Dublin, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The "Electronic Toll Collection Market by Subsystem, by Technology, by Application - Global Opportunity Analysis and Industry Forecast, 2020 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Electronic Toll Collection Market size is estimated to be USD 7.68 billion in 2019 and is predicted to reach USD 18.46 billion by 2030 with a CAGR of 8.3% from 2020-2030.
Electronic Toll Collection is a system which is meant for the automatic toll collection without stopping at toll booth. This system automatically detects weather the vehicle is registered in the system or not and when the vehicle crosses the booth the notification is send to the owners account and collected. This helps in the reduction of vehicle congestions and also notifies the entry of non-registered vehicle in the city.
Market Dynamics and Trends
There has been increase in the modernization of various activities around the globe which further minimizes the human efforts. Moreover, increase in traffic congestions at toll booth has increased the demand for electronic toll collection market.
The other factors include increase in cashless transaction coupled with less waiting time; growth in smart cities and increase in government funding are expected to further promote the growth of electronic toll collection market. However, high installation, maintenance and operational cost coupled with stringent regulatory approval process and standardization are expected to hamper the market growth. On the other hand, increase in digitization and adoption of electronic toll collection market.
North America is expected to hold the major market share owing to the increased adoption of electronic toll collection system over the forecast period. Moreover, rise in technological advancement and presence of developed infrastructure coupled with increase in traffic congestions is expected to drive the growth of electronic toll collection market.
Asia Pacific is expected to show tremendous growth over the forecast period owing to the increase in cashless transaction with digitization. Moreover, growing demand for less waiting time with increased government funding is further expected to support the growth of electronic toll collection market.
The electronic toll collection market, which is highly competitive, consists of a few major players. Some of the major market player 3M, Transcore Holdings, Inc., Xerox Corporation, TrafficCom, TRMI Systems Integration, Sensor Dynamics, Toll Collect GmbH, Kapsch, Cubic Transportation Systems, Inc., Q-Free and EFKON AG, among others.
In the recent past various developments had been taken place in the market which are also expected to take place in near future which contributes the overall market growth. For instance, in June 2019, Kapsch TrafficCom expands its toll management footprint in Europe by equipping the state-of-the-art Olympia Odos Greek motorway with 30 free flow rebate stations. The contract has been awarded by the Canadian IBI Group (who has a contract with the Apion Kleos Construction JV of Olympia Odos) enlisting Kapsch's ongoing technical support for service and maintenance, based on a yearly agreement.
Key Market Segments:
Global Electronic Toll Collection market - By Subsystem
Automated Vehicle Identification
Automated Vehicle Classification
Violation Enforcement System
Global Electronic Toll Collection market - By Technology
Radio-frequency Identification (RFID)
Dedicated Short-range Communication (DSRC)
GNSS & GPS
Global Electronic Toll Collection market -By Application
Global Electronic Toll Collection market -By Geography
Rest of Europe
Rest of Asia-Pacific
Rest of World
Conduent (Xerox Corporation)
Transcore (Roper Technologies)
For more information about this report visit https://www.researchandmarkets.com/r/qy3tfp
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