Dublin, March 14, 2022 (GLOBE NEWSWIRE) -- The "Electronic Toll Collection System Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The electronic toll collection system market was valued at US$ 5,266.4 million in 2021 and is projected to reach US$ 10,604.7 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.
Technological advancements have facilitated in eliminating the mundane, repetitive operation involved in tolling processes such as identification of vehicles (AVI), vehicle classification (AVC), transit traction, and enforcement of fines for violators, thereby simplifying the process and improving the system efficiency significantly compared to the conventional manned toll plazas.
Also, the effective deployment of ETC systems has versatile benefits such as reducing congestion and vehicular pollution, seamless transit transactions, and intelligent transportation services at expressways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems across various emerging economies and provide profitable business opportunities for the market players during the forecast period.
The COVID-19 outbreak has negatively affected the overall growth rate of the global electronic toll collection system market in 2020. This can be attributed to the decline in revenue of companies operating in the market, owing to supply and demand disruptions across the value chain.
However, in 2021, with the relaxation of lockdown restrictions and the beginning of the vaccination process, the shipment of raw materials has started again. Many countries and toll collecting companies have adopted digital transformation to effectively run their business in these challenging times.
Electronic toll collection system providers are also focusing on bringing new solutions, partnerships, and collaborations to overcome the COVID-19 outbreak. Therefore, this factor is helping in creating a positive scenario in the growth of the global electronic toll collection system market.
In 2020, the services segment led the electronic toll collection system market and accounted for a larger market share. Based on technology, the market is segmented into ANPR, GNSS, DSRC, and others. In 2020, the DSRC segment led the electronic toll collection system market and accounted for the largest market share.
Based on application, the market is segmented into highways and urban zones. In 2020, the highways segment led the electronic toll collection system market and accounted for a larger market share.
In 2020, North America accounted for a significant share in the global market.
The key players operating in the market and profiled in the market study include
- Continuum Electroproducts LLP
- Conduent, Inc.
- Efkon GmbH
- Kapsch Trafficcom AG
- Mitsubishi Heavy Industries Machinery Systems, LTD.
- Neology
- Qualix Information System
- Skytoll
- Siemens AG
- Thales Group
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Electronic Toll Collection System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Electronic Toll Collection System Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Long term economic and safety benefits
5.1.2 Increase in demand for interoperable electronic tolling systems
5.2 Key Market Restraints
5.2.1 Possibility of leakage and high CapEx & OpEx costs
5.2.2 Lack of standardization and evaluation metrics for ETC systems
5.3 Key Market Opportunities
5.3.1 Potential surge in demand for effective traffic management at toll plaza in emerging economies
5.4 Future Trends
5.4.1 Investment in mobile and satellites based GPS systems
5.5 Impact Analysis of Drivers and Restraints
6. Electronic Toll Collection System Market - Global Analysis
6.1 Electronic Toll Collection System Market Global Overview
6.2 Electronic Toll Collection System Market - Global Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Electronic Toll Collection System Market Analysis - By Offering
7.1 Overview
7.2 Electronic Toll Collection System Market, By Offering (2020 and 2028)
7.3 Hardware Equipment
7.4 Service
8. Electronic Toll Collection System Market - By Technology
8.1 Overview
8.2 Electronic Toll Collection System Market, by Technology (2020 and 2028)
8.3 ANPR
8.4 GNSS
8.5 DSRC
8.6 Others
9. Electronic Toll Collection System Market - By Application
9.1 Overview
9.2 Electronic Toll Collection System Market, by Application (2020 and 2028)
9.3 Highways
9.4 Urban Zones
10. Electronic Toll Collection System Market - Geographic Analysis
10.1 Overview
10.2 Electronic Toll Collection System Market
10.2.1 Electronic Toll Collection System Market - Revenue and Forecast to 2028 (US$ Million)
11. Electronic Toll Collection System Market- COVID-19 Impact Analysis
11.1 Overview
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and acquisition
12.4 New Product Development
13. Company Profiles
13.1 Key Facts
13.2 Business Description
13.3 Products and Services
13.4 Financial Overview
13.5 SWOT Analysis
13.6 Key Developments
For more information about this report visit https://www.researchandmarkets.com/r/iyndd1
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