Electronic Toll Collection Market Potential Opportunities and Growth Dynamic Analysis to 2024
Date: 2019-01-28   Author: Ronak Bora  Category: #market

Electronic Toll Collection Market Potential Opportunities and Growth Dynamic Analysis to 2024

Electronic Toll Collection Market size is expanding rapidly to cater to the growing demand of safe infrastructure. Technological advancements in this industry have forced the governments across the globe to make heavy investments on toll lanes. Positive government support in framing new standards and regulations regarding implementation of these systems and tolling has catapulted the industry growth. These systems are beneficial for companies and traffic agencies as they help to reduce costs by eliminating the requirement of multiple plazas.

Dedicated short-range communications (DSRC) and radio frequency identification (RFID) are the technologies gaining prominence in electronic toll collection market. RFID system utilizes information embedded tags that are read by specifically designed RFID readers. It helps to eliminate manual collection and ticket payments need. RFID card stores the information on records and is rechargeable. Moreover, it allows drivers to pass through the booths without stopping.

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Based on products, industry is divided into antennae, transponders, treadles, scanning devices, inductive loops, weigh-in motion devices, film storage devices and cameras. Various subsystems in this segment are Automatic vehicle identification (AVI), violation enforcement systems (VEC), automatic vehicle classification (AVC), back-office & integration. AVI segment is anticipated to dominate the market in the forecast timeline owing to its features such as cost-effectiveness, reliability, and secure collection.

Based on technology, the industry can be categorized into dedicated short range communications (DSRC), radio frequency identification (RFID), global networking satellite systems (GNSS), and global positioning system (GPS). RFID and DSRC technologies currently exhibit an exponential market share and are anticipated to dominate the market in the forecast timeframe owing to their wide applications. GNSS and GPS technologies are expected to showcase a significant growth rate during the forecast timeline owing to their increasing deployment globally in these systems.

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On the basis of applications, industry can be segmented into urban areas, bridges, and highways. Highways are anticipated to account for a major market share in the forecast timeline owing to tremendous increase in installations of electronic toll collection systems across the globe. Moreover, rising on-road traffic has also propelled this segment’s growth. Urban areas and bridges are projected to showcase a significant growth rate and wide scope owing to increasing urbanization.

Asia pacific is predicted to showcase an exponential growth rate over the forecast timeline owing to high demand of these systems in the emerging economies such as China, India, South Korea, Philippines, Singapore, and Malaysia. Increasing traffic and development of road infrastructure has led to these systems demand, thus fueling the industry growth.

North America is expected to dominate the market share during the forecast timespan owing to heavy deployment of electronic toll collection systems in the developed economies. Stringent government regulations and mandatory standards will propel the industry demand in this region.

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Competitors of the industry include Transurban Limited, Transcore Holdings Inc., Sensor Dynamics, Xerox Corporation, TRMI Systems Integration, G.E.A, SAIC, Perceptics Inc., Q-free, Thales Group, Cubic Transportation Systems, EFKON AG, Kapsch TrafficCom AG, 3M, Connect East, Atlantia SpA, and International Road Dynamics.

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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