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Electronic Toll Collection Market to Exhibit Substantial Growth from RFID and DSRC Technologies by 2024

Author : Ronak Bora | Published Date : 2019-03-28 

Electronic toll collection market is expanding rapidly to cater to the growing demand of safe infrastructure. Technological advancements in this industry have forced the governments across the globe to make heavy investments on toll lanes. Positive government support in framing new standards and regulations regarding implementation of these systems and tolling has catapulted the industry growth. These systems are beneficial for companies and traffic agencies as they help to reduce costs by eliminating the requirement of multiple plazas. Furthermore, these systems positively impact the environment by reducing the exhaust emissions made during stoppages at manual booths.

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Dependency on government approvals for adoption of electronic toll collection systems will restrain the business growth over the forecast timeframe. High installation costs, along with significant operating & maintenance cost, and less deployment in underdeveloped economies will hinder the industry growth. Moreover, lack of standardization and interoperability of these systems pose a threat to electronic toll collection market share over the forecast timeline.

Global networking satellite systems (GNSS) and global positioning system (GPS) will also challenge the traditional systems. GNSS tolling uses Global networking satellite systems (GNSS) sensors in-built in the vehicles and is used mostly in urban areas. This technology is also applicable in insurance, controlling vehicle emissions, and parking. High demand of these systems in Asia Pacific acts as an opportunity for this market. Moreover, emerging all electronic tolling (AET) and open road tolling (ORT) has paved the way for a wide scope in this electronic toll collection market.

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On the basis of applications, electronic toll collection market can be segmented into urban areas, bridges, and highways. Highways are anticipated to account for a major market share in the forecast timeline owing to tremendous increase in installations of electronic toll collection systems across the globe. Moreover, rising on-road traffic has also propelled this segment’s growth. Urban areas and bridges are projected to showcase a significant growth rate and wide scope owing to increasing urbanization.

Based on technology, the electronic toll collection market can be categorized into dedicated short range communications (DSRC), radio frequency identification (RFID), global networking satellite systems (GNSS), and global positioning system (GPS). RFID and DSRC technologies currently exhibit an exponential market share and are anticipated to dominate the market in the forecast timeframe owing to their wide applications. GNSS and GPS technologies are expected to showcase a significant growth rate during the forecast timeline owing to their increasing deployment globally in these systems.

Asia pacific is predicted to showcase an exponential growth rate over the forecast timeline owing to high demand of these systems in the emerging economies such as China, India, South Korea, Philippines, Singapore, and Malaysia. Increasing traffic and development of road infrastructure has led to these systems demand, thus fueling the electronic toll collection market growth.

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Competitors of the electronic toll collection market include Transurban Limited, Transcore Holdings Inc., Sensor Dynamics, Xerox Corporation, TRMI Systems Integration, G.E.A, SAIC, Perceptics Inc., Q-free, Thales Group, Cubic Transportation Systems, EFKON AG, Kapsch TrafficCom AG, 3M, Connect East, Atlantia SpA, and International Road Dynamics.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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