Sarasota, FL -- (SBWIRE) -- 06/18/2018 -- Global Electronic Toll Collection Market: Overview
An electronic toll collection (ETC) system is an electronic charging toll machine which charges a toll to an existing customer account as it can determine whether the passing vehicle is registered or not registered within the ETC system. It further generates an alert to the local highway patrol if the vehicle is not registered. This system allows the owner to pass through the toll booths without stopping the vehicle in between the road thereby reducing traffic congestions due to manual operations. Thus, the ETC system is a feasible solution to reduce pollution and an alternative to maintain the highway lanes during the rush hours, or during any ongoing maintenance activities.
Global Electronic Toll Collection Market: Growth Factors
The need for traffic congestion solutions, cashless transactions facility, less waiting time, increasing funding from the government in the urban areas and controlling environmental pollution are some of the major drivers for the electronic toll collection market worldwide. Also, reduction in manpower due to enhanced features of the systems has further fuelled the market growth. However, factors like high operation, maintenance and installation costs, rules and regulations for approval processes along with standardization of the electronic toll collection systems are posing restrictions on the growth of global electronic toll collection market.
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Global Electronic Toll Collection Market: Global Electronic Toll Collection Market: Overview
An electronic toll collection (ETC) system is an electronic charging toll machine which charges a toll to an existing customer account as it can determine whether the passing vehicle is registered or not registered within the ETC system. It further generates an alert to the local highway patrol if the vehicle is not registered. This system allows the owner to pass through the toll booths without stopping the vehicle in between the road thereby reducing traffic congestions due to manual operations. Thus, the ETC system is a feasible solution to reduce pollution and an alternative to maintain the highway lanes during the rush hours, or during any ongoing maintenance activities.
Global Electronic Toll Collection Market: Growth Factors
The need for traffic congestion solutions, cashless transactions facility, less waiting time, increasing funding from the government in the urban areas and controlling environmental pollution are some of the major drivers for the electronic toll collection market worldwide. Also, reduction in manpower due to enhanced features of the systems has further fuelled the market growth. However, factors like high operation, maintenance and installation costs, rules and regulations for approval processes along with standardization of the electronic toll collection systems are posing restrictions on the growth of global electronic toll collection market.
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Global Electronic Toll Collection Market: Segmentation
The Global Electronic Toll Collection Market is segmented in terms of Product, in terms of type, in terms of technology, in terms of application and region. The Global Electronic Toll Collection Market, on the basis of product is divided into Automatic Vehicle Identification, Automatic vehicle classification and Back office and integration, and violation enforcement system. Amongst which the automatic vehicle identification segment is expected to grow at the highest rate as it helps determine the identity of the owner using radio-frequency identification and plate recognition technologies. On the basis of type, the Global Electronic Toll Collection Market is divided into all Electronic Tolling and Electronic Toll Collection. On the basis of technology, the Global Electronic Toll Collection Market is segmented into Global Positioning system, Radio Frequency Identification, Dedicated Short Range Communication and Video Analytics. The Video Analytics segment is projected to grow at the highest CAGR due to increase in violation of tolls as it helps to record the violation taking place using cameras. On the basis of application, the Global Electronic Toll Collection Market is classified into Highway and Urban.
Global Electronic Toll Collection Market: Regional Analysis
In terms of geography, the global market for electronic toll collection is classified into Latin America, North America, Europe, the Middle East & Africa, and the Asia Pacific. Out of these regions, North America is projected to have the largest market share in coming years owing to increasing traffic and developed road infrastructures. The market is predicted to have a strong growth rate in the Asia Pacific region on an account of the demand of electronic toll collection systems from emerging economies such as India, Malaysia, Singapore, China, South Korea and Philippines as a result of increasing traffic congestions in these regions, thus fuelling the growth of global electronic toll collection market.
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Global Electronic Toll Collection Market: Competitive Players
Some of the most important market players in the global electronic toll collection market are 3M, Xerox Corporation, Transcore Holdings, Inc., TRMI Systems Integration, TrafficCom, Toll Collect GmbH, Sensor Dynamics, EFKON AG, Kapsch, Cubic Transportation Systems, Inc., and Q-Free among others.
Global Electronic Toll Collection Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
What Reports Provides
Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies in order to fortify their foothold in the market.
Segmentation
The Global Electronic Toll Collection Market is segmented in terms of Product, in terms of type, in terms of technology, in terms of application and region. The Global Electronic Toll Collection Market, on the basis of product is divided into Automatic Vehicle Identification, Automatic vehicle classification and Back office and integration, and violation enforcement system. Amongst which the automatic vehicle identification segment is expected to grow at the highest rate as it helps determine the identity of the owner using radio-frequency identification and plate recognition technologies. On the basis of type, the Global Electronic Toll Collection Market is divided into all Electronic Tolling and Electronic Toll Collection. On the basis of technology, the Global Electronic Toll Collection Market is segmented into Global Positioning system, Radio Frequency Identification, Dedicated Short Range Communication and Video Analytics. The Video Analytics segment is projected to grow at the highest CAGR due to increase in violation of tolls as it helps to record the violation taking place using cameras. On the basis of application, the Global Electronic Toll Collection Market is classified into Highway and Urban.
Global Electronic Toll Collection Market: Regional Analysis
In terms of geography, the global market for electronic toll collection is classified into Latin America, North America, Europe, the Middle East & Africa, and the Asia Pacific. Out of these regions, North America is projected to have the largest market share in coming years owing to increasing traffic and developed road infrastructures. The market is predicted to have a strong growth rate in the Asia Pacific region on an account of the demand of electronic toll collection systems from emerging economies such as India, Malaysia, Singapore, China, South Korea and Philippines as a result of increasing traffic congestions in these regions, thus fuelling the growth of global electronic toll collection market.
Global Electronic Toll Collection Market: Competitive Players
Some of the most important market players in the global electronic toll collection market are 3M, Xerox Corporation, Transcore Holdings, Inc., TRMI Systems Integration, TrafficCom, Toll Collect GmbH, Sensor Dynamics, EFKON AG, Kapsch, Cubic Transportation Systems, Inc., and Q-Free among others.
Global Electronic Toll Collection Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
What Reports Provides
Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies in order to fortify their foothold in the market.