Electronic Toll Collection Market Forecast 2018-2025 | Industry Share, Latest Trends, Investment, Top Players, Growth and Regions Forecast
According to
a recent report published by KD Market Insights, titled, Electronic
Toll Collection Market by Subsystem, Technology, and Application:
Global Opportunity Analysis and Industry Forecast, 2018-2025, the global
electronic toll collection market was valued at $6,855.5 million in 2017, and
is projected to reach at $15,648.2 million by 2025, growing at a CAGR
of 10.7% from 2018 to 2025.
Electronic
toll collection (ETC) system is a high-end technology, which facilitates
collection of fees at highways. It automatically charges vehicles without
requiring them to stop at the tolls. In addition, it aids in efficiently
managing the traffic in highly congested areas, and facilitates the toll
collection process by using the latest technological solutions such as GPS &
GNSS toll collection and tracking solutions.
Asia-Pacific
is expected to be a dominant player in the global electronic toll collection
market, due to increase in demand for vehicles among citizens and rise in use
of IoT in the automobile segment. Moreover, technological advancements in the
automotive industry and government initiatives such as investment in R&D in
electronic toll collection propel the growth of the market. For instance, on
October 30, 2017, BMW Japan Corp. began installing DSRC ETC units as standard
on all models sold in the country, including motorbikes. Japan witnesses
highest penetration of ETC devices across the world, with almost 60 million
active units. Unlike other DSRC domains in Europe, Asia, or South America, all
units are embedded into the dashboard and come with a separate receiver to
ensure line of sight with the gantry.
Based on
subsystem, the radio-frequency identification (RFID) segment dominated the
market in 2017, owing to its high adoption rate globally.
Key
Findings of the Electronic Toll Collection Market:
- In 2017,
the RFID segment generated the highest revenue in the global electronic toll
collection market.
- In 2017, automated vehicle classification generated the highest revenue among the other subsystem types.
- Based on application, highways dominated the market worldwide in 2017.
- In 2017, automated vehicle classification generated the highest revenue among the other subsystem types.
- Based on application, highways dominated the market worldwide in 2017.
Browse
Full Report & TOC: https://www.kdmarketinsights.com/product/electronic-toll-collection-market-amr
Major
players operating in the global electronic toll collection market include
Kapsch Group, Thales group, Toshiba Corporation, Raytheon, Conduent LLC,
Siemens AG, TransCore LP, Cubic Transportation, Perceptics LLC, and EFKON GmbH.
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