Electronic Toll Collection Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Electronic Toll Collection Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : March, 2020 | Semiconductor & Electronics | PPT format

Report Digest


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:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

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:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

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.

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