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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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