Electronic Toll Collection Market Size 2019-2025 By Component, Technology, Regional Statistics, Global Revenue Share, Forecast 2025
North America dominates the electronic toll collection market due to the development of advanced road facilities and demand for reducing traffic congestion. Government authorities in the region are implementing ETC systems across roads and bridges to improve road transportation.
Selbyville, United States – July 29, 2019 /MarketersMedia/ —
Global Market Insights Inc. announces an ongoing comprehensive report on the “Electronic Toll Collection Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia & New Zealand, South Korea, Brazil, Mexico, Argentina, UAE, Saudi Arabia, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025”. This report provides an exhaustive account of the industry including:
• Electronic toll collection (ETC) market size, historical from 2014 to 2018 and annual forecast from 2019 to 2025
• Major electronic toll collection (ETC) industry trends, technology evolution, economic indicators and business challenges
• Regulatory and geopolitical trends impacting the industry
• Business drivers and pitfalls impacting key regional markets
• Competitive landscape of the industry and detailed profiles on the major companies
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The manual toll collection system is time-consuming as it involves the intervention of booth staff. ETC also helps in reducing the travel time as vehicles do not have to stop at every toll station for paying toll fees. Due to ETC systems, the emission of carbon monoxide from vehicles will reduce due to the reduction of acceleration of idle vehicles waiting at toll stations for longer periods. The reduced congestion at toll stations also helps in reducing the number of accidents near toll plazas.
Heavy investments on infrastructure development across globe has had a positive influence on electronic toll collection market share. With the advent of various technological trends, regional governments have been enforcing policies to launch modernized facilities such as smart cities. The developing countries across NA and Europe have been giving preference for innovative technology trends over traditional services for better social and economic development.
Based on technology, radio-frequency identification is expected to account for a notable share of electronic toll collection market over the coming years. In order to save time at toll collection centers, avoid long waiting queues, and ensure speedy movement, most of the vehicle owners have been installing RFID tags. Increasing popularity of RFID over DSRD and GNSS tags pertaining to its cost-effectiveness will drive ETC market share over the estimated timeline.
Urban application of electronic toll collection market is likely to witness commendable growth over the forecast years. Rising urbanization trends in tandem with increasing developments pertaining to the construction of smart cities, amusement parks, and advanced sport complexes will have a significant impact on ETC market size from urban area applications.
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The advent of cloud computing technologies and connected infrastructure such as connected cars, cloud services is an important factor that will enhance electronic toll collection services in the future. Taking into account the benefits associated with the use of advanced technologies, many researchers and companies have been working vigorously to develop next-generation ETC platforms, which in turn will augment electronic toll collection industry share.
ETC facilitates quicker and efficient transactions at toll stations as there are no cash transactions involved. The toll collected directly from bank accounts of vehicle owners will reduce the chances of fraud-related cash transactions. It will also reduce the chances of excess toll collection against the decided fees from government authorities. ETC also improves data collection at toll stations.
Europe is one of the leading contributors toward electronic toll collection market, driven by increasing availability of advanced technologies and rising awareness among people about traffic problems. The regulators across countries like Italy and Germany are strongly supporting the development of advanced transportation infrastructure, which will further boost Europe ETC industry size.
Some of the companies mentioned in the report include Thales Group, Kapsch TrafficCom, VINCI, Neology, Mitsubishi Heavy Industries, Xerox Corporation, DENSO, Toll Collect GmbH, TransCore, Perceptics, Siemens, Q-Free, Connect East, Raytheon, SAIC, Sensor Dynamics, Conduent, TRMI Systems Integration, Quarterhill, and EFKON. The companies have been looking forward to executing various business tactics to achieve profitable gains over the years ahead.
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