Electronic Toll Market Size, Share, Key Trends, Growth and Demand Forecast
The electronic toll market is growing due to the rising demand for safe, secure and improved infrastructure. The electronic toll system provides fast, effective and cost-effective facilities. They include easy operating buttons and user-friendly design. Electronic toll collection systems have a positive impact on the environment as they reduce the amount of exhaust released from vehicles during start-up and stop at manual toll booths.
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The electronic toll market can be segmented on the basis of type, product, technology and application. On the basis of types, the global electronic toll market includes multi-lane free flow, electronic toll collection and single lane electronic toll collection. Single lane system allows increase in traffic throughout and reduction in traffic congestion. Multi-lane system helps to achieve maximum output on the highway and helps to reduce the traffic congestion. On the basis of product, the electronic toll market can be divided into automatic vehicle identification (AVI), automatic vehicle classification (AVC), and others. The others segment includes the back office and integration services and violation enforcement system (VES).
Based on technology, the global electronic toll market can be categorized into radio frequency identification (RFID) based electronic toll collection system, video analytics-based electronic toll collection system, dedicated short-range communications (DSRC) based electronic toll collection system, global navigation satellite system (GNSS), and global positioning system (GPS) based electronic toll collection system. Based on application, the electronic toll collection system market can be segmented into bridges, urban areas, and highways.
The primary growth drivers of the global electronic market comprise cashless travel facility, the need to save travel time, the necessity to minimize the traffic congestion and fast toll transaction. Electronic toll market offers numerous opportunities for better environment, revenue generation, increased safety, and public transport improvement among others.
North America holds the largest market share of the global electronic toll collection followed by Europe. Thales Group, Siemens AG, Xerox Corporation, TransCore, LP, Q-Free, Caseta Technologies Inc, Trans-Tool, Perceptics, LLC, International Road Dynamics Inc. are the major competitors in the global electronic toll market.
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