Electronic Toll Collection Systems Market by Key Players, Sales, Demand, Industry Dynamic Forces & Forecast 2027
The “Electronic Toll Collection Systems Market by Offerings (hardware Equipment, and Service); Technology Used (ANPR, GNSS, DSRC, and Others) – Global Analysis and Forecast to 2027”. The scope of study involves understanding on the factors responsible for this growth of electronic toll collection systems along with the estimates and forecasts of the revenue and market share analysis and also spots the major players in the market and their key developments.
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Electronic Toll Collection Systems Market to 2027 – Global Analysis and Forecast by Offerings, and Technology Used. In terms of revenue, 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, growing at a CAGR of 6.5%. The recent increase in vehicle production has outpaced the rate of infrastructure development resulting in substantial increase in number of new vehicle registration past few years. Moreover, the increase in freight transportation coupled with growing demand from increasing population has driven the congestion across major toll gateways and plazas at bridges, tunnels, highways, and expressways among other locations.
The List of Companies
1. Conduent, Inc.
2. Kapsch Group
3. Mitsubishi Heavy Industries Machinery Systems, Ltd.
4. Siemens Mobility GmbH
5. Thales Group
6. Continuum Electroproducts LLP
7. EFKON GmbH
8. Neology, Inc.
9. QuaLiX Information System LLP
10. SkyToll, a. s.
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As a result, the demand for robust and efficient toll collection and transit transaction has gained traction in the recent years. The developing countries are focusing towards modification of their aging toll centers to accommodate efficient RFID based electronic toll collections systems for lowering the congestion at highway tolls. Whereas, the developed countries such as U.S., Japan, Germany, and Russia are focusing towards implementation of GNSS and ANPR based systems to enable free flow tolling across their various existing toll gateways and plazas. Through increasing demand for interoperable systems as well as government support is anticipated to ease the scope of business in various countries. Thus, the market is expected to provide substantial profitable business opportunities for the market players in the coming years.
Factors such as growing consciousness towards minimizing environmental pollution and significant advancement of technology has emphasized the smart cities concept among various countries for improving governance. Further, the increasing integration of technology into vehicle towards improved traveling experience has facilitated in popularity of intelligent transportation related services among developed regions. As a result, the electronic toll collection systems play a crucial role for congestion management, analyzing traffic patterns, monitoring traffic across highways and enforcement among other related services to various state and law enforcement authorities. Thus, the increasing scope of application of for electronic toll collection systems is also anticipated to drive the investment towards superior technologies for effective toll collection and congestion management applications. The service segment is projected to account for major business opportunities for the market players in the forecast period.
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The Asia-Pacific region is projected to be major market driving force in the global electronic toll collection systems market. The region constitutes fast-growing economies coupled with increasing demand from various industries due to surge in population in recent years is attributed towards growing demand from various countries in region. Moreover, the popularity of toll centers for generating revenue for maintenance, financing infrastructure growth and charging fees by various state agencies is anticipated to witness a significant rise in congestion at manned tolls owing to increasing number of registered vehicles. As a result, the government in collaboration with various private players have begun updating their aging manned toll collection centers with electronic toll collection systems for improving the efficiency of toll centers. Thus, the region is projected to provide substantial opportunities such as consulting, training & development, new installation of electronic toll collection systems and their maintenance among other services for the market players in the coming years. The Asia-Pacific region is expected to witness an attractive CAGR growth rate of 7.7% from 2019 to 2027 and reach approximately US$ 2 billion by 2027.
The report segments the global electronic toll collection systems market as follows:
Global Electronic Toll Collections Systems Market – By Offerings
Hardware Equipment
Service
Global Electronic Toll Collections Systems Market – By Technology Used
ANPR (Automated Number Plate Recognition)
DSRC (Dedicated Short Range Communication)
GNSS (Global Navigational Satellite Systems)
Others
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