An Exhaustive Study on Electronic Toll Collection (ETC) Systems Market
In 2014, the electronic toll collection system is expected to grow at the CAGR of 9.97% with the market size of US$ 7515.10 billion from US$ 4248.70 billion in 2018. The electronic toll collection system is the complex and latest technology for toll collection as it allows the vehicle to pass through without stopping the driver which makes the traffic to flow smoothly, as the electronic toll collection system is capable of charging the toll if there is customer account in the system.
The key factors which are increasing the electronic toll collection system market size is due to the growth of electronic and IT industry, regulations applied by the government to control the carbon emission and the infrastructure development by the government is propelling the growth of the market, and also due to the emerging trend toward the electronic toll collection in major developing countries the demand for electronic toll collection system is increasing.
Key Trends to increase demand for electronic toll collection system
The electronic toll collection system market trends which are responsible for the rise in the growth of demand is that the progressive development in electronic toll the collection system is influencing the government to make more investment in the electronic toll collection system and implement on the toll lanes. The other factor is the growth in investment of intelligent transportation system is encouraging the use of ETC system to control the traffic to lessen the delays in traveling.
Furthermore, due to the stringent regulations imposed by the government to control the carbon emission is also increasing the growth of the electronic toll collection system market.
Demand for Effective traffic management at the toll booth
By installing the electronic toll collection system at the toll booth, it will smooth the flow of the traffic and will also save the time of the people if not the traffic at the highways will add extra congestion at the toll centers which will result in loss of time and fuel. It will also help in maintaining the safety of the people like the electronic too collection the system will recognize an unauthorized vehicle and will alert the police. Furthermore, this system provides the convenience to seamlessly pass through the toll booth for payment and it will also decrease the congestion.we have covered all segments in electronic toll collection market analysis report.
Electronic toll collection system by technology
By technology, the electronic toll collection system is segmented into barcode-based, RFID-based, ANPR and others. Barcode-based electronic toll collection system holds the largest share of the ETC system market and is anticipated to grow over the forecasted period as this system is less complex and of lesser cost. RFID-based is expected to grow rapidly in the future as it will be an effective measure to reduce management cost and fees. Whereas, ANPR is also rising due to its automated surveillance and tracking the system as it uses to recognize the number plate and will save it in the storage. Furthermore, the increase in the awareness of carbon emission is also leading towards the use of electronic toll collection system, which is expected to grow more opportunities for RFID and ANPR based electronic toll collection system.
Barcode-based electronic toll collection system
By technology, the electronic toll system is segmented into barcode-based, RFID-based, ANPR and others. Barcode-based electronic toll collection system holding the large share in the market as it provides an efficient method to collect, manage, store and analyze the data. It is a low operational cost technology and leads to increased revenue. Whereas, RFID and ANPR are expecting new growth opportunities due to their real-time toll collection system.
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