Global Electronic Toll Collection Market 2015 is expected to reach $15.62 billion by 2022
Global Electronic Toll Collection Market Outlook – Trends, Forecast, and Opportunity Assessment (2014-2022)
The Global Electronic Toll Collection market is valued at $5.42 billion in 2014 and is expected to reach $15.62 billion by 2022 growing at a CAGR of 12.71%. The increasing demand for safe and secure infrastructure is boosting the market growth. The factors such as reduction in traffic congestion, low travel time, cashless travel facility and free flow of traffic are driving the Electronic Toll Collection market growth. Whereas, high installation cost, tag maintenance and high dependence on government are some of the factors limiting the market growth. The ETC market is expected to continue its quick expansion to meet the surging demand for an improved, safe and secure infrastructure providing a fast, efficient and cost-effective services.
Radio frequency identification (RFID) and dedicated short-range communications (DSRC) are the leading technologies in ETC market and global navigation satellite system (GNSS) and GPS are expected to witness high growth rate during the forecast period. ETC systems have been installed majorly on highways, installation in urban areas and on bridges represents a future opportunity. North America has the largest share in Electronic Toll Collection market followed by Europe. Asia Pacific is expected to have steady growth, whereas RoW represents a high CAGR due to increasing adoption rate of electronic toll collection in regions such as Africa, Middle East and Latin America.
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Global Electronic Toll Collection market is segmented by technology, by type, by product, by application and by geography. Based on technology, market is segmented into Radio frequency identification (RFID), global navigation satellite system (GNSS)/GPS, dedicated short-range communications (DSRC) and video analytics. Based on type, market is classified into Electronic toll collection (ETC) and All-Electronic Tolling (AET). Based on product, market is segregated into automated vehicle identification (AVI) and automatic vehicle classifier (AVC). Based on application, market is categorized into highway and urban. Market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The Key players in the market include, Q-Free, Xerox Corporation, TransCore LP, Thales Group, 3M, Kapsch TrafficCom AG, Cubic Transportation Systems, Inc., Schneider Electric SE and EFKON AG.