San Francisco, CA -- (SBWIRE) -- 08/19/2019 -- Global Electronic Toll Collection Market: Overview
Electronic toll collection (TEC) systems are devices that enable the central management of toll operations via a single integrated solution. Eliminating delay on highways and roadways, the system ensures that toll payment is made electronically in a hassle-free manner.
The global electronic toll collection system market can be segmented by application, region, product type, and technology. By product type, the global market for electronic toll collection can be segmented into antennae, treadles, transponders, weigh-in-motion devices, film storage devices, cameras, communication systems, and scanning devices. By technology, the market can be categorized into global positioning system (GPS), dedicated short range communications (DSRC), radio-frequency identification, and global navigation satellite system (GNSS).
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Global Electronic Toll Collection Market: Key Trends
As these systems eliminate manual operations by toll receivers and payers, the demand for electronic toll collection is likely to witness an upsurge. Cashless transactions offered by electronic toll collection systems do not only save travel time, but also minimizes traffic congestion near toll collection booths across roads and highways. Electronic toll collection systems offer cost-efficient solutions that are faster too. The need for multiple toll plazas is ruled out owing to the installation of electronic toll collection systems, saving additional costs. However, high dependence on government funding and high installation costs of these devices might restrain the growth of the market.
Global Electronic Toll Collection Market: Market Potential
A number of emerging economies are increasingly addressing the need to adopt time and cost efficient electronic toll collection systems throughout the major cities. For instance, in India, the National Payments Corporation of India has been encouraging several highways to install electronic toll collection systems with a view to increase digital payments across the country, supporting the cashless economy initiative of the government.
Nearly 14-16% of the toll collection in the country has been converted into electronic mediums, with the transaction number rising up to 7 million per month, reported the National Electronic Toll Collection in April 2017. The availability of advanced, easy, and convenient digital platforms for payment such as BharatQR and Samsung Pay has eliminated the waiting time required for card swipes.
Similarly, in April 2017, the Transport Minister of Vietnam ordered swift installations of electronic toll collection equipment across the major highways of the country. Malaysia is another nation which has been promoting the adoption of electronic toll collection systems via its PLUS highways that offer cashless, fully electronic payments. Features such as Touch 'n Go Card, PlusMiles Card, and SmartTag have enabled smooth transactions, ensuring that 600 vehicles can pass through a TnG lane per hour, compared to 180 vehicles per hour that previously paid manually.
Global Electronic Toll Collection Market: Regional Outlook
Geographically, the global market for electronic toll collection market can be segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is expected to advance at a rapid pace due to the growing demand for safe, efficient, and secure toll collection infrastructure. The growing demand for electronic toll collection systems in Asia Pacific can be attributed to favorable government policies, growing investments in infrastructural development, and increasing adoption of automation across several regions. Singapore, India, Malaysia, China, and Thailand are expected to represent a large slice of revenue of the overall market.
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Global Electronic Toll Collection Market: Competitive Analysis
Cubic Transportation Systems, Inc., 3M, EFKON AG, Kapsch TrafficCom, Xerox Corporation, Q-Free, Toll Collect GmbH, TransCore, Far Eastern Electronic Toll Collection Co., Ltd., Transurban Limited, VaaaN, Raytheon Company, and Schneider Electric SE are some of the leading companies operating in the global electronic toll collection market.
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