DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
The electronic toll collection market is expected to grow from USD 6.00 billion in 2016 to USD 10.57 billion by 2022, at a CAGR of 9.16% between 2017 and 2022.
Electronic toll collection helps in efficiently managing the traffic at highly congested areas and also facilitates the tolling collection process by using the latest technological solutions, such as RFID, GPS/GNSS, DSRC, and video analytics. The government plays an important role in the growth of this market. Governments of different countries have a keen interest in formulating the standards and regulations for the electronic toll collection market.
The use of ANPR decreases scams and frauds related to nonpayment, makes toll charging effective, and reduces the amount of manpower required for collecting tolls at tollbooths. This is expected to contribute to the largest share of ANPR type in the electronic toll collection market during the forecast period. Generally, ANPR is used in combination with the transponder system.
The market in APAC is expected to grow at the highest rate between 2017 and 2022. This growth is attributed to the government initiatives and the growing population in this region, which raise the need for efficient transportation systems.
- Effective Solutions for Traffic Congestion
- Increasing Allocation of Funds By Various Governments on ITS
- Reduced Environmental Pollution
- Cashless Travel Facility
- Requirement of Large Amount of Funds for Installation of ETC Systems
- Slow Growth in Underdeveloped Countries
- High Demand in APAC
- Requirement of Public-Private Partnership (PPP)
- Shift Toward AET/ORT
- High Operating Costs
- Lack of Interoperability and Standardization
- Cubic TranspORTation Systems, Inc.
- Efkon AG
- Far Eastern Electronic Toll Collection Co. (FETC)
- International Road Dynamics (Ird)
- Kapsch Trafficcom AG
- Key Innovators
- Raytheon Company
- Siemens AG
- Thales Group
- The Revenue Markets Inc.
- Transurban Limited
- Xerox Corporation (Conduent Business Services, Llc)
- Xiamen Innov Information Technology Co.,Ltd
For more information about this report visit http://www.researchandmarkets.com/research/kmkf4w/electronic_toll