Global Electronic Toll Collection Market research report, by type (ETC, AET, transponders, ANPR), product (AVI, AVC), application (highways, urban), technology (RFID, DSRC, GPS/GNSS), by means of toll collection (Prepaid, postpaid) – Forecast till 2027
Market Overview
Electronic Toll Collection System is an electronically powered toll collection machine that collects the pre-programmed toll from customers. An electronic toll collection system is the smart alternative to manual toll collection. Now that people depend on electronics and gadgets more than personal services, the use of electronic toll collection systems is gaining popularity. The Electronic Toll Collection Market System also becomes complex as time passes. There are many reasons behind the growth of the Electronic Toll Collection Market Size. One of the major reasons is the replacement of manual labor with smart technologies. The use of Electronic Toll Collection Systems helps in modernizing public infrastructure and transport systems.
There are many persisting problem areas that Electronic Toll Collection Systems aims at solving today. The world needs contactless transaction systems so that the risk of a pandemic minimizes. Electronic Toll Collection systems are the cashless and contactless systems needed in the future. Electronic Toll Collection systems also solve the problem of traffic congestion. Electronic Toll Collection Systems help create better traffic systems. Moreover, this multi-targeted use of Electronic Toll Collection Systems helps in the expansion of the Electronic Toll Collection Market Size in the present day.
The global Electronic Toll Collection Market Size was valued at 8127 million US dollars in the year 2018. However, the trends of Electronic Toll Collection Market Growth show that the Electronic Toll Collection Market Size will be growing at a rate of 11.20 percent in the near future. The trends of Electronic Toll Collection Market Growth enhance through the key drivers of the market discussed above. In addition to this, the increased focus of national governments on road safety is also a key factor of growth. Therefore, the initiative to modernize the traffic systems is a good sign of Electronic Toll Collection Market Growth in the future.
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Market Segmentation
The Electronic Toll Collection Market System segments across different parameters for better categorization. The segmentation is based on types of Electronic Toll Collection systems in general use. A segment of the Electronic Toll Collection Market System is based on the products. Apart from these parameters, the technology behind these systems also applies to the segmentation. Additionally, market experts consider two more parameters like application fields and mode of transaction. The Electronic Toll Collection Systems apply in urban areas that have complex traffic monitoring systems. The systems find the application on highways, as thousands of vehicles run on them every day.
Regional Overview
The Electronic Toll Collection Market System divides across different regions of the world. The Electronic Toll Collection Market disperses over different countries of the world. There is a need for smart traffic monitoring systems everywhere. Therefore, the use of Electronic Toll Collection Systems is universal. The most prominent regions of the Electronic Toll Collection Market are North America, Europe, and the Asia Pacific. Moreover, other prominent regional markets are the Middle East and Africa, and Latin America. The data shows that Electronic Toll Collection Market Growth is ubiquitous and equivalent. While the US is a major stakeholder in the Electronic Toll Collection Market Size, other countries like France and Canada also exist in the market scenario.
Industry news
The growth trends of the market stem from the fact that the Electronic Toll Collection Market System includes local, state, and national service providers that work at many levels. Even though there are initiatives to modernize the traffic monitoring system, it is not easy to replace them in a fast-track manner. To tackle the competition, the service providers are trying to innovate and improve the systems. Moreover, the key players of the Electronic Toll Collection Market are trying to expand geographically.
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The global electronic toll collection market held USD 9331.8 million in 2020 and is to grow with a CAGR of 10.7% during forecast period.
Electronic devices & semiconductors are critical technological enablers that power a large number of today's cutting-edge digital gadgets.
With the Covid-19 epidemic driving increased demand for electronic gadgets, the world's electronics and semiconductor industries predict a bright future.Market Dynamics and Factors:The use of safety-related electronics technologies in the automobile industry has exploded.
The major driver of semiconductor growth in consumer electronics will be head-mounted displays.
Based on application, the market is bifurcated into urban and highways.
Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.Browse Full Report On Global Electronic Toll Collection Market at https://www.decisionforesight.com/reports/electronic-toll-collection-marketCompetitive Analysis:Thales SAKapsch TrafficCom AGToshiba CorporationConduent LLCRaytheonSiemens AGCubic TransportationTransCore LPPerceptics LLCEFKON GmbHXerox CorporationGeographic Analysis:On a regional basis,North American consumer electronics industry is expected to develop steadilybecause of the large number of internet users and the early adoption of smart household electric equipment& IOT Technology.
Electronic Toll Collection Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Electronic Toll Collection include TransCore, Xerox Corporation, Intelligent Transportation Systems (India) Pvt.
Ltd., Honeywell International Inc., EFKON GmbH, Thales Group, Toshiba Corporation, Conduent Business Services, LLC, Verra Mobility, Mitsubishi Heavy Industries Machinery Systems Ltd., International Road Dynamics Inc., FEIG ELECTRONIC GmbH, Tecsidel, S.A., Atlantia S.p.A., Siemens AG, ARH Inc., Cubic Corporation, Kapsch TrafficCom, Jenoptik AG, Perceptics, LLC, Electronic Transaction Consultants, LLC, Kent- QuaLiX, and Q-Free ASA..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Electronic Toll Collection Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/electronic-toll-collection-market/download-sampleMarket SegmentationThe broad Electronic Toll Collection has been sub-grouped into the Technology, Type, Payment Method, Application and Region.
The report studies these subsets with respect to the geographical segmentation.
Market HighlightsElectronic Toll Collection Industry size is expanding rapidly to cater to the growing demand of safe infrastructure.
Technological advancements in this industry have forced the governments across the globe to make heavy investments on toll lanes.
Positive government support in framing new standards and regulations regarding implementation of these systems and tolling has catapulted the industry growth.
These systems are beneficial for companies and traffic agencies as they help to reduce costs by eliminating the requirement of multiple plazas.
Furthermore, these systems positively impact the environment by reducing the exhaust emissions made during stoppages at manual booths.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/4971Enhanced features of these systems such as lesser waiting time, assuring convenience of drivers and operators, cashless travelling facility, less environmental pollution, and reducing traffic congestion at the collection plazas are the benefits offered by this technology.
Stringent government regulations and standards regarding toll collection coupled with increasing adoption of these systems in urban areas and highways will result in increasing demand of these systems.Key PlayersSome of the key players in the Electronic Toll Collection Industry are 3M (U.S.), Xerox Corporation(U.S.), Q-Free (Norway), Cubic Transportation Systems, Inc. (U.S.), Siemens AG (Germany), Thales Group (France), Transurban Limited (Australia), International Road Dynamics, Inc. (Canada), Raytheon Company (U.S.), The Revenue Markets Inc. (U.S.), Schneider Electric SE (France), Toll Collect GmbH (Germany), Perceptics, LLC (U.S.), TransCore (U.S.), Far Eastern Electronic Toll Collection Co., Ltd. (Taiwan), and Xiamen Innov Information Technology Co., Ltd. (China); and software providers such as, VaaaN (India), TransCore, LP (U.S.), and GeoToll, Inc. (U.S.).Detailed Regional AnalysisNorth America Electronic Toll Collection Industry, holding the largest share is poised to dominate the global market during the forecast period.
