Press release
Electronic Toll Collection Market 2018 Global Leaders Analysis: Raytheon Company, Siemens AG, Toll Collect GmbH, TransCore, Xerox Corporation, 3M, Cubic Transportation Systems
Market Scenario:
A toll road, is a private or public roadway for which a fee is charged to pass. Frequently, these toll booths cause traffic delays during rush hours due to toll collection process. This factor has given birth to electronic toll collection system, which swiftly eliminates manual operations by toll payers and receivers. Electronic toll collection uses sophisticated cameras and sensors to capture an image of vehicle’s registration plate and assigns the correct toll. The global Electronic Toll Collection Market is expected to steer towards a strong double-digit growth rate in the coming years.
The primary drivers of the upcoming growth include the need to save travel time, cashless travel facility, the need to stop/minimize the traffic congestion and fast toll transaction. The ETC market is expected to continue its quick expansion to meet the surging demand for an improved, safe and secure infrastructure providing a fast, efficient and cost-effective services.
High installation cost, tag maintenance and high dependence on policies are some of the factors limiting the market growth.
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GENVICT is a leader among equipment suppliers in ETC industry in China. They had sold more than 5.5 million sets of offshore banking unit (by the end of 2014, around 40% of OBU stock market. The company has introduced multiple intelligent front-mounted ETC electronic tags, of which ETC rearview mirror integrated electronic tag is being jointly tested by many companies.
Global electronic toll collection market is expected to grow at CAGR 9% through the forecast period.
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.
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.).
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).
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Intended Audience
• Technology Providers
• Research organizations
• Technology investors
• Venture capitalists
• Government organizations
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