Pune, India, January 31, 2019 -- /360iResearch/ -- The report "Global Electronic Toll Collection Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2024 (Q4 2018 Update)", published by 360iResearch, states that the global market was valued at USD 6.83 billion in 2017 and is projected to reach USD 12.09 billion by 2024, growing at a CAGR of 8.50% from 2017 to 2024.
The major forces driving the growth of the electronic toll collection market include the need advance electronic toll collection systems and other mobility solutions to increase overcome traffic congestion with improved traffic flow per lane and increased allocation of funds by the government to deploy advance infrastructure for toll collection process. Moreover, improved convenience and transparency in toll collection process due to cashless travel facility and increasing undertaking of smart city projects globally across the world are also some of the factors that are driving the market growth. However sluggish transportation infrastructure sector in underdeveloped countries, and high operation and maintenance costs may hinder the market growth. In the middle of difficulty lies opportunity such as the asian cities focussing to deploy its solutions for public transport, rising ppp in transportation sector, and rapid transition towards all-electronic tolling systems. The possible challenges for the market growth is non-uniformity in technology selection resulting in several interoperability and standardization issues across deployments. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on component, the global electronic toll collection market is studied across Hardware, Service, and Software. Based on mode, the global electronic toll collection market is studied across Offline, and Online. Based on operation, the global electronic toll collection market is studied across Dynamic Tolling, Integrated Open Road Tolling with Existing Toll Facilities, Mileage-Based User Fees, Open Road Tolling, and Video Tolling. Based on technology, the global electronic toll collection market is studied across Dedicated Short-Range Communication, Global Navigation Satellite System/Global Positioning System, Radio-Frequency Identification, Video Analytics /ANPR/ALPR, and Weight-Based Tolling. Based on application, the global electronic toll collection market is studied across Highways, and Urban Areas. Based on geography, the global electronic toll collection market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the electronic toll collection market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are Abertis Infraestructuras S.A., Conduent Incorporated, Cubic Transportation Systems, Inc., Efkon AG, Far Eastern Electronic Toll Collection Co. (FETC), Geotoll, Indra Sistemas, S.A., Kapsch Trafficcom AG, Kistler Group, Mitsubishi Heavy Industries, Ltd., Neology, Inc., Q-Free ASA, Quarterhill Inc., Raytheon Company, Siemens AG, Thales Group, Toll Collect GmbH, Toshiba Corporation, Transcore, and Vinci.
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