Market Research Report
Electronic Toll Collection Market by Technology (RFID, DSRC, & Others (ANPR/ALPR, and Satellite-Based)), Offering (Hardware, and Back Office and Other Services), Application (Highways and Urban Areas), Type, and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||297242|
|Published||Content info||164 Pages
Delivery time: 1-2 business days
|Electronic Toll Collection Market by Technology (RFID, DSRC, & Others (ANPR/ALPR, and Satellite-Based)), Offering (Hardware, and Back Office and Other Services), Application (Highways and Urban Areas), Type, and Region - Global Forecast to 2023|
|Published: November 26, 2018||Content info: 164 Pages||
"The electronic toll collection (ETC) market estimated to grow at a CAGR of 8.54% from 2018 to 2023"
The overall ETC market is estimated to grow from USD 7.1 billion in 2018 to USD 10.7 billion by 2023, at a CAGR of 8.54%. An effective solution to overcome traffic congestion with improved traffic flow per lane, increased allocation of funds for the deployment of ITS by various governments, reduced environmental pollution using ETC systems, improved convenience due to cashless travel facility, and development of smart cities across the world are the major factors driving the ETC market growth. Increasing investment opportunities in economically and technologically developing countries, rising number of public-private partnership (PPP) agreements in the transportation sector, and growing transition to all-electronic tolling (AET) systems are likely to provide opportunities to the players in the ETC market. On the other hand, slow growth in the infrastructure sector in underdeveloped countries and high operating costs are major restraints for the market growth.
Demand for ETC systems for highways application is expected to increase during the forecast period. Vehicles are driven at high speeds on highways; ETC systems help vehicle owners carry out a convenient transaction without the need to stop at tollbooths. This system has brought a new revolution, which has made the process of toll collection simple and effective. Previously, a toll collector or attendant was employed at toll gates to collect a toll based on vehicle classification. In this method, a collector accepts the toll amount, makes the entry of a vehicle in the system, and issues receipt to the driver. Due to this manual intervention, the processing time was very high. This method resulted in significant congestion at many toll stations, thereby increasing pollution and travel time, as well as decreasing accommodation capacity of vehicles per hour.
RFID technology utilizes its radio-frequency electromagnetic fields for the identification of objects that carry RFID tags. This technology is used in electronic identification, tracking, and storing information contained on the tag. Two-way radio transmitters/receivers called interrogators or readers send a signal to the tag and read its response. RFID readers scan the tag and then send that information to the database for storing it. RFID is a prominent technology used in ETC systems owing to their low cost of operation. RFID technology uses radio waves to identify onboard devices very much like DSRC technology automatically. Operating frequency of RFID (in the range of 915 MHz) is different than that of DSRC (in the range of 5.8- 5.9 GHz). In reality, the performance of ETC systems based on RFID technology is slightly lower than that of based on DSRC technology.
The Americas is a major region responsible for the growth of the ETC market. TransCore (US), Raytheon (US), Conduent (US), Cubic transportation System (US), Neology (US), Electronic Transaction Consultants (ETC) Corporation (US), Geotoll (US) are among a few key players that are based in North America. These companies have majorly contributed to the growth of the electronic toll collection market in the Americas. The US is the major contributor to the ETC market. According to IBTTA, the US toll agencies in 35 states operate installed ETC equipment (i.e., roadside infrastructure, toll tags, and related systems) that are worth hundreds of millions of dollars. They generate more than nearly USD 13 billion of annual revenue while maintaining almost 45 million toll accounts across the country. In California, Florida, New Jersey, Pennsylvania, Texas, and Delaware, vehicles cross toll roads at high speed. Hence, it has become important to implement ETC systems in these states to control traffic control and avoid accidents. The growth of the ETC market in the US is driven by several benefits offered by ETC solutions such as reduction in traffic congestion, fuel consumption, and travel time, as well as the decrease in manual errors while collecting tolls.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:
Kapsch AG (Austria), Raytheon (US), TransCore (US), Conduent (US), Thales (France), Cubic Transportation (US), Siemens AG (Germany), EFKON GmbH (Austria), VINCI (France), and Neology (US) are a few leading players in the ETC market.
From an insight perspective, this research report has focused on various levels of analysis-industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the ETC market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to ETC market.
The report provides insights on the following pointers:
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.