Future Market Insights has announced the addition of the “Electronic Toll Collection Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020” report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 06/30/2016 -- Electronic toll collection system is an automated system, eliminating manual operations by toll payers and receivers. The global ETC market is expected to steer towards a strong double-digit growth rate in the coming five years (2015-2020). The primary drivers of the upcoming growth comprise the need to save travel time, cashless travel facility, the need to stop/minimize the traffic congestion and fast toll transaction. However, factors like high installation cost and a high dependence on government are hindering the growth of this market to some extent. The ETC market is expected to continue its rapid expansion to meet the surging demand for an improved, safe and secure infrastructure. The ETC system provides fast, efficient and cost-effective services. They have easy to operate buttons with a user-friendly design. They are also beneficial for traffic agencies and companies as these systems eliminate the need for multiple toll plazas, acting as a cost-saving factor for road operator agencies. Electronic toll collection systems have a positive impact on the environment as it reduces the amount of exhaust emitted from vehicles during start-up and stop at manual toll booths.
The ETC market can be categorised into products, technologies, applications and geographies. Transponders, antennae, communication systems, treadles, inductive loops, scanning devices, weigh-in-motion devices, cameras and film storage devices are some of the major products of the system. An electronic toll collection system consists of various subsystems, such as automatic vehicle identification (AVI), automatic vehicle classification (AVC), back-office &integration and violation enforcement system (VES). These subsystems are useful for specific functions -AVI for vehicle identification, AVC for vehicle classification, toll collection transaction by integrating the back-office and payment system and VES to reduce unpaid tolls, by vehicle imaging.
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On the basis of technologies, the ETC market can be segmented into various categories, such as radio-frequency identification (RFID), dedicated short-range communications (DSRC), video analytics, global navigation satellite system (GNSS) and global positioning system (GPS).Currently RFID and DSRC are the leading technologies. On the other hand, the GNSS and GPS are expected to show a high growth rate in following five years (2015-2020).
Based on applications, the ETC market can be categorized into segments like highway, urban and bridges. Undoubtedly, ETC systems have been installed majorly on highways, but installation in urban areas and on bridges has a bright future opportunity.
Geographically, the ETC market can be segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and Middle East & Africa. Present market scenario represents a strong presence of ETC system in the US, Canada and Mexico in North America, South Korea, Taiwan, Thailand, Malaysia, Hong Kong, Philippines and Singapore in Asia Pacific, and the UK, Ireland, Portugal, France, Germany, Italy and Spain in Europe.
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Some of the key players in the ETC market are Honeywell International, Inc., Transurban, Transtoll Pty Ltd., Transcore Holdings, Inc., Toll Collect GmbH, TRMI Systems Integration, Sensor Dynamics, Xerox Corporation, 3M, Connect East, EFKON, SAIC, DENSO, Q-Free, Mitsubishi Heavy Industries, Ltd., Perceptics, Thales Group and Kapsch TrafficCom AG. The ETC ecosystem participants offer a wide range of solutions, such as software services and system integration and toll system operations including maintenance, payment handling and revenue assurance. It is the future solution to alleviating traffic congestion problems.