Data Experts Visualize Phenomenal Success for Electronic Toll Collection Market: WiseGuyReports

The favorable reasons behind the strong growth of the worldwide electronic toll collection market include the growing need for reducing travel time, need for minimizing traffic congestion, growth in cashless travel facility and quicker toll transactions. Also, the global electronic toll collection market is set to maintain its steady growth well into the future, catering to the rising demand for enhanced, secure and safe infrastructure for efficient and cost-effective services. In addition to this, the growing demand for reducing the fuel consumption at toll stations as well as the growing number of government initiatives for enhanced road safety along with infrastructure will bring further success to the global electronic toll collection market in the given time frame.

Pune, India, May 28, 2019 (GLOBE NEWSWIRE) -- The report found on Wise Guy Reports (WGR) predicts that the global electronic toll collection market will be reaching the valuation of USD 13,819 million by 2023. It is also slated to register a healthy growth rate during the forecast period (2017-2023).

The Need to Replace Staffed Booth with a Cost-Effective Solution to Elevate Market Position

Electronic toll collection systems work as the ideal cost-effective alternative to a staffed booth, decreasing the transactional prices for various government agencies. In 2017, Taiwan launched an intelligent highway toll collection technology which facilitates export across Asia and Europe. In other news, Far Eastern Electronic Toll Collection Company (FETC) had developed the build operate transfer (BOT) project for the management of intelligent transport system (ITS) traffic; which converted the conventional highway toll collection system into an integrated intelligent electronic toll collection (ETC) system for managing mobility.

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Demand for Safety of Transportation Infrastructure to Augment Market Growth

The size of the worldwide electronic toll collection market has expanded over the past couple of years, fueled by the boost in the demand for efficiency and safety of transportation infrastructure. Besides, technological developments in the field including Global Navigation Satellite System (GNSS) and Global Positioning System (GPS) technology in the electronic toll collection systems have encouraged various government bodies around the world to invest massively to improve toll lanes. This factor is bound to result in the significant growth of the market over the years to come. On that note, the strong government support in the form of standards and regulations prompting the implementation of electronic toll collection systems will do wonders for the industry in the years ahead.

High Initial Cost of Installation to Restrict the Market Growth

With the initial cost of the installation of the electronic tolls being on the higher side, the market growth rate could see a downfall in the coming years.

Yet, the upsurge in the demand for reducing traffic congestion as well as fuel consumption coupled with the growth in the number of government initiatives pertaining to improving the road safety and infrastructure will help the market tackle these challenges head-on and grow relentlessly during the conjectured time frame. 

Electronic Toll Collection to be the Leading Segment Amongst all the Types

In terms of the type, the electronic toll collection segment has bagged the top position with the largest share of the total market, estimated at USD 2731.2 million in 2017. Also, it is presumed to clock in a CAGR of 13.2% during the review period.

Demand for Automated Vehicle Identification System to Grow at a Significant Rate

Product-wise, the automated vehicle identification segment happens to be the most lucrative market, with its worth being around USD 4467.3 million in 2017. In addition, the segment is poised to depict a CAGR of 11.8% in the forthcoming years.

The Radio Frequency Identification Technology Garners Maximum Revenue in the Global Market

As per technology, in 2017, the radio frequency identification technology controlled the major share of the global market, valued at USD 2652.0 million. The segment will be exhibiting a growth rate of 11.1% during the evaluation period.

The Prepaid Means of Collection Secures the Leading Position in the Global Market

Depending on the means of collection, the prepaid segment accrued the substantial share of the global market in the year 2017, at the value of USD 4337.2 million. Furthermore, the segment is slated to register a CAGR of 12.2% in the near future.

Electronic Tolls find Increasing Use on Highways Compared to Other Applications

Among all the applications, highways were responsible for the maximum share of the market, estimated at USD 5309.9 million in 2017. The highways segment will also be surging at a CAGR of 12.0% in the following years, states the report.

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North America Leads the Pack owing to the Rising Number of Data Centers

Leaving other regions in the lurch, North America managed to attain the top position in the global market in 2017; with the regional market valued at USD 2,775.3 million. Furthermore, the market in the region is projected to secure a CAGR of 9.9% during the assessment period, primarily on account of the heightened demand for higher bandwidth speeds in the computing centers coupled with the steady rise in the number of data centers within the region. Moreover, the well-established road infrastructure is also set to work in favor of the regional market in the coming years.

Increasing Adoption of RFID Sensors to Give a Boost to the Asia Pacific Market

Growing at the fastest growth rate, the market in Asia Pacific will register the highest growth rate of 13.6% during the forecast time frame. The hike in the demand for electronic toll collection systems in the emerging nations like India, China, among others will provide a substantial push to the regional market in the foreseeable future. Plus, the steady increase in urbanization along with the expanding regional population is expected to offer profitable opportunities for market development. Other than this, advancements in technology like real-time tracking & monitoring using GPS/GNSS combined with the rising adoption rate of RFID sensors in the mentioned countries will bring excellent business for the market in the speculated period.

The Europe Market to Benefit from the Increasing Use of IoT

The expeditious growth of technology including Internet of Things (IoT) and the revolution brought on by digital transformation across significant industry verticals will bring lucrative results for the growth of the market in Europe. These factors are leading to an elevation in government initiatives pertaining to the road safety as well as infrastructure, further strengthening the foundation for the regional market in the years to come.

Top Vendors

The top vendors competing in the global electronic toll collection market include Raytheon Co. (US), Quarterhill Inc. (Canada), The Revenue Markets Inc. (US), Xerox Corporation (US), Siemens AG (Germany), Q-Free ASA (Norway), Kapsch TrafficCom AG (Austria), Thales SA (France), Cubic Corporation (US), Conduent Inc. (US), Grenobloise dElectronique et dAutomatismes (GEA) SA (France), and others.

Industry Developments

December 2018

Conduent Transportation has been chosen by the public transport operator De Lijn for installing a fare collection system across Belgium. Conduent Transportation is set to deploy its latest, digitally powered ATLAS fare collection system, which will be supporting mobility-as-a-service which can be useful for several mobility providers like bike hire, taxis, and car-sharing.

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