Electronic Toll Collection Market – Worldwide Overview
Electronic Toll Collection (ETC) System market, over the past few years is perceiving a rapid upsurge evolving extensively. Emergence of these systems has brought up the convenience of systematic, congestion free travel experience & a much reduced traveling time. Which, people are actually enjoying & appreciating increasingly demanding for these systems to be implemented at the toll collection centres for the highways, sea links & fly overs.
Besides, these systems are embedded with some unequally designed features such as Card payment (cashless travel facility), appropriate charging for the single/ return journey & most importantly some value added services like accident & emergency incidence aid/assistance. Besides implementation of ETCs ensure savings on transaction costs for government agencies as well as private road owners.
Technological advancements transpired in the field of ETC have introduced mobile apps for Tags collection which are further easing efforts people put in for down loading the toll payment receipts from their email account. With these app people can immediately get their receipt on their mobile. All these convince adding factors are supporting ETCs to garner more popularity & hence demand, uptake & market growth.
Acknowledging the increasing demand & growth the market is witnessing currently, Market Research Future (MRFR) has recently published a brilliant study report. In its report MRFR mentions that the global Electronic Toll Collection Market will register valuable accruals & a CAGR of 9% throughout the forecast period (2016-2023).
In addition, other factors that contribute the market growth include increasing population, urbanization, industrialization and improving economical situations in the countries across the globe. Increased “Smart City” projects worldwide are providing impetus to the market growth. Simultaneously, government initiatives for the infrastructure development & smart highways projects are fostering the market growth.
On the other hand, factors such as high installation cost and tag maintenance among others are limiting the market growth. Also factors such as toll invaders, non-participation, queuing in manual lanes along with disorderly traffic patterns are affecting the market growth negatively. Furthermore, automated gates programed with over legal speed limits, installed at some infrastructures are inflicting vehicle hazards, incident & accident that are damaging the set-ups & sometimes ending up injuring the toll centre staff.
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March 14, 2018 – National Highways Authority of India (NHAI) declared mandatory implementation of the NETC (National Electronic Toll Collection) program for all national highways. This drive is expected to minimize required time span for the toll collection process at highways while reducing revenue leakages. The program utilises a passive RFID tag – called FASTag attached to the vehicle. Simultaneously, NHAI has also launched two mobile Apps –FASTag Partner and MyFASTag, which will be easing the process and work alongside the toll booths. Using the apps, vehicle owners can buy or recharge FASTags.
March 01, 2018 – Platinum Equity (US), a leading global investment firm announced that it has acquired HTA (Highway Toll Administration, LLC. – US), a leading provider for the ETC technology and services.
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.).
Worldwide Electronic Toll Collection Market – Segmentations
For the convenience of the report and enhanced understanding; the market is segmented in to 6 key dynamics
- By Products: Comprises Automated Vehicle Identification (AVI) and Automated Vehicle Classification (AVC).
- By Types: All Electronic Tolling (AET), Electronic toll collection (ETC), Automatic number plate recognition (ANPR) & Transponders.
- By Technologies: Dedicated Short Range Communications (DSRC), Radio Frequency Identification (RFID), and Global Positioning System (GPS) among others.
- By Application: Highways & Urban
- By Modes of Toll Collection: Prepaid & Postpaid.
- By Regions: North America, Europe, APAC and Rest of the World.
Worldwide Electronic Toll Collection Market – Geographical Analysis
North America market for Electronic Toll Collection, holding the largest share is poised to dominate the global market during the forecast period. This growth is predominantly driven by the wide uptake & implementations of meticulous transportation systems in the region.
While Europe market is mainly driven by the awareness towards the advantages of these systems, especially among the countries such as Germany, France & Belgium which are rapidly changing & moving toward setting standards.
Asia-Pacific region, witnessing rapid expansion stage is emerging as the fastest growing market. Countries such as India, China, Japan, & Singapore will be at the front leading the regional market throughout the forecast period.
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