The recent analysis by Report Ocean on the Global Electronic Toll Collection Market Report 2022 revolves around various aspects of the market, including characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, strategies, etc. It also includes COVID-19 Outbreak Impact, accompanied by traces of the historic events. The study highlights the list of projected opportunities, sales and revenue on the basis of region and segments. Apart from that, it also documents other topics such as manufacturing cost analysis, Industrial Chain, etc. For better demonstration, it throws light on the precisely obtained data with the thoroughly crafted graphs, tables, Bar & Pie Charts, etc.
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Electronic toll collection (ETC) systems use sophisticated cameras and sensors to capture an image of the vehicle’s registration plate and assign the correct toll. The factors driving the growth of the global electronic toll collection market include the need to save travel time, cashless travel facility, the need to stop/minimize traffic congestion, and fast toll transactions. The global electronic toll collection market is expected to continue growing to meet the surging demand for improved, safe, and secure infrastructure for fast, efficient, and cost-effective services. The rising demand for minimizing traffic congestion and fuel consumption at toll stations and increasing number of government initiatives for improved road safety and infrastructure are projected to fuel the growth of the global electronic toll collection market during the forecast period. However, the absence of common technological standards for the recognition of vehicles poses a challenge to market players.
In 2017, North America dominated the global market; the regional market was valued at USD 2,775.3 million and is expected to register a CAGR of 9.9% during the forecast period. However, the market in Asia-Pacific is expected to be the fastest-growing at the highest CAGR of 13.6% during the review period.
The global electronic toll collection market has been segmented on the basis of type, technology, product, means of collection, application, and region. By type, the market is segmented into electronic toll collection (ETC), all electronic tolling (AET), automatic number plate recognition (ANPR), and others. Based on technology, the market is segmented into radio frequency identification (RFID), dedicated short range communications (DSRC), global positioning system (GPS), and others.By product, the market is segmented into automatic vehicle identification (AVI) and automated vehicle classification (AVC). By means of collection, the market is segmented into prepaid and postpaid. By application, the market is segmented into highways, urban, and rural.
Based on type, the electronic toll collection segment was the largest at a market value of 2731.2 million in 2017; it is projected to register a CAGR of 13.2% during the forecast period. By product, the automated vehicle identification segment accounted for the highest market value of 4467.3 million in 2017; the segment is projected to exhibit a CAGR of 11.8% during the review period. The radio frequency identification technology segment was the largest in 2017 with a market value of 2652.0 million; it is projected to exhibit a CAGR of 11.1% during the assessment period. On the basis of means of collection, the prepaid segment dominated the market in 2017 with a value of 4337.2 million in 2017; it is projected to exhibit a CAGR of 12.2% during the forecast period. Based on application, highways accounted for the largest market value of 5309.9 million in 2017 and is projected to grow at the CAGR of 12.0% during the forecast period.
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Key Players
The key players in the global electronic toll collection market are Xerox Corporation (US), Cubic Corporation (US), Siemens AG (Germany), Thales SA (France), Quarterhill Inc. (Canada), Kapsch TrafficCom AG (Austria), Grenobloise dElectronique et dAutomatismes (GEA) SA (France), Conduent Inc. (US), Raytheon Co. (US), Q-Free ASA (Norway), and The Revenue Markets Inc. (US).
Scope of the Report:
This comprehensive analysis delves into the effects of COVID-19 on the worldwide market, offering insights from both a global and regional viewpoint. The financial landscape of the industry saw a valuation of millions in 2022, which surged to its peak in 2023, and is projected to achieve another pinnacle by 2031, demonstrating a remarkable compound annual growth rate (CAGR) for the period between 2023 and 2031. The study places a strong emphasis on a detailed market assessment of the impact of COVID-19, presenting strategic response plans tailored to diverse regions, including North America, Europe, China, and Japan.
Some Important Questions Answered in Market Report:
- What will be the market growth rate, overview, and analysis by type in 2031?
- What are the primary factors influencing market dynamics?
- What are the drivers, challenges, and business risks in the market?
- What are the overall market dynamics? Does the overview include scope analysis and price analysis of key manufacturer profiles?
- What are the opportunities, risks, and driving forces in the market?
- Who are the main manufacturers in the market?
- What factors are driving and limiting this industry?
- What are the conditions for market growth?
- What are the industry opportunities and segment risks faced by major vendors?
- What are the strengths and weaknesses of the main providers?
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