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) -- 05/15/2017 -- The growth of the electronic toll collection market is attributed to the increasing demand for electronic toll collection systems, driven by the need for providing efficient traffic management and improving toll collection accountability.
According to MarketsandMarkets' forecast, the electronic toll collection market is expected to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022.
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The electronic toll collection market based on type comprises ETC and AET. The market for AET is expected to witness the highest growth between 2017 and 2022. 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.
The major players in the electronic toll collection market are 3M (US), Xerox Corporation (US), EFKON AG (Austria), Kapsch TrafficCom (Austria), Q-Free (Norway), and Cubic Transportation Systems, Inc. (US), among others. These players have adopted various strategies such as contracts, agreements, partnerships, new product launches, and business expansions to cater to the demand for electronic toll collection systems.
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.
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