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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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.).
Electronic toll collection Global Market - Segmentation
The electronic toll collection market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
• Segmentation by Type: Electronic Toll Collection (ETC) and All-Electronic Tolling (AET)
• Segmentation by Product: Automatic Vehicle Identification (AVI), Automatic Vehicle Classification (AVC), and Back Office and Integration, and Violation Enforcement System (VES)
• Segmentation by Technology: Radio-frequency Identification (RFID), Dedicated Short-Range Communication (DSRC), Global Positioning System/Global Navigation Satellite System (GPS/GNSS) and Video Analytics
• Segmentation by Application: Highway and Urban
• Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
Electronic toll collection Global Market - Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the electronic toll collection market in North America owing to the presence of a large number of established key players such as 3M, Xerox Corporation, and Cubic Transportation Systems, Inc. among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing usage of four wheelers and heavy vehicles is high in the region. Electronic toll collection market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to growing population and increased urbanization in China, Japan, and India in the region. Whereas, the Europe market for electronic toll collection is expected to grow at a considerable CAGR (2017-2023).
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.
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