Electronic Toll Collection Market Future Trends, Opportunities and Strong Growth in Future 2023
Market Highlights
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. Furthermore, these systems positively impact the environment by reducing the exhaust emissions made during stoppages at manual booths.
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Enhanced features of these systems such as lesser waiting time, assuring convenience of drivers and operators, cashless travelling facility, less environmental pollution, and reducing traffic congestion at the collection plazas are the benefits offered by this technology. Stringent government regulations and standards regarding toll collection coupled with increasing adoption of these systems in urban areas and highways will result in increasing demand of these systems.
Segmental Analysis
The Electronic Toll Collection Market is segmented on the basis of type, product, technology, means of collection, application and region. On the basis of type, the market is segmented into electronic toll collection (ETC), all electronic tolling (AET), automatic number plate recognition (ANPR) and others. The electronic toll collection (ETC) segment is leading the market in this segment and will increase its value from USD 2,731.2 million in 2017 to USD 5,652.8 million by the end of 2023 while growing with a CAGR of 13.2%. The product-based segmentation of the market comprises of automatic vehicle identification (AVI) and automated vehicle classification (AVC). The automatic vehicle identification segment is leading the market and is projected to earn revenues worth USD 8,582.8 million by the end of 2023. On the basis of technology, the market is segmented into dedicated short-range communications (DSRC), radio frequency identification (RFID), global positioning system (GPS) and others. The dedicated short-range communication is expected to lead the segment and will be valued at USD 4,390.6 million by the end of 2023 with a CAGR of 12.3%. The segmentation on the basis of means of collection comprises of postpaid and prepaid. The prepaid segment is expected to lead with a CAGR of 12.2% in the forecast period. On the basis of application, the market is segmented into urban, highways and others. The segment of highways is expected to grow with a CAGR of 12% in the forecast period. The regions included in the market are the Middle East, Africa, North America, Asia Pacific, and Europe.
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.).
Detailed Regional Analysis
The regional analysis of the electronic toll collection market includes regions such as the Middle East, Africa, North America, Asia Pacific, and Europe. The requirement of digital payments at toll facilities is speedily growing across regions like the Asia Pacific and Europe. Developments in communications standards have pushed electronic toll collection to become the quickest adopted connected road technology of all times. In the US, almost USD 13billion capital is invested by top 35 toll facilities across 9500 tolled roads. Over the past decade, consumers have seen extraordinary improvements in the downsizing of the computer hardware and the onset of new technologies such as wireless networks, and high-performance identification tags. These technologies are expected to encourage ETC system manufacturers to build systems with advanced technologies. RFID is the most broadly used technology for collection of tolls electronically in the North American region, whereas the European and Asia Pacific regions rely on DSRC for electronic toll collection.
Intended Audience
Technology Providers
Research organizations
Technology investors
Venture capitalists
Government organizations
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TABLE OF CONTENTS
List of Tables
Table 1 Market Synopsis 14
Table 2 List Of Assumptions 16
Table 3 Global Electronic Toll Collection Market, By Type, 2017–2023 (Usd Million) 36
Table 4 Global Electronic Toll Collection Market, By Product, 2017–2023 (Usd Million) 39
Table 5 Global Electronic Toll Collection Market, By Technology, 2017–2023 (Usd Million) 42
Table 6 Global Electronic Toll Collection Market, By Means Of Collection, 2017–2023 (Usd Million) 44
Table 7 Global Electronic Toll Collection Market, By Application, 2017–2023 (Usd Million) 47
Table 8 Global Electronic Toll Collection Market, By Region, 2017–2023 (Usd Million) 49
Table 9 North America: Electronic Toll Collection Market, By Country, 2017–2023 (Usd Million) 50
Table 10 North America: Electronic Toll Collection Market, By Type, 2018-2023 (Usd Million) 51
Table 11 North America: Electronic Toll Collection Market, By Product, 2017–2023 (Usd Million) 51
Table 12 North America: Electronic Toll Collection Market, By Technology, 2017–2023 (Usd Million) 52
Table 13 North America: Electronic Toll Collection Market, By Means Of Collection, 2017–2023 (Usd Million) 53
Table 14 North America: Electronic Toll Collection Market, By Application, 2017–2023 (Usd Million) 53
Table 15 Us: Electronic Toll Collection Market, By Type, 2018-2023 (Usd Million) 54
Table 16 Us: Electronic Toll Collection Market, By Product, 2017–2023 (Usd Million) 54
Table 17 Us: Electronic Toll Collection Market, By Technology, 2017–2023 (Usd Million) 54
Table 18 Us: Electronic Toll Collection Market, By Means Of Collection, 2017–2023 (Usd Million) 55
Table 19 Us: Electronic Toll Collection Market, By Application, 2017–2023 (Usd Million) 55
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