ID: MRFR/SEM/3536-CR | October 2018 | Region: Global | 100 pages
Market Research Future reports that the global electronic toll collection Market surpassed a valuation of USD 7,400 Mn in 2017. Factors such as the continuous rise in vehicle parc and introduction of advanced traffic control systems are having a positive impact on the global electronic toll collection market. Mega-scale road infrastructure projects are a major part of the public infrastructure development activities both in advanced and developing countries. The completion of highways and other road development projects leads to requirement of maintenance systems such as toll booths. Electronic toll collection is witnessing a fast adoption owing to its high efficiency. Traditional toll collection systems are unable to support modern highways, which is prompting authorities to adopt more efficient technologies. ETC helps in reducing unnecessary delays on toll roads. It is also being deployed in toll-tunnels and intercity toll bridges for faster toll collection.
This MRFR perspective presents an analysis on the growth trends of global electronic toll collection market. The critical observations that are made are based on historical trends and current ETC system deployment rate. The research document also includes a market forecast until 2023. As a part of market assessment, major types of electronic toll collections have been discussed. Also, ETC products such as Automatic Vehicle Identification (AVI) and Automated Vehicle Classification (AVC) are mentioned in the document. Further, various ETC technologies including radio frequency identification (RFID), dedicated short range communications (DSRC) and global positioning system (GPS) are discussed. In the document, prepaid and postpaid are denoted as primary means of toll collection. Analysis based on major application areas for ETC covers highways, and urban.
Q-Free ASA, Cubic Corporation, Xerox Corporation, Thales SA, Kapsch TrafficCom AG, Conduent Inc., Siemens AG, Quarterhill Inc., The Revenue Markets Inc., Grenobloise dElectronique et dAutomatismes (GEA) SA., Raytheon Co.
The Electronic toll collection market report offers insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
MRFR carries out a robust research methodology for market analysis which ensures that the end product delivered has the highest level of returns on investment. Research algorithms such as top-down and bottom-up cover all areas of a market that can affect long-term growth and expansion of the market. The reports also make accessible strategy roadmaps that offer a distinct picture of the existing trends as well as the trends that can have an effect on the impending growth of the market in future. The utilization of primary and secondary research methods in our reports uncovers wide-ranging information related to new revenue pockets and evolving markets around the world.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the Global electronic toll collection market
By Means of Collection
Frequently Asked Questions (FAQ) :
Countries such as China and India are investing massive amounts in the market which is supposed to support the growth curve in the region.
The Automatic Vehicle Identification (AVI) segment scaled a valuation of USD 4,467.3 Mn in 2017. It has gained much popularity and is poised to maintain its leading position in the market.
The highways segment is prognosticated to dominate the market at 12% CAGR due to exponentially rising highway traffic.
Key players are resorting to strategies such as technological developments, mergers & acquisitions, product launches, etc.
North America, due to early adoption of the latest technologies, is expected to dominate the global market.
With the sizeable increase in the volume of traffic, the manual methods of toll collection are no longer significant. Electronic Toll Collection systems are increasingly finding relevance in the improvement of the collection scenario across numerous highway networks. Market Research Future (MRFR) has revealed high growth prospects for the global electronic toll collection market which was valued at USD 7,429.8 Mn in 2017. The global electronic toll collection market is expected to capture a CAGR of 11.2% over the forecast period of 2018-2023.
The underlying need to optimize traffic congestion and fuel consumption at toll stations have become an unavoidable concerning factor for highway authorities across the globe. Increasing number of vehicles further worsen the situation. Electronic toll collection systems alleviate the need to stop at toll stations and directly charges the toll fee from the registered car owners by identifying the license plate. Installation of electronic toll collection in roads and highways significantly reduces transaction time at toll booths and increases the traffic flow. In addition, it results in the reduction of overall operating costs, human intervention and facilitates monitoring by regulatory authorities of any fraudulent activities. Multiple governments have endeavored towards the creation of connected roads, which includes electronic tolling. In emerging economies, governments are taking initiatives towards the improvement of road safety and infrastructure driven by raising awareness about vehicular pollution. Moreover, the realization of the ease of implementation, user convenience and rate of acceptance has prompted various governments to plan and implement ETC which can facilitate convenience for subscribers. The Asian countries such as India and China are currently investing heavily in ETC systems which provides a broader scope of opportunities for the growth of the global electronic toll collection market. Augmenting need for number plate recognition and classification of vehicles is spurring the adoption of electronic toll collection systems. ETCs use advanced video analytics which makes screening of vehicles at highways and expressways possible in case of road accidents and over speeding. However, the absence of common technological standards for vehicle recognition remains a challenge to the growth of the electronic toll collection market. There is vast diversity among different countries in the ETC technology used which impacts cross-border transportation. Compliance issues arise in vehicle identification process across borders which necessitates traditional tolling methods to be followed.
The global electronic toll collection market has been segmented based on type, product, technology, means of collection, and application. By type, the electronic toll collection market has been segmented into Electronic Toll Collection (ETC), All Electronic Tolling (AET), Automatic Number Plate Recognition (ANPR), and others. The Electronic Toll Collection segment accounted for the largest market share of USD 2,731.2 Mn in 2017 and is expected to remain the dominant segment with a CAGR of 13.2% over the forecast period.
By product, the electronic toll collection market has been segmented into Automatic Vehicle Identification (AVI) and Automated Vehicle Classification (AVC) systems. The Automatic Vehicle Identification segment led the market in 2017. The segment was valued at USD 4,467.3 Mn in 2017 and is expected to expand at a CAGR of 11.8% over the forecast period.
By technology, the electronic toll collection market has been segmented into Radio Frequency Identification (RFID), Dedicated Short-Range Communications (DSRC), and Global Positioning System (GPS). The Radio Frequency Identification segment accounted for the largest share of USD 2,652 Mn in 2017 while the Dedicated Short Range Communication segment is expected to be the fastest growing segment with a CAGR of 12.3% over the forecast period.
By collection, the electronic toll collection market has been segmented into prepaid and postpaid. The prepaid segment was the largest segment in 2017 and attained USD 4,337.2 Mn. The segment is likely to be the largest as well as the fastest growing segment with a CAGR of 12.2% over the forecast period.
By application, the electronic toll collection market has been segmented into highways, urban, and others. The highways segment was valued at USD 5,309.9 Mn in 2017 and is expected to be the largest as well as the fastest growing segment. The highways segment is likely to expand at a CAGR of 12% over the forecast period.
North America, Europe, Asia Pacific, and the Rest of the World are the key markets of the global electronic toll collection market. In 2017, the North America market stood at USD 2775.3 Mn and was the largest market for electronic toll collection. High capital expenditure on the improvement of road facilities and high uptake of the latest technologies in North America supports the growth of the market. The North America market is expected to grow at a CAGR of 9.9% over the forecast period. Europe too is a profitable market which is driven by the greater availability of advanced technology and a rise in traffic across the region. The markets in Europe and North America has reached maturity which presents wider expansion opportunities in the other markets. Asia Pacific stores a host of opportunities owing to the presence of various emerging economies. An outlay of massive amounts to improve road infrastructure and safety by the countries in the region, China and India in particular, drive the market in Asia Pacific. Asia Pacific is slated to expand at the fastest CAGR of 13.6% over the forecast period.
Cubic Corporation, Kapsch TrafficCom AG, The Revenue Markets Inc., Q-Free ASA, Quarterhill Inc., Grenobloise dElectronique et dAutomatismes (GEA) SA., Raytheon Co., Xerox Corporation, Siemens AG, Conduent Inc., and Thales SA.
Global Electronic Toll Collection Market: Competitive Landscape
The global electronic toll collection market consists of various global, regional, and local service providers that are continuously evolving to enhance their market position. Intense competition and rapid advances in technology to cope with the existing toll facilities is the key factor that aid the market growth. The service providers compete based on cost, efficiency, and reliability of the electronic toll systems to sustain in the market. It is important for the service providers to provide a cost-efficient and advanced electronic toll facility, to maintain their market position and gain a competitive advantage.
Vendors in the electronic toll collection market are focusing towards improving their services and expanding geographically into the under-developed and developing economies. Kapsch TrafficCom AG, Grenobloise dElectronique et dAutomatismes (GEA) SA, Conduent Inc, Raytheon Co, and Q-Free ASA are the major companies in the market, competing in terms of providing solutions, efficiency reliability, price, and advanced technology. Their primary focus is on the development of already existing toll facilities with advanced wireless communication technology for faster and secure payment transaction at toll facility. Although international players are dominating the market, some other small regional and foreign players with small market shares also have a prominent presence in this market. The major players may strengthen their presence worldwide through the mergers and acquisition of local and regional players for expanding their solutions in those regions during the forecast period. The improvement of the global economic scenario combined with technological advancement in the emerging economies like India, South Africa, China, Brazil, Argentina, and other under-developed countries, is likely to fuel the market growth, thereby making it an ideal time to expand electronic toll collection market geographically and increase the global market share.
Kapsch TrafficCom AG is one of the leading players in the electronic toll collection market. The company has been operating for more than 20 years with a strong industrial expertise. Kapsch TrafficCom AG engages in the provision of intelligent transportation systems through its electronic toll collection (ETC) and intelligent mobility solutions (IMS) segments. It provides electronic toll solutions like satellite tolling, multi-lane free flow tolling, and mobile tolling having its presence majorly across the Europe, and the Middle East and Africa.
Grenobloise dElectronique et dAutomatismes (GEA) SA is another major vendor providing ETC solutions at toll facility. It also designs, develops, manufactures, integrates, installs and maintains a full range of equipment including central computer systems, plaza computer systems, manual or automatic entry and exit lanes that accept all forms of payment. The company provides solutions like automatic ticket issuing machine, and automatic payments machines.
Conduent Inc. engages in the provision of business process services in transaction-intensive processing, analytics, and automation. The company got separated from Xerox in 2017 and now operates as an individual entity. The company provides various solutions such as electronic toll collection back office solution, electronic toll collection roadside solution, vehicle passenger detection system, and automated license plate recognition system