Electronic Toll Collection Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Electronic Toll Collection Market: Overview
Electronic toll collection (TEC) systems are devices that enable the central management of toll operations via a single integrated solution. Eliminating delay on highways and roadways, the system ensures that toll payment is made electronically in a hassle-free manner.
The global electronic toll collection system market can be segmented by application, region, product type, and technology. By product type, the global market for electronic toll collection can be segmented into antennae, treadles, transponders, weigh-in-motion devices, film storage devices, cameras, communication systems, and scanning devices. By technology, the market can be categorized into global positioning system (GPS), dedicated short range communications (DSRC), radio-frequency identification, and global navigation satellite system (GNSS).
Global Electronic Toll Collection Market: Key Trends
As these systems eliminate manual operations by toll receivers and payers, the demand for electronic toll collection is likely to witness an upsurge. Cashless transactions offered by electronic toll collection systems do not only save travel time, but also minimizes traffic congestion near toll collection booths across roads and highways. Electronic toll collection systems offer cost-efficient solutions that are faster too. The need for multiple toll plazas is ruled out owing to the installation of electronic toll collection systems, saving additional costs. However, high dependence on government funding and high installation costs of these devices might restrain the growth of the market.
Global Electronic Toll Collection Market: Market Potential
A number of emerging economies are increasingly addressing the need to adopt time and cost efficient electronic toll collection systems throughout the major cities. For instance, in India, the National Payments Corporation of India has been encouraging several highways to install electronic toll collection systems with a view to increase digital payments across the country, supporting the cashless economy initiative of the government.
Nearly 14-16% of the toll collection in the country has been converted into electronic mediums, with the transaction number rising up to 7 million per month, reported the National Electronic Toll Collection in April 2017. The availability of advanced, easy, and convenient digital platforms for payment such as BharatQR and Samsung Pay has eliminated the waiting time required for card swipes.
Similarly, in April 2017, the Transport Minister of Vietnam ordered swift installations of electronic toll collection equipment across the major highways of the country. Malaysia is another nation which has been promoting the adoption of electronic toll collection systems via its PLUS highways that offer cashless, fully electronic payments. Features such as Touch ‘n Go Card, PlusMiles Card, and SmartTag have enabled smooth transactions, ensuring that 600 vehicles can pass through a TnG lane per hour, compared to 180 vehicles per hour that previously paid manually.
Global Electronic Toll Collection Market: Regional Outlook
Geographically, the global market for electronic toll collection market can be segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is expected to advance at a rapid pace due to the growing demand for safe, efficient, and secure toll collection infrastructure. The growing demand for electronic toll collection systems in Asia Pacific can be attributed to favorable government policies, growing investments in infrastructural development, and increasing adoption of automation across several regions. Singapore, India, Malaysia, China, and Thailand are expected to represent a large slice of revenue of the overall market.
Global Electronic Toll Collection Market: Competitive Analysis
Cubic Transportation Systems, Inc., 3M, EFKON AG, Kapsch TrafficCom, Xerox Corporation, Q-Free, Toll Collect GmbH, TransCore, Far Eastern Electronic Toll Collection Co., Ltd., Transurban Limited, VaaaN, Raytheon Company, and Schneider Electric SE are some of the leading companies operating in the global electronic toll collection market.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report