Thursday 11 July 2019

A Comprehensive Study On Electronic Toll Collection System


Introduction


During 2024, electronic toll collection the market is forecasted to grow at a CAGR of 9.97% with US$ 7515.10 million from US$ 4248.70 million in 2018. ETC is the latest technology which aims to eliminate the delay that happens on toll bridges, HOV lanes, toll lanes and tunnels, by collecting toll without stopping the car and cash. The electronic toll collection market share is growing due to the rising adoption of electronic collection system as it is an effective solution to reduce the remove traffic congestion and improve traffic flow.

electronic toll collection system market size

Stringent regulations by the government for reducing carbon emission and expenditure done by the government for the development of smart cities across the world are key factors which will increase the market size of electronic toll collection system. However, the high operating cost of ETC system, low adoption of the latest technology in emerging markets along with the slow development of infrastructure in underdeveloped economies is expected to hamper the market.

Trends for increasing the demand for electronic toll collection system


The key trends which are increasing the growth of electronic toll collection system market are the facilities given by the government of several countries to travel cashless. Increasing investment opportunities for intelligent transportation system is creating a new opportunity for the growth of the market. The development of new infrastructure along with development in ETC system is making the government adopt and implement this technology on toll lanes to lessen the delay in transportation is further increasing the growth of the market. Moreover, the growing IT industries and electronic industries is encouraging the growth of electronic toll collection system market.

Stringent Regulation of Government regarding Carbon Emission


By the implementation of electronic toll collection there is no requirement for the cars to stop at the poll to pay. This has to lead to the smooth flow of traffic without any stoppage as the toll is collected through the transponders fitted in the vehicle when they pass through the poll.  As the free flow of traffic through toll plaza is leading towards the less consumption of fuel and less carbon emission from the vehicle.  The strict government regulations for the control of carbon emission pollution are expected to grow the electronic toll collection market globally. For example, the government of USA has made it compulsory to control the carbon emission in the air by limiting the use of carbon-emitting components like carbon mono oxides and hydrocarbons in vehicles. The adoption of ETC system for nonstop movement of vehicles leads to low carbon emission and as a result the government is planning to increase the budget to install more ETC system which is anticipated to drive the growth of market, by benefiting the manufacturers and vendors.

Electronic Toll Collection System Market Basis of Geography


Based on geography, Electronic toll collection system market is segmented into North America, South America, Europe, Middle Eat & Africa and Asia Pacific. On account of 2018, North America is expected to hold a significant market share due to its early adoption of ETC and implanting all-electronic tolling at toll plaza flowed by South America. Europe is projected to grow during the forecasted period as the implementation of various policies on the control of carbon emission. Asia Pacific is growing rapidly due to huge investment done by the government in development of infrastructure in countries like India and China.
                                                                   
electronic toll collection system market share by region

Electronic Toll Collection System in North America


By geography, the ETC system market is segmented in North America, South America, Europe, Middle East & Africa and Asia Pacific. North America is projected to grow at a CAGR of 10.49% during the forecasted period with a market share of US$ 3063.156 million in 2024. America is projected to hold a major share in the market owing to its early adoption of technology. Canada and Mexico are also expected to see significant growth in the forecasted period due to rising investment in smart infrastructural development in these regions.


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