Asia-Pacific Tolling & City Congestion Market to Reach $3.93 Bn by 2025 at 16.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 7, 2018 /PRNewswire/ --
Inclination toward effective traffic management solutions, need to reduce environmental pollution, and emergence of the internet of things have propelled the growth of the Asia-Pacific tolling & city congestion market
Allied Market Research published a report, titled, "Asia-Pacific Tolling and City Congestion Market by Product Type (Electronic Tolling, ATMS, and UTM): Opportunity Analysis and Industry Forecast, 2018-2025". The report provides detailed analyses of the key investment pockets, market share & forecast, drivers & opportunities, business performances of key players, and competitive landscape. According to the report, the Asia-Pacific tolling & city congestion market accounted for $1.15 billion in 2017 and is expected to garner $3.93 billion by 2025, registering a CAGR of 16.7% during 2018-2025.
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Increasing demand for effective traffic management solutions, burgeoning number of vehicles, and pressing need to reduce environment pollution have boosted the growth of the market. However, high initial capital investment for transportation & tolling system and requirement of large database for road & tolling network hamper the market growth. On the contrary, increasing inclination toward smart cities, emergence of the internet of things, and innovation of smart traffic signal are expected to create lucrative opportunities in the future.
UTM segment to witness highest demand by 2025
In 2017, the UTM segment garnered the largest market share, contributing about two-thirds of the total market revenue and is expected to maintain its dominance throughout the study period. However, the ATMS segment is expected to register the fastest CAGR of 20.5% during the forecast period, as ATMS uses roadside traffic sensors to offer real-time information. In addition, the electronic tolling segment is anticipated to show gradual growth during 2018-2025.
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Hong Kong to portray fastest CAGR through 2025
Hong Kong region is expected to manifest the fastest CAGR of 23.8% during the study period, owing to continuous developments and advancement in technologies coupled with supportive government policies related to tolling & traffic congestion. However, Singapore region held the largest market share in 2017, contributing about 22% of the total revenue, owing to increased population and surge in demand for transportation services in the region. The other regions analyzed in the report include Thailand, Philippines, South Korea, and Malaysia.
Torchbearers of the industry
The key players operating in the Asia-Pacific tolling & city congestion market are Efkon GmbH, Raytheon, Siemens AG, Conduent (Xerox Corporation), Alstom, Toshiba Corporation, Thales Group, Siemens AG, Kapsch, Cubic Transportation, and GE transportation.
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