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Pune, India -- (SBWIRE) -- 03/30/2019 -- Increasing adoption, as well as modification of aging tolling infrastructure across Asia- Pacific and Middle East & Africa (MEA) region, is expected to drive the market growth in coming years with the projected CAGR growth rate of 7.7% and 7.0% respectively
According to a new market research study titled, " Electronic Toll Collection Systems Market To 2027 - Global Analysis and Forecasts by Offerings, and Technology Used". The global market accounted for US$ 5.2 billion in 2017 and is also estimated to reach US$ 9.1 billion by 2027 thereby registering a CAGR growth rate of 6.5% from 2019 to 2027. The report highlights the key trends prevalent in the global electronic toll collection systems market and the factors driving the market along with those that act as deterrents to its growth.
Top Dominating Key Players:
1. Conduent, Inc.
2. Kapsch Group
3. Mitsubishi Heavy Industries Machinery Systems, Ltd.
4. Siemens Mobility GmbH
5. Thales Group
6. Continuum Electroproducts LLP
7. EFKON GmbH
8. Neology, Inc.
9. QuaLiX Information System LLP
10. SkyToll, a. s.
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The rising demand for interoperable electronic toll collection systems is anticipated to have a profound influence over the market growth. Further, the growing volume of freight transportation through road as well as the slow pace of infrastructure growth among developing economies is anticipated to drive the congestion across various toll centers and plazas in the coming years. Subsequently, driving the demand for efficient toll collection to accommodate the surge in traffic volume increasing demand for electronic toll collection systems among emerging economies.
Whereas among the developed region the market is primarily driven by service, and maintenance of existing electronic toll collection systems, as the government strive towards providing superior traveling experience for the travelers
The market for electronic toll collection systems is globally has been segmented into two segments namely: offerings and technology used. Based on technology, the market is broadly classified into ANPR, DSRC, GNSS, and other major technologies that are being used for delivering electronic toll collection systems. Whereas, the offerings segment is divided into hardware equipment and services that are offered by various market players.
The report segments the global electronic toll collection systems market as follows:
Global Electronic Toll Collection Systems Market - By Offerings
- Hardware Equipment
Global Electronic Toll Collection Systems Market - By Technology Used
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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