Electronic Toll Collection Market Share, Applications, Segmentations & Forecast by 2024: Global Market Insights, Inc.
An outlook on electronic toll collection market growth is presented in this latest research report that reviews industry growth drivers, trends, regional factors & companies as well as provides forecasts for next few years. Electronic Toll Collection Market size is likely to register considerable growth rate in the coming years. Rising demand of effective traffic management owing to increasing on-road traffic and necessity of time savings will drive the electronic toll collection market growth. Enhanced features of these systems such as lesser waiting time, assuring convenience of drivers and operators, cashless travelling facility, less environmental pollution, and reducing traffic congestion at collection plazas are the benefits offered by this technology. Stringent government regulations and standards regarding toll collection coupled with increasing adoption of these systems in urban areas and highways will result in increasing demand of these systems. Dependency on government approvals for adoption of electronic toll collection systems will restrain the business growth over the forecast timeframe. High installation costs, along with significant operating & maintenance cost, and less deployment in underdeveloped economies will hinder the industry growth. Moreover, lack of standardization and interoperability of these systems pose a threat to electronic toll collection market share over the forecast timeline.
Electronic toll collection market size is expanding rapidly to cater to the growing demand of safe infrastructure. Technological advancements in this industry have forced the governments across the globe to make heavy investments on toll lanes. Positive government support in framing new standards and regulations regarding implementation of these systems and tolling has catapulted the industry growth. These systems are beneficial for companies and traffic agencies as they help to reduce costs by eliminating the requirement of multiple plazas. Furthermore, these systems positively impact the environment by reducing the exhaust emissions made during stoppages at manual booths. Dedicated short-range communications (DSRC) and radio frequency identification (RFID) are the technologies gaining prominence in electronic toll collection market. RFID system utilizes information embedded tags that are read by specifically designed RFID readers. It helps to eliminate manual collection and ticket payments need. RFID 1|Page