Electronic Toll Collection Market – 2019 Industry Analysis By Global Size, Share, Trends, Growth Opportunities, Development Status and Regional Forecast 2023
Market Research Future published a research report on “Electronic Toll Collection Market Research Report – Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – August 27, 2019 /MarketersMedia/ —
Market Overview:
The process of toll collection has now shifted towards electronic means mostly because of the ease of use and enhancement of time efficiency. As per MRFR analysis, the global electronic toll collection market is estimated to reach a revenue valuation of USD 13,819 million, expanding at 11.2% CAGR by the end of the forecast period of 2017-2023. Various factors that are causative to the ascension of the global Electronic Toll Collection Market are studied in detail in the latest Market Research Future (MRFR) analysis.
Infrastructural and technological developments have led to electronic toll collection systems to showcase advancements in the automation in work processes and the identification of vehicles. The mounting use of vehicles for day to day travel has led to a need for solutions that optimize traffic congestion at the toll stations. An introduction of advanced traffic control systems has proven to be a positive factor on the global electronic toll collection market.
Moreover, mega-scale road infrastructure projects in both developing, as well as developed economies, have led to higher ascension in the global electronic toll collection market. Further, traditional toll collection systems are unable to support modern highways, propelling the shift towards the adoption of electronic toll collection. Electronic toll collection is also being deployed in toll tunnels and intercity toll bridges for faster and highly efficient toll collection.
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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 global electronic toll collection market is studied for various segments for a detailed and insightful analysis. Such segmentation is carried out on the basis of type, product, technology, application, and means of collection. Based on type, the global electronic toll collection market is segmented into electronic toll collection, all electronic tolling, and automatic number plate recognition. Based on product, the global electronic toll collection market is bifurcated in the segments of automatic vehicle identification and automated vehicle classification. Based on technology, the global electronic toll collection market is segmented into dedicated short range communication, radio frequency identification, and global positioning system. Based on means of collection, the global electronic toll collection market is segmented into prepaid and postpaid. Based on application, the global electronic toll collection market is segmented into highways, and urban.
Global Electronic Toll Collection Market – Regional Analysis
The global electronic toll collection market is geographically segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The global electronic toll collection market is likely to witness high level of growth in the regional markets of Asia Pacific and Europe. A requirement of digital payments at toll facilities is speeding the growth in these regional electronic toll collection markets. Developments in the communication standards has pushed the electronic toll collection to become the most adopted connected road technology of all times.
Within North America, the US is estimated to lead the country-specific electronic toll collection market during the forecast period. With more than USD 13 billion invested in installment of 35 toll facilities across 9500 different tolled roads has allowed the country to be one of the fastest growing electronic toll collection markets across the globe.
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Intended Audience
• Technology Providers
• Research organizations
• Technology investors
• Venture capitalists
• Government organizations
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Organization: Market Research Future
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Source: MarketersMedia
Release ID: 88912627
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