Pune, India -- (SBWire) -- 05/24/2018 --Electronic Toll Collection Global Market - Overview

The global electronic toll collection market is showing immense growth; mainly due to growing demand for electronic toll collection systems which is majorly driven by the need for providing efficient traffic management and improving toll collection accountability. Technological advancements have played a major role in the development of electronic toll collection market. Steep increase in the adoption of electronic toll collection software and solutions is another major factor driving the growth of electronic toll collection market.

Growing urbanization and population is another major factor driving the growth of Electronic Toll Collection Market. Also, increasing government initiatives to modify transportation systems is responsible for driving the growth of the market. Also, the government in India is taking up various initiatives for the promotion of electronic toll collection systems in the country. NHAI has rolled out program for electronic toll collection on toll plazas on national highways to be called FASTag, a device that employs Radio Frequency Identification (RFID) technology in order to make toll payments directly from the prepaid account which is linked to it. Moreover, FASTag is said to offer near non-stop movement of vehicles through toll plazas and will also provide convenience of cashless payments.

By product, the automatic vehicle identification sub segment is expected to hold the largest market share of the global electronic toll collection market. This is owing to the increasing implementation of RFID and plate recognition technologies in automatic vehicle identification products. According to a recent study report published by Market Research Future, the global market of Electronic toll collection is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).

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Segmentation

The market for global electronic toll system is segmented on the basis of type, product, technology, application, means of toll collection and region. On basis of type the segment is further classified into electronic toll collection (ETC), all electronic tolling (AET), automatic number plate recognition (ANPR) and transponders. On the basis of product, the market is further classified into automated vehicle identification (AVI) and automated vehicle classification (AVC). On the basis of technology the market of global electronic toll collection is further classified into radio frequency identification (RFID), dedicated short range communications (DSRC), global positioning system (GPS) and others. On the basis of toll collection, the market is further classified into prepaid and postpaid. Electronic toll collection has wide areas of applications such as highways, urban areas and others.

Regional Analysis

North America is expected to hold the largest share of the electronic toll collection market by 2023. 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.

The European toll market, currently characterized by a large number of national companies and organizations, is also undergoing change. Countries such as Germany, France and Belgium have recognized that the market is changing and are moving toward setting standards. Asia Pacific region is at rapid expansion stage. Most of the countries are adapting this technique to be free from cumbersome traffic conditions. Asia Pacific is expected to grow at rapid rate through the forecast period.

Key Players

Some of the key players in the market are 3M (U.S.), Xerox Corporation(U.S.), Q-Free (Norway), Cubic Transportation Systems, Inc. (U.S.), Siemens AG (Germany), Thales Group (France), Transurban Limited (Australia), International Road Dynamics, Inc. (Canada), Raytheon Company (U.S.), The Revenue Markets Inc. (U.S.), Schneider Electric SE (France), Toll Collect GmbH (Germany), Perceptics, LLC (U.S.), TransCore (U.S.), Far Eastern Electronic Toll Collection Co., Ltd. (Taiwan), and Xiamen Innov Information Technology Co., Ltd. (China); and software providers such as, VaaaN (India), TransCore, LP (U.S.), and GeoToll, Inc. (U.S.).

Industry News

April 2018 – India road transport ministry has approved that vehicles with valid FASTag will be allowed to travel free, in case, the system is unable to read the tag. NHAI had sent the proposal for ministry's approval in its bid to bring relief to commuters who have bought the FASTags and recharged them for smooth travel
April 2018 – Kapsch has been awarded a contract to upgrade toll collection equipment on Maryland roads. The base contract includes the replacement of all toll equipment and six years of subsequent operations and maintenance. The contract also includes hardware upgrades at all MDTA bridge and tunnel facilities.

Electronic toll collection Global Market - Competitive Analysis

The market of electronic toll collection appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

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Intended Audience

- Technology Providers
- Research organizations
- Technology investors
- Venture capitalists
- Government organizations

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