Electronic Toll Collection Market Worth 10.57 Billion USD by 2022
13 Apr, 2017, 10:30 BST
PUNE, India, April 13, 2017 /PRNewswire/ --
According to a new market research report "Electronic Toll Collection Market by Type (ETC and AET), Product (AVI and AVC), Technology (RFID, DRSC, Video Analytics, and GPS/GNSS), Application (Highway and Urban), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is estimated to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022.
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Browse 61 market data Tables and 77 Figures spread through 161 Pages and in-depth TOC on "Electronic Toll Collection Market"
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This is primarily due to the increasing demand for effective solutions for traffic congestion and increasing allocation of funds by various governments on intelligent transportation system.
"Automated vehicle identification (AVI) products expected to lead the electronic toll collection market during the forecast period"
AVI is used for the identification of vehicles when they move through a particular monitoring point. AVI helps determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer. It finds applications in toll collection, vehicle management, traffic management, and safety and law enforcement. Most widely used AVI systems use RFID and plate recognition technologies.
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"Electronic toll collection market for video analytics technology expected to grow at the highest rate between 2017 and 2022"
The electronic toll collection market for video analytics technology is expected to grow at the highest CAGR between 2017 and 2022. This is primarily due to the increasing cases of toll violations, which raise the need for an improved toll management solution. The video analytics technology helps identify and record violations and uses special cameras to take photographs of the violating vehicle's license plate.
"North America expected to hold the largest share of the electronic toll collection market by 2022"
North America is expected to hold the largest share of the electronic toll collection market by 2022. The usage of four-wheelers and heavy vehicles is high in North America, which is the main reason for the requirement of an effective transportation system in the North American countries.
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The major players in the electronic toll collection market are 3M (US), Xerox Corporation (Conduent Business Services, LLC, US), EFKON AG (Austria), Kapsch TrafficCom (Austria), Q-Free (Norway), and Cubic Transportation Systems, Inc. (US), among others.
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