Comprehensive Report on Global Electronic Toll Collection (ETC) Systems market by Knowledge Sourcing Intelligence
The electronic toll collection system is projected to grow at a CAGR of XX% to reach US$ XX million by 2024 from US$ XX million in 2018. ETC systems are considered as the most complex and the latest methods for toll collection. This allows the vehicles to pass through a toll facility without the requirement of stopping the driver.
It helps in the smooth traffic flow thereby contributing towards efficient traffic management as well. Hence the electronic toll collection systems are continuing to evolve owing to several benefits these systems offer in comparison to the other toll collection methods. Furthermore, the growing electronic industry and growing IT industry is propelling the growth of the global electronic toll collection systems market in the forecast period.
Government Regulation Regarding Carbon Emission:
Electronic toll collection (ETC) works by collecting the toll without cash and there is no requirement for the car to stop to pay the toll. This leads to smooth flow of vehicles at the toll collection booth as there is no stoppage and toll is collected as the vehicles passes by with the help of a transponders fitted to the vehicle. In addition, these booths may operate alongside the cash lanes so that both options are available for the drivers to pay the toll. The smooth flow of traffic is a prime driving factor to anticipate the demand for ETC Systems on account of easy management of traffic, cashless transactions.
Furthermore, free flow of traffic at the toll plaza leads to less consumption of fuel and less carbon emission from vehicles. Stringent government regulations regarding pollution control is expected to drive the demand for ETC Systems worldwide. For instance, The United States Environmental Protection Agency’s Clean Air Act (CAA) mandates the control on air pollution for equipping the emission-control components on the motor vehicles which include emission limits for hydrocarbons, carbon mono oxides, and the particulates in case of diesel vehicles. The benefit of non-stop movement of vehicles in ETC Systems over the long lines in the manual collection system leads to low carbon emission as a result the government as well as contractors are looking forward to increase their budgets regarding installation of more ETC Systems, which is expected to drive the market demand and thus benefiting the vendors and manufacturers overs then next five years.
Electronic toll collection (ETC) System By Geography :
By geography ETC systems market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North America segmented is expected to have a significant share in 2018 on account of early adoption of new technology and all-electronic tolling, followed by Middle East and Africa, and South America. European region is expected to have a substantial grow during the forecast period on account of various government policies regarding carbon emission. The Asia Pacific region is expected to grow at the fastest rate on owing to huge investments in infrastructural development in major developing countries like India and China due to rapid urbanization.
Asia Pacific (APAC) electronic toll collection (ETC) systems market is projected to grow at a CAGR of XX% during the forecast period, reaching a total market size of US$XX million in 2024 from US$XX million in 2018. The APAC market is further segmented into Japan, China, India, Australia, and Others. Others have been categorized into Singapore, Malaysia, and Philippines. As the Asia Pacific region is turning increasingly urban which is a trend being observed in most of the developing nations. This rapid increase in the urbanization is increasing the demand for public and individual transport as well, thus giving rise to its efficient management. This has created a need for the Intelligent Transportation System (ITS) where Electronic Toll Collection (ETC) Systems also play a major role in effective traffic management and is contributing towards the reduction in carbon emissions. Several government policies leading to the development of ETCs as part of the urban infrastructure development are also driving the market growth in this region.
Japan electronic toll collection (ETC) systems market is projected to grow at a CAGR of XX% to reach a market size of US$XX million in 2024 from US$XX million in 2018. The ITS-based navigation and monitoring systems have improved with time. This is attributed to the development and utilization of technologies such as Dedicated Short-Range Communication (DSRC) in addition to other technologies. The DSRC’s protocol and the standard are widely implemented globally and in Japan too as a communication module for the Electronic Toll Collection (ETC) Services.
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