The electronic toll collection market is expected to grow at a CAGR of 9.16% from 2017 to 2022, to reach USD 10.57 Billion by 2022. The base year used for study is 2016 and the forecast period is between 2017 and 2022.
Seattle, WA -- (SBWIRE) -- 04/24/2017 -- The electronic toll collection market for video analytics technology is expected to grow at the highest CAGR between 2017 and 2022. This is primarily due to the increasing cases of toll violations, which raise the need for an improved toll management solution. The video analytics technology helps identify and record violations and uses special cameras to take photographs of the violating vehicle's license plate.
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North America is expected to hold the largest share of the electronic toll collection market by 2022. 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 major players in the electronic toll collection market are 3M (US), Xerox Corporation (Conduent Business Services, LLC, US), EFKON AG (Austria), Kapsch TrafficCom (Austria), Q-Free (Norway), and Cubic Transportation Systems, Inc. (US), among others.
Automated vehicle identification (AVI) is used for the identification of vehicles when they move through a particular monitoring point. AVI helps determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer. It finds applications in toll collection, vehicle management, traffic management, and safety and law enforcement. Most widely used AVI systems use RFID and plate recognition technologies.
Among all the applications, highway held the largest share of the electronic toll collection market in 2016. The level of traffic congestion is more on highways, owing to which the adoption rate of electronic toll collection systems would be high.
This growth is attributed to the advantages offered by AET, such as congestion relief, operational savings, and improved environmental factors. Most of the government agencies and departments of transportation (DOTs) of various regions, such as Europe and North America, are significantly investing in AET projects. For instance, the European Electronic Toll Service (EETS) has provided a framework for the interoperability of electronic road toll systems in Europe. Many electronic toll collection systems have been converted into AET systems.
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