The global electronic toll collection systems market is expected to grow to US$ 9.1 billion by 2027 from US$ 5.2 billion in 2017
NEW YORK, March 5, 2019 /PRNewswire/ -- The global electronic toll collection systems market is expected to grow to US$ 9.1 billion by 2027 from US$ 5.2 billion in 2017. Tolls refer to the fees charged by the various state, or central government across various transportation infrastructure such as bridges, tunnels, highways, and expressways among others. The electronic toll collection constitutes automatic vehicle identification (AVI), vehicle classification (AVC) and collection of transit transaction as per government guidelines without manual supervision. Further, the identification of violators and their subsequent fine enforcement is also considered under the scope of electronic toll collection systems. Thus, the devices and equipment that assist in seamless toll collection via electronically contribute for electronic toll collection systems. The electronic toll collection systems market is expected to witness a CAGR growth rate of 6.5%
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The ETC system offers versatile benefits such as congestion management, minimizing traffic at toll plazas, reducing vehicular traffic at highways and providing actionable insights into traffic patterns apart from providing seamless toll collection process.This was attributed in the system popularity among developed countries and has fueled the system demand among emerging third world economies.
Moreover, the long-term economic and safety benefits are also expected to drive the growth of electronic toll collection systems market in the forecast period.Besides, through the integration of superior technology and subsequent improvement in the scope of application ETC system services is also projected to have a profound influence over the growth of electronic toll collection systems market in the coming years.
However, factors such as the high cost of the ETC system coupled with stringent budget constraints is anticipated to restrict the market growth of electronic toll collection systems market in emerging countries in Africa.Also, the penetration of digital transactions, as well as the lack of existing infrastructure support, is also projected to have a negative impact on the growth of electronic toll collection systems market.
Opportunities such as investment in mobile & GPS based ETC technologies and emerging Southeast Asian region is expected to provide attractive, profitable opportunities for the market players in electronic toll collection systems market.
Currently, the companies operating in the electronic toll collection systems market offer a mix of hardware equipment and services to their clients such as signal transponders, vehicle-onboard device, cameras, and support services.Further, the companies also offer insights and reports to related agencies for making informed decisions and framing policies for infrastructure development.
As a result, by offerings, the global electronic toll collection systems market is segmented into hardware equipment, and services.Further, by the technology used the market is broadly categorized into ANPR (Automate Number Plate Recognition), DSRC (Dedicated Short Range Communication), GNSS (Global Navigational Satellite System), and others (video analytics, mobile, smart cards) segments.
The leading players in electronic toll collection systems market are attempting to leverage the data gathered from ETC system to offer innovative, intelligent transportation services that augment the traveling experience to the individuals.
The state of road infrastructure plays a crucial role in the growth of the economy as it connects the important cities, towns, and metropolitan cities for freight transportation by road.Moreover, the continuous maintenance, expansion as well as improvement in expressways, highways, bridges, and tunnels ensure the continuous, uninterrupted movement of goods that contribute towards their value-add to the GDP of a country.
However, matching of road infrastructure growth along with the number of registered vehicles can be quite challenging for the administrators.As a result, the central or state government agency deploy various tolls, fees, the tax levied across strategic locations on roadways for financing new infrastructure, maintenance, controlling traffic, and management of congestion of vehicles to name a few objectives of toll gateways.
Thus, the electronic toll collection systems market is expected to generate lucrative business opportunities for the players in the coming years.
Unlike developed economies, the developing countries are witnessing rapid urbanization as well as the demand to sustain a growing economy has driven the demand for a robust network of road connecting cities and towns.Subsequently, this has boosted the investment towards the development of highways, bridges, and expressway for improved freight transportation by road.
As a result, this has attributed in demand for efficient toll collecting systems at emerging economies owing to the surge in a number of registered vehicles.Also, the low cost of hardware equipment equipped with existing toll centers infrastructure is expected to provide a suitable alternative solution for seamless toll collection for the agencies.
The electronic toll collection systems market is projected to reach US $ 5.2 billion by 2027.
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