PORTLAND, Oregon, October 5, 2018 /PRNewswire/ --
Rise in demand for effective traffic management at toll collection centers, increase in number of vehicles, emergence of IoT in toll collection systems, and reduced environmental pollution would drive the growth of the Thailand and Philippines tolling & city congestion market.
Allied Market Research published a report, titled, Thailand and Philippines Tolling & City Congestion Market by Product Type (Electronic tolling, ATMS, and UTM) - Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers a comprehensive overview of the Thailand and Philippines tolling & city congestion market by analyzing the market landscape; drivers, restraints, & opportunities; top investment pockets, key market segments, and business performances of key players, and market player positioning. According to the report, the Thailand and Philippines tolling & city congestion market was pegged at $381.1 million in 2017 and is projected to reach $1,474.7 million by 2025, growing at a CAGR of 18.6% from 2018 to 2025.
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Rise in demand for effective traffic management at toll collection centers, increase in the number of vehicles, advent of IoT in toll collection systems, and reduced environmental pollution are the key factors driving the growth of the market. Nonetheless, the market is hampered by factors such as high capital investment required for transportation & tolling systems, requirement of a large database of road networks, and loss of jobs due to use of advanced automatic tolling systems. On the other hand, investments in smart cities and innovations in smart signal are expected to offer lucrative growth opportunities for market players in future.
UTM to dominate, ATMS to grow the fastest in Thailand
Among products, the Universal Toll Module (UTM) segment captured 61% share of the Thailand tolling and city congestion market in 2017 and is expected to maintain its lead through the forecast period. However, the advanced traffic management system (ATMS) segment is projected to grow at the fastest CAGR of 21.4% from 2018 to 2025. The electronic tolling segment is expected to grow at a steady rate during the forecast period.
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UTM to lead, ATMS to exhibit fastest growth in Philippines
Among products, the UTM segment accounted for 60% share of the Philippines tolling and city congestion market in 2017 and would maintain its dominance through 2025. However, ATMS segment is likely to grow at the fastest CAGR of 24.0% from 2018 to 2025. The report also discusses electronic tolling segment.
Prominent players of the market
The market players analyzed in the report include Efkon GmbH, Toshiba Corporation, Raytheon, Thales Group, Siemens AG, Kapsch Group, Conduent (Xerox Corporation), Cubic Transportation Systems, ALSTOM SA, and GE Transportation.
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SOURCE Allied Market Research