A toll road, is a private or public roadway for which a fee is charged to pass. Frequently, these toll booths cause traffic delays during rush hours due to toll collection process. This factor has given birth to electronic toll collection system, which swiftly eliminates manual operations by toll payers and receivers. Electronic toll collection uses sophisticated cameras and sensors to capture an image of vehicle’s registration plate and assigns the correct toll. The global Electronic Toll Collection Market is expected to steer towards a strong double-digit growth rate in the coming years.
The primary drivers of the upcoming growth include the need to save travel time, cashless travel facility, the need to stop/minimize the traffic congestion and fast toll transaction. The ETC market is expected to continue its quick expansion to meet the surging demand for an improved, safe and secure infrastructure providing a fast, efficient and cost-effective services.
High installation cost, tag maintenance and high dependence on policies are some of the factors limiting the market growth.
GENVICT is a leader among equipment suppliers in ETC industry in China. They had sold more than 5.5 million sets of offshore banking unit (by the end of 2014, around 40% of OBU stock market. The company has introduced multiple intelligent front-mounted ETC electronic tags, of which ETC rearview mirror integrated electronic tag is being jointly tested by many companies.
Global electronic toll collection market is expected to grow at CAGR 9% through the forecast period.
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Some of the key players in the market 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.).
North America is expected to hold the largest share of the electronic toll collection market by 2023. The usage of four-wheelers and heavy vehicles is high in North America, which is the main reason for the requirement of an effective transportation system in the North American countries.
The European toll market, currently characterized by a large number of national companies and organizations, is also undergoing change. Countries such as Germany, France and Belgium have recognized that the market is changing and are moving toward setting standards. Asia Pacific region is at rapid expansion stage. Most of the countries are adapting this technique to be free from cumbersome traffic conditions. Asia Pacific is expected to grow at rapid rate through the forecast period.
The market for global electronic toll system is segmented on the basis of type, product, technology, application, means of toll collection and region. On basis of type the segment is further classified into electronic toll collection (ETC), all electronic tolling (AET), automatic number plate recognition (ANPR) and transponders. On the basis of product, the market is further classified into automated vehicle identification (AVI) and automated vehicle classification (AVC). On the basis of technology the market of global electronic toll collection is further classified into radio frequency identification (RFID), dedicated short range communications (DSRC), global positioning system (GPS) and others. On the basis of toll collection, the market is further classified into prepaid and postpaid. Electronic toll collection has wide areas of applications such as highways, urban areas and others.
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