The "Global Electronic Toll Collection Market 2020-2025 by Technology, Functionality, Component, Authentication, and End-user" report has been added to ResearchAndMarkets.com's offering.
The Global Electronic Toll Collection Market is estimated to be USD 7.23 Bn in 2020 and is expected to reach USD 10.48 Bn by 2025 growing at CAGR of 7.7%.
Growth of the market is attributed to rising demand for effective traffic management at toll collection center, increasing government initiatives to adopt electronic toll collection system, increasing cashless travelling, increased demand for minimizing traffic congestion and fuel consumption at toll stations.
The market is hampered due to high initial cost involved for installation of toll management system and high operating and maintenance costs. Technological developments such as GNSS and GPS technologies will create growth opportunities in the market.
A toll road is a private or public roadway for which a fee is charged while transporting. The toll booths cause traffic delays during rush hours for the toll collection process as the toll collection is a manual operation. Manual toll collections are not only prone to errors but are also considerably slower than automated methods.
This constraint has given birth to the electronic toll collection system, which eliminates the manual operations by toll payers and receivers. As several developed and developing countries across the world are investing and adopting new technologies, the adoption of these electronic toll collection systems is widely increasing.
Strong Government Support to Accelerate Electronic Toll Collection
Increasing Cashless Travelling
Increasing Demand for Effective Traffic Management at Toll Collection Centre
Increasing Demand for Minimising Traffic Congestion and Fuel Consumption at Toll Stations
Implementation Difficulties in Developing Countries
High Initial Cost for the Installation Along with Significant Operating & Maintenance Costs
Increasing Number of Public-Private Partnership Agreements in Transportation Sector
Technological Advancements Such as GNSS And GPS Technology
Need for Superior Video Analytics In Automatic Number Plate Recognition and Classification of Vehicles
The Global Electronic Toll Collection System Market is segmented based on Technology, Functionality, Component, Authentication, and End User.
RFID Technology have a maximum share in Global Electronic Toll Collection Market by Technology. RFID technology utilizes radio-frequency electromagnetic fields for the identification of the vehicles that carry RFID tags. The RFID technologies have low operational cost. Growth of the market is attributed to the increasing demand for minimizing traffic congestion at toll collection centers.
The electronic toll collections for highways is significantly driven by its adoption, mainly in developing countries. Strong government initiatives are likely to add electronic toll collection options at existing toll plazas on highways, which is expected to create tremendous growth opportunities for this market for highway applications.
North America is anticipated to have a large market share and is expected to grow significantly during the forecast period. Countries like India are also expected to grow at a higher rate due to technology penetration, rapid digitization, and increasing adoption of the toll management system.
Some of the companies covered in this report are Cubic Corporation, Kapsch TrafficCom, Conduent Business Services, LLC, EFKON GmbH, TransCore (US), Mitsubishi Heavy Industries, Ltd., Thales Group, Siemens, Toshiba etc.
IGR Competitive Quadrant
The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share etc.
Conduent Business Services LLC
Mitsubishi Heavy Industries, Ltd.
Raytheon Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/q1x6r5
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005560/en/
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