According to new report by IMARC Group, titled “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” The global electronic toll collection market is currently witnessing strong growth. An electronic toll collection (ETC) system refers to an automated mechanism, which recognizes registered vehicles and performs electronic monetary transactions using automatic vehicle classification (AVC), violation enforcement system (VES) and automatic vehicle identification (AVI). Other than this, it also utilizes advanced technological solutions, such as video analytics, radio-frequency identification (RFID), dedicated short-range communications (DSRC), global navigation satellite system (GNSS) and global positioning system (GPS), to improve the speed and efficiency of traffic flow. Looking forward, IMARC Group expects the market to reach a value of US$ 16.7 Billion by 2025, registering a CAGR of around 10% during 2020-2025.
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Boosting sales of automobiles has led to an increase in traffic congestion around the world. This, in turn, is fueling the ETC market growth for effective traffic management. In addition to this, governments of several countries are promoting cashless transactions and investing in the infrastructure sector for improving the safety and efficiency of transportation facilities, which, in turn, is strengthening the market growth. Furthermore, as ETC significantly aids in reducing pollution levels, its adoption is anticipated to escalate in the coming years.
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Key Market Segmentation:
Breakup by Technology:
1. RFID
2. DSRC
3. Others
Breakup by System:
1. Transponder - or Tag-Based Toll Collection Systems
2. Other Toll Collection Systems
Breakup by Subsystem:
1. Automated Vehicle Identification
2. Automated Vehicle Classification
3. Violation Enforcement System
4. Transaction Processing
Breakup by Offering:
1. Hardware
2. Back Office and Other Services
Breakup by Toll Charging:
1. Distance Based
2. Point Based
3. Time Based
4. Perimeter Based
Breakup by Application:
1. Highways
2. Urban Areas
Breakup by Region:
1. North America
2. Asia Pacific
3. Europe
4. Middle East and Africa
5. Latin America
Competitive Landscape:
The report has also examined the competitive landscape of global electronic toll collection market. Some of the top manufacturers/ Key players in 3M Co (NYSE: MMM), Conduent Business Services LLC (CNDT), Cubic Corporation (NYSE: CUB), Efkon AG, Kapsch TrafficCom AG (VIE: KTCG), Q-FREE ASA (QFR), Raytheon Company (NYSE: RTN), SCHNEIDER ELEC /ADR (OTCMKTS: SBGSY), Siemens AG (OTCMKTS: SIEGY), Thales SA (OTCMKTS: THLLY), Transcore Holdings Inc., Transurban Limited Ltd. (TCL), etc.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players
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