Latest Electronic Toll Collection Technology Market 2017

The growth of the electronic toll collection market is attributed to the increasing demand for electronic toll collection systems, driven by the need for providing efficient traffic management and improving toll collection accountability.

The various types of electronic toll collection systems based on RFID, DSRC, and GPS technologies are being increasingly adopted on highways and in urban areas.

According to the industry expert, the electronic toll collection market is expected to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022.

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Of all the major products, the back office and integration, and VES is expected to dominate the electronic toll collection market during the forecast period. The market for AVI product is expected to witness the highest growth from 2017 to 2022. AVI helps determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer.

Among all the applications, highway held the largest share of the electronic toll collection market in 2016. The level of traffic congestion is more on highways, owing to which the adoption rate of electronic toll collection systems would be high.

The market for GPS/GNSS technology-based electronic toll collection systems in APAC is expected to grow at the highest CAGR between 2017 and 2022. The major reason driving the growth of this market is the increasing use of GPS in the automobile industry.

The electronic toll collection market based on type comprises ETC and AET. The market for AET is expected to witness the highest growth between 2017 and 2022.

North America held the largest share of the electronic toll collection market. However, the market in APAC is expected to grow at the highest CAGR 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.

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The major players in the electronic toll collection market are 3M (US), Xerox Corporation (US), EFKON AG (Austria), Kapsch TrafficCom (Austria), Q-Free (Norway), and Cubic Transportation Systems, Inc. (US), among others. These players have adopted various strategies such as contracts, agreements, partnerships, new product launches, and business expansions to cater to the demand for electronic toll collection systems.

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