The electronic toll collection system market was valued at US$ 5,266. 4 million in 2021 and is projected to reach US$ 10,604. 7 million by 2028; it is expected to grow at a CAGR of 10. 5% from 2021 to 2028.
New York, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Toll Collection System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Technology, and Application" - https://www.reportlinker.com/p06195581/?utm_source=GNW
The toll collection systems projects constitute a public-private partnership model where government agencies or state bodies usually decide the toll pricing.Also, the objective of toll collection has a profound influence over the vehicle classification and dynamic pricing for different categories of frequent travelers.
However, state and central government agencies’ joint efforts for initiating a streamlined transit transaction process across toll gateways, plazas, parking systems, and traffic management have gained traction in the past few years.Moreover, technological advancements have facilitated in eliminating the mundane, repetitive operation involved in tolling processes such as identification of vehicles (AVI), vehicle classification (AVC), transit traction, and enforcement of fines for violators, thereby simplifying the process and improving the system efficiency significantly compared to the conventional manned toll plazas.
Also, the effective deployment of ETC systems has versatile benefits such as reducing congestion and vehicular pollution, seamless transit transactions, and intelligent transportation services at expressways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems across various emerging economies and provide profitable business opportunities for the market players during the forecast period.
The COVID-19 outbreak has negatively affected the overall growth rate of the global electronic toll collection system market in 2020.This can be attributed to the decline in revenue of companies operating in the market, owing to supply and demand disruptions across the value chain.
However, in 2021, with the relaxation of lockdown restrictions and the beginning of the vaccination process, the shipment of raw materials has started again.Many countries and toll collecting companies have adopted digital transformation to effectively run their business in these challenging times.
Electronic toll collection system providers are also focusing on bringing new solutions, partnerships, and collaborations to overcome the COVID-19 outbreak. Therefore, this factor is helping in creating a positive scenario in the growth of the global electronic toll collection system market.
The electronic toll collection system market is segmented based on offering, technology, application, and geography.Based on offering, the market is segmented into hardware equipment and service.
In 2020, the services segment led the electronic toll collection system market and accounted for a larger market share.Based on technology, the market is segmented into ANPR, GNSS, DSRC, and others.
In 2020, the DSRC segment led the electronic toll collection system market and accounted for the largest market share.Based on application, the market is segmented into highways and urban zones.
In 2020, the highways segment led the electronic toll collection system market and accounted for a larger market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
The key players operating in the global electronic toll collection system market and profiled in the market study include Continuum Electroproducts LLP; Conduent, Inc.; Efkon GmbH; Kapsch Trafficcom AG; Mitsubishi Heavy Industries Machinery Systems, LTD.; Neology; Qualix Information System; Skytoll; Siemens AG; and Thales Group.
The overall global electronic toll collection system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the electronic toll collection system market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electronic toll collection system market.
Read the full report: https://www.reportlinker.com/p06195581/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001