Electronic toll collection is used to collect tolls on roads by electronic methods. This technology determines that the cars and other automobiles that pass through the toll are enrolled in the system. If not, it alerts the tax collectors that the respective cars are not enrolled in the system. The toll from the enrolled cars is automatically debited, thus avoiding the need for the car to stop at the collection counter.
The ease and luxury in the transit from one region to another is of prime importance for the consumers. As the car does not stop for toll payment, the collection is completed in no time and there is no traffic on the road, which majorly drives the growth of the market. The use of this technology reduces the possibility of non-payment scam, which makes the toll booths collection effective. It also reduces the manpower required for the toll collection, which propels the market towards rapid growth. However, the difficulty in commercialization of the technology and high cost toward installation of the equipment restrains the market growth.
The electronic toll collection market is segmented based on technology, product, application, and geography. On the basis of technology, the market is divided into RFID, DRSC, video analytics, and GPS/GNSS. On the basis of product, it is bifurcated into AVI and AVC. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the market include 3M, Xerox Corporation, Conduent Business Services, LLC, Q-Free ASA, Cubic Transportation Systems, Inc., Siemens AG, Thales Group, Transurban Limited, International Road Dynamics, Inc., and Raytheon Company.
- The study provides an in-depth analysis of the electronic toll collection market with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides information about the key drivers, restraints, and opportunities with impact analysis.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 are provided to showcase the financial competence of the market.
- Porters Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers participating in the market.
Electronic Toll Collection Market Key Segmentation
- Automatic Vehicle Identification (AVI)
- Automatic Vehicle Classification (AVC)
- Back Office and Integration
- Violation Enforcement System (VES)
- Radio-frequency Identification (RFID)
- Dedicated Short-Range Communication (DSRC)
- Global Positioning System/Global Navigation Satellite System (GPS/GNSS)
- Video Analytics
- Highway tolling
- Urban tolling
- North America
- Rest of Europe
- Rest of Asia Pacific
- Latin America
- Xerox Corporation
- Conduent Business Services, LLC
- Q-Free ASA
- Cubic Transportation Systems, Inc.
- Siemens AG
- Thales Group
- Transurban Limited
- International Road Dynamics, Inc.
- Raytheon Company.