Press release
Thailand and Philippines Tolling & City Congestion Market growing due to rise in demand for efficient traffic management solutions, increase in number of vehicles, and reduction in environmental pollution are major factors driving the adoption of tolling
The tolling system is an automated mechanism, which helps reduce the delay on toll bridges, toll roads, and toll tunnels without human intervention for toll receivers and payers. It can electronically charge a toll to an established customer account through real-time tracking and monitoring system. The latest innovation in tolling system is the electronic toll collection (ETC) that allows vehicles to pass through a toll facility without stopping at the toll center. This tolling system uses technologies such as radio-frequency identification (RFID), dedicated short-range communication (DSRC), infrared, global navigation satellite system (GNSS)/global positioning system (GPS), and video analytics, for its operation.
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According to a recent report published by Allied Market Research, titled,the Thailand and Philippines tolling & city congestion market was valued at $381.1 million in 2017, and is projected to reach $1,474.7 million by 2025, registering a CAGR of 18.6% from 2018 to 2025.
Factors such as rise in demand for efficient traffic management solutions, increase in the number of vehicles, and reduction in environmental pollution are the major factors driving the adoption of tolling & city congestion systems.
However, high capital investment for transportation & tolling system, large database requirement for road & tolling network, and low acceptance ratio are the major restraining factors for this market. Furthermore, investments in the idea of smart cities and innovation of smart signal have created lucrative opportunities for Thailand and Philippines tolling & city congestion market.
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According to Pranav Padalkar & Akshay Jadhav, Lead Analysts, Automotive and Transportation, at Allied Market Research, In 2017, based on product type, the UTM segment dominated the Thailand and Philippines tolling & city congestion market in terms of revenue. However, the ATMS segment is expected to grow at the highest CAGR during the forecast period (20182025). The Thailand and Philippines tolling & city congestion market portrays a promising future for the technological industry. The current business scenario witnessed an increase in adoption of this technology, particularly in the developing regions. Therefore, key players have been adopting new techniques to provide advanced and innovative product offerings to their customers.
KEY FINDINGS OF THE STUDY:-
Based on product type, the UTM segment dominated the Thailand and Philippines tolling & city congestion market in 2017. Philippines is anticipated to exhibit the highest CAGR during the forecast period.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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