Electronic toll collection (ETC) system is an automated system, which excludes manual operations by toll payers & receiver. The toll is collected by electronic means in order to exclude the delay on toll roads. The electronic toll alerts the system for cars that have not been registered. The system is a cashless tolling system that is progressively being adopted in highways and urban areas. It charges the accounts of owners of the registered cars without stopping. The governments in numerous countries are formulating the standards & regulations for the electronic toll collection system market.
According to the study, “Global Electronic Toll Collection Market research report, by type (ETC, AET, transponders, ANPR), product (AVI, AVC), application (highways, urban), technology (RFID, DSRC, GPS/GNSS), by means of toll collection (Prepaid, postpaid) – Forecast till 2023” the key companies operating in the global electronic toll collection market are Siemens AG, Quarterhill Inc., Thales SA, KapschTrafficCom AG, Conduent Inc., Raytheon Co., GrenobloisedElectronique et automatisms (GEA) SA, Q-Free ASA, Xerox Corporation, The Revenue Markets Inc., Cubic Corporation. The key manufacturers are investing in this market to achieve proceeding requirements of high bandwidth & high-density applications and lower power consumption for managing demand for direct attach copper (DAC) cables and active optical cables (AOCs).
Based on type, electronic toll collection market is segmented into All Electronic Tolling (AET), Automatic Number Plate Recognition (ANPR) and others. Based on product type, market is segmented into Automated Vehicle Classification (AVC), violation enforcement system, back-office & integration, and Automatic Vehicle Identification (AVI).AVI segment dominates the market as it helps determine the identity of the owner using plate recognition technologies and radio-frequency identification. Based on technology, the market is segmented into Dedicated Short Range Communications (DSRC), Radio Frequency Identification (RFID), Video analytics, Global Positioning System (GPS) and others. Video analytics is estimated to witness a higher growth rate owing to the rise in violation of tolls as it helps to record the violation taking place with cameras during the forecast period. Based on means of collection, the market is segmented into postpaid and prepaid. In addition, based on application, the market is segmented into urban, highways and others.
The electronic toll collection market is driven by growth in the development of smart cities across the world, followed by the effective solution to overcome traffic crowding with improved traffic flow per lane, reduced environmental pollution using ETC systems, rise in allocation of funds for the deployment of its by government and improvement inconvenience due to cashless travel facilities. However, high operating costs and slow growth in the infrastructure sector in underdeveloped countries may impact the market. Moreover, the increase in the number of Public-Private Partnership (PPP) agreements in the transportation sector, growth in investment opportunities in economically & technologically developing countries and rise in the transition to All-Electronic Tolling (AET) systems are key opportunities for the market. Furthermore, the rise in the adoption of wireless communication in vehicles and growth in the development of smart city technology is a major trend for the market.
Based on geography, the North-American region holds a major share in the electronic toll collection market owing to the increase in traffic & developed road infrastructures in the region. The Asian-Pacific and European regions are estimated to witness a higher growth rate due to an increase in traffic congestions and the rise in demand for electronic toll collection systems from emerging economies such as Singapore, China, India, Malaysia, South Korea, and the Philippines over the forecast period.
The report on the global electronic toll collection market also covers the following country-level analysis:
Rest of Europe
Rest of Asia-Pacific
To Know More, Click On The Link Below:-
Ankur Gupta, Head Marketing & Communications