published study report asserts that the global Electronic Toll Collection Market will post a CAGR of 9% during the forecast period (2016-2023), registering valuable accruals by 2023.
ETC systems offer some of the features such as card payment (cashless travel facility), appropriate charging for the single/return journey along with some value-added services like accident & emergency incidence aid/assistance. These unique features along with the increasing implementations of ETCs drive the market growth, ensuring savings on transaction costs for government agencies and private road owners as well.
Furthermore, technological advancements taking places in the field of ETC such as mobile apps for tags collection or RFID are garnering popularity among people, easing efforts people put in to download the toll payment receipts from their email account and instead, get their receipt on their mobile. These convince adding factors are commutatively supporting the market growth, garnering more popularity, demand, and the uptake of ETCs.
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Additional factors such as the increasing population, urbanization, industrialization substantiate the market growth along with the improving economic situations that are increasing the consumers’ purchasing power in the countries across the globe. Simultaneously, growing numbers of smart city projects worldwide are providing impetus to the market growth. Moreover, government initiatives for the infrastructure development & smart highways projects are fostering the market growth.
On the other hand, high installation cost and tag maintenance are some of the factors obstructing the market growth. Besides, toll invaders, non-participation, queuing in manual lanes along with disorderly traffic patterns are impacting the market growth widely.
Furthermore, factors such as automated gates programmed with over legal speed limits, installed at some infrastructures are hampering the market growth, causing vehicle hazards and accidents that are damaging the set-ups and injuring the toll center staff sometimes.
Key Players
Some of the key players in the market are 3M (U.S.), Xerox Corporation(U.S.), Q-Free (Norway), Cubic Transportation Systems, Inc. (U.S.), Siemens AG (Germany), Thales Group (France), Transurban Limited (Australia), International Road Dynamics, Inc. (Canada), Raytheon Company (U.S.), The Revenue Markets Inc. (U.S.), Schneider Electric SE (France), Toll Collect GmbH (Germany), Perceptics, LLC (U.S.), TransCore (U.S.), Far Eastern Electronic Toll Collection Co., Ltd. (Taiwan), and Xiamen Innov Information Technology Co., Ltd. (China); and software providers such as, VaaaN (India), TransCore, LP (U.S.), and GeoToll, Inc. (U.S.).
Global Electronic Toll Collection Market – Segmentations
The MRFR analysis is segmented into six key dynamics for the convenience of understanding;
- By Product: Comprises Automated Vehicle Identification (AVI) and Automated Vehicle Classification (AVC) among others.
- By Type : All Electronic Tolling (AET), Electronic toll collection (ETC), Automatic number plate recognition (ANPR) and Transponders among others.
- By Technologies: Dedicated Short Range Communications (DSRC), Radio Frequency Identification (RFID), and Global Positioning System (GPS) among others.
- By Application: Highways and Urban among others.
- By Mode of Toll Collection: Prepaid and Post-paid among others.
- By Region: North America, Europe, APAC and Rest-of-the-World.
Global Electronic Toll Collection Market – Regional Analysis
The North America market for Electronic Toll Collection is to dominate the global market during the forecast period, holding the largest share of the market. Factors substantiating the market growth include the wide uptake and implementations of meticulous transportation systems in the region.
On the other hand, the Europe ETC market is predominantly fostered by the awareness about the benefits ETC systems provide. The countries such as France, Germany, and Belgium account for the major growth contributors owing to their rapidly changing standard settings.
Asia-Pacific region is emerging as one of the promising markets for ETC, witnessing rapid expansion stage. India, China, Japan, & Singapore among the other APAC countries are expected to be at the forefront, leading the market in the region throughout the forecast period.
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