The Ultimate Guide To Win The Electronic Toll Collection Market By 2023 - Market 4.0 ($10.7 Billion Market)

 Mahesh Wagh
  17th-Jun-2019
 226
GP9_1560783733_1.jpg Marketsandmarkets

Electronic Toll Collection Market by Technology (RFID, DSRC, & Others (ANPR/ALPR, and Satellite-Based)), Offering (Hardware, and Back Office and Other Services), Application (Highways and Urban Areas), Type, and Region - Global Forecast to 2023"

The overall electronic toll collection (ETC) market is expected to grow from USD 7.1 billion in 2018 to USD 10.7 billion by 2023, at a CAGR of 8.54%. One of the major driving factors for the ETC market growth is the rising adoption of ETC systems as an effective solution to overcome traffic congestion with improved traffic flow per lane.

Kapsch TrafficCom AG ranked first in the overall ETC market in 2017. The company provides intelligent transportation systems in the fields of smart urban mobility, tolling, traffic management, traffic safety and security, and connected vehicles. In January 2017, Kapsch took the initiative to develop an on-board unit (OBU) for electronic toll collection by partnering with Axxès (France), a European electronic toll service (EETS) provider.

With this partnership, the company launched a new OBU that can be used on the entire EETS-capable toll road network in Europe, even in Italy wherein different communication technologies are used. In April 2016, the company acquired Schneider Electric’s Transportation business. Thus, the company’s adoption of inorganic strategies has helped it to bring out organic growth and strengthen its position in the market for the intelligent transportation system and electronic toll collection systems.

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Raytheon secured the second rank in the electronic toll collection market in 2017. The company provides state-of-the-art electronics; mission systems integration; and other capabilities in the fields of sensing; effects; and command, control, communications, computing, cyber, and intelligence (C5I) systems, along with mission support services. In January 2018, the company partnered with a research firm called Physical Sciences Inc. to form a team that will demonstrate advanced technologies for a nationwide project called the Radiation Awareness and Interdiction Network, or RAIN.

ETC market in APAC expected to grow at the highest CAGR from 2018 to 2023

The ETC market in APAC is expected to grow at the highest rate during the forecast period. APAC is one of the most important potential markets for ETC systems. APAC is in the early stage of adopting ETC solutions. Rapid urbanization and industrialization have led to the increased use of vehicles. The increase in urban population has given rise to more traffic congestion, which has surged traffic accidents and deteriorated the environment.

Kapsch AG (Austria), Raytheon (US), TransCore (US), Conduent (US), Thales (France), Cubic Transportation (US), Siemens AG (Germany), EFKON GmbH (Austria), VINCI (France), and Neology (US) are a few leading players in the ETC market.

For more information visit: https://www.marketsandmarkets.com/PressReleases/electronic-toll-collection-system.asp

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Domain: Electronics
Category: Business
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Posted By: Mahesh Wagh and Contact Mahesh Wagh

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