RFID Electronic Toll Collection System Market Analysis With Future Scope to be worth US$ 10 Bn by the year 2031

RFID Electronic Toll Collection System Market 2022

The global RFID electronic toll collection system market is estimated to be worth US$ 10 Bn by the year 2031.The global RFID electronic toll collection system market is expected to witness a CAGR of 6.5% between 2021 and 2031.

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Many toll collection systems have already been developed with RFID technology, which is used to verify the identity of vehicles. RFID technology can provide new capabilities as well as an efficient method to manage, analyze, and collect information of vehicles at toll plazas. RFID electronic toll collection lanes reduce the traffic at toll booths. Increasing number of RFID lane systems, resulting in increased demand for integration, support services, and maintenance, is anticipated to fuel the growth of the RFID Electronic Toll Collection System market during the forecast period.

As per the report, the global RFID Electronic Toll Collection System market generated a revenue of nearly US$ 5 Bn in 2019.

 Key Players:

The report has profiled some of the Important players prevalent in the global like - Honeywell, Kapsch Trafficcom AG, TransCore, Siemens, Vaaaninfra, Neology, Inc., ID Tech Solutions Private Limited. and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the RFID Electronic Toll Collection System.                     

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Key Takeaways of RFID Electronic Toll Collection System Market Study

The urban segment is expected to gain significant share, owing to the high number of vehicles in smart cities.

RFID Electronic Toll Collection Systems are ecofriendly and also result in increased toll lane capacity, which drives market growth.

The point charge segment by toll charge is expected to hold a prominent share in the RFID Electronic Toll Collection System market, owing to the reduction of time required to create a custom quote.

Rapid adoption of effective transportation systems is anticipated to result in significant dominance of North America in the global RFID Electronic Toll Collection System market.?

"Intelligent transport systems (ITS) are meant to increase efficiency and safety by integrating various subsystems, including GPS-based toll collection systems, traffic control systems, and vehicle detection systems. This factor is expected to increase the adoption of RFID Electronic Toll Collection Systems during the forecast period," says a PMR analyst.

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

Key Stakeholders
RFID Electronic Toll Collection System Market Manufacturers
RFID Electronic Toll Collection System Market Distributors/Traders/Wholesalers
RFID Electronic Toll Collection System Market Subcomponent Manufacturers
Industry Association
Downstream Vendors

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Key Questions Answered in This Report.

What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?

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This release was published on openPR.