Global Electronic Toll Collection Markets, 2021-2026: Opportunity in the Need for Superior Video Analytics in Automatic Number Plate Recognition (ANPR) and Classification of Vehicles – ResearchAndMarkets.com | Financial Buzz

Global Electronic Toll Collection Markets, 2021-2026: Opportunity in the Need for Superior Video Analytics in Automatic Number Plate Recognition (ANPR) and Classification of Vehicles – ResearchAndMarkets.com

The “Global Electronic Toll Collection Market (2021-2026) by Technology, Functionality, Component, Authentication, and End-user, Impact of COVID-19, Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.

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.

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.

Segments 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.

Market Dynamics

Drivers

  • Strong Government support to accelerate Electronic Toll Collection
  • Increasing cashless travelling
  • Increasing demand for effective traffic management at Toll Collection Centre
  • Increasing demand for minimising traffic congestion and fuel consumption at Toll Stations

Restraints

  • Implementation difficulties in Developing Countries
  • High initial cost for the installation along with a significant operating & maintenance cost

Opportunities

  • Increasing number of Public-Private Partnership agreements in Transportation Sector
  • Technological advancements Such as GNSS And GPS Technology
  • Need for Superior Video Analytics in Automatic Number Plate Recognition and Classification of Vehicles

Companies Mentioned

  • Kapsch TrafficCom
  • Conduent Business Services LLC
  • EFKON GmbH
  • TransCore (US)
  • Thales Group
  • Raytheon Technologies Corporation
  • Cubic Corporation
  • Siemens
  • Neology, Inc.
  • VINCI
  • Kapsch Trafficcom
  • Abertis
  • Mitsubishi Heavy Industries, Ltd.
  • Toshiba

For more information about this report visit https://www.researchandmarkets.com/r/1kpdim

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