Electronic Toll Collection Market Trends, Business Strategies and Opportunities With Key Players Analysis 2025
Electronic toll collection market to hit $15,648.2 million by 2025, growing at a CAGR of 10.7%. Increase in demand for these systems in India, China, and others
PORTLAND, OREGON, UNITED STATES, October 11, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, Electronic Toll Collection Market by Subsystem, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global electronic toll collection market was valued at $6,855.5 million in 2017, and is projected to reach at $15,648.2 million by 2025, growing at a CAGR of 10.7% from 2018 to 2025.
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Electronic toll collection (ETC) system is a high-end technology, which facilitates collection of fees at highways. It automatically charges vehicles without requiring them to stop at the tolls. In addition, it aids in efficiently managing the traffic in highly congested areas, and facilitates the toll collection process by using the latest technological solutions such as GPS & GNSS toll collection and tracking solutions.
Asia-Pacific is expected to be a dominant player in the global electronic toll collection market, due to increase in demand for vehicles among citizens and rise in use of IoT in the automobile segment. Moreover, technological advancements in the automotive industry and government initiatives such as investment in R&D in electronic toll collection propel the growth of the market. For instance, on October 30, 2017, BMW Japan Corp. began installing DSRC ETC units as standard on all models sold in the country, including motorbikes. Japan witnesses highest penetration of ETC devices across the world, with almost 60 million active units. Unlike other DSRC domains in Europe, Asia, or South America, all units are embedded into the dashboard and come with a separate receiver to ensure line of sight with the gantry.
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Based on subsystem, the radio-frequency identification (RFID) segment dominated the market in 2017, owing to its high adoption rate globally.
Key Findings of the Electronic Toll Collection Market:
In 2017, the RFID segment generated the highest revenue in the global electronic toll collection market.
In 2017, automated vehicle classification generated the highest revenue among the other subsystem types.
Based on application, highways dominated the market worldwide in 2017.
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Major players operating in the global electronic toll collection market include Kapsch Group, Thales group, Toshiba Corporation, Raytheon, Conduent LLC, Siemens AG, TransCore LP, Cubic Transportation, Perceptics LLC, and EFKON GmbH.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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