Global Electronic Toll Collection Market (2021-2026) by Technology, Functionality, Component, Authentication, and End User, Impact of Covid-19, Ansoff Analysis

Global Electronic Toll Collection Market (2021-2026) by Technology, Functionality, Component, Authentication, and End User, Impact of Covid-19, Ansoff Analysis

Introduction

A toll road is a private or public roadway for which a fee is charged while transporting. The toll booths cause traffic delays during rush hours throughout the toll collection process as the toll collection is ideally a manual operation. Manual toll collections are not only prone to errors but are also considerably slower than automated methods. This constraint has given birth to the electronic toll collection system, which eliminates the manual operations by toll payers and receivers. As several developed and developing countries across the world are investing and adopting new technologies, the adoption of these electronic toll collection systems is widely increasing.

The Global Electronic Toll Collection Market is estimated to be USD 7.8 Bn in 2021 and is expected to reach USD 11.2 Bn by 2026 growing at a CAGR of 7.67%.

Growth of the market is attributed to the rising demand for effective traffic management at a toll collection center, increasing government initiatives to adopt electronic toll collection system, increasing cashless travelling, increased demand for minimizing traffic congestion and fuel consumption at toll stations.

The market is hampered due to a high initial cost involved for the installation of toll management system and high operating and maintenance costs. Technological developments such as GNSS and GPS technologies will create growth opportunities for the market.

Market Dynamics

DriversStrong Government support to accelerate Electronic Toll CollectionIncreasing cashless travellingIncreasing demand for effective traffic management at Toll Collection CentreIncreasing demand for minimising traffic congestion and fuel consumption at Toll StationsRestraintsImplementation difficulties in Developing CountriesHigh initial cost for the installation along with a significant operating & maintenance costOpportunitiesIncreasing number of Public-Private Partnership agreements in Transportation SectorTechnological advancements Such as GNSS And GPS TechnologyNeed for Superior Video Analytics in Automatic Number Plate Recognition and Classification of VehiclesSegments Covered

RFID Technology has a maximum share in Global Electronic Toll Collection Market By Technology. RFID technology utilizes radio-frequency electromagnetic fields for the identification of the vehicles that carry RFID tags. The RFID technologies have low operational cost. Growth of the market is attributed to the increasing demand for minimizing traffic congestion at toll collection centers.
The electronic toll collections for highways is significantly driven by its adoption, mainly in developing countries. Strong government initiatives are likely to add electronic toll collection options at existing toll plazas on highways, which is expected to create tremendous growth opportunities for this market for highway applications.
North America is anticipated to have a large market share and is expected to grow significantly during the forecasted period. Countries like India are also expected to grow at a higher rate due to technology penetration, rapid digitization, and increasing adoption of the toll management system.
The Global Electronic Toll Collection System Market is segmented based on Technology, Functionality, Component, Authentication, and End User.

Electronic Toll Collection Market, By TypeTransponder/Tag-based Tolling SystemOther Tolling SystemElectronic Toll Collection Market, By TechnologyRFIDDSRCOtherElectronic Toll Collection Market, By ApplicationHighwaysUrban AreasElectronic Toll Collection Market, By GeographyNorth AmericaSouth AmericaEuropeAsia PacificMiddle East and AfricaCompany Profiles

Some of the companies covered in this report are Cubic Corporation, Kapsch TrafficCom, Conduent Business Services, LLC, EFKON GmbH, TransCore (US), Mitsubishi Heavy Industries, Ltd., Thales Group, Siemens, Toshiba etc.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share etc.

Lions:Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.

Bulls:Companies that are medium in size competing with their USPs, growing companies with proven market share.

Rabbits:Small companies but growing rapidly, constantly improving their offerings in the market

Tortoise:Companies which are slow in growth, having a long legacy and stable or negative in performance

Why buy this report?

The report offers a comprehensive evaluation of the Global Electronic Toll Collection Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observation of renowned personnel in the industry.

The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.

The report also contains the competitive analysis using IGR Competitive Quadrant, Infogence’s Proprietary competitive positioning tool.

Report Highlights:A complete analysis of the market including parent industryImportant market dynamics and trendsMarket segmentationHistorical, current, and projected size of the market based on value and volumeMarket shares and strategies of key playersRecommendations to companies for strengthening their foothold in the market