Electronic Toll Collection Systems Market is Booming Globally with 6.5% CAGR till 2027

PUNE, MAHARASHTRA, INDIA, December 17, 2019 /EINPresswire.com/ -- According to a new market research study titled, "Electronic Toll Collection Systems Market To 2027 - Global Analysis and Forecasts by Offerings, and Technology Used". The report highlights the key trends prevalent in the global electronic toll collection systems market and the factors driving the market along with those that act as deterrents to its growth.

The global Electronic Toll Collection Systems Market accounted for US$ 5.2 billion in 2017 and is also estimated to reach US$ 9.1 billion by 2027, CAGR growth rate of 6.5% from 2019 to 2027.

The rising demand for interoperable electronic toll collection systems is anticipated to have a profound influence over the market growth. Further, the growing volume of freight transportation through road as well as the slow pace of infrastructure growth among developing economies is anticipated to drive the congestion across various toll centers and plazas in the coming years. Subsequently, driving the demand for efficient toll collection to accommodate the surge in traffic volume increasing demand for electronic toll collection systems among emerging economies. Whereas among the developed region the market is primarily driven by service, and maintenance of existing electronic toll collection systems, as the government strive towards providing superior traveling experience for the travelers

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The European Union’s EETS (European Electronic Toll Collection Service) regulation and guidelines for effective implementation of electronic toll collection systems and seamless transit transaction collection have resulted in Europe’s leading market share in the global electronic toll collections system. Further, the strong economic background along with coupled with government support has also facilitated the early adoption of electronic toll collection systems for reducing the congestion across toll plazas and gateways. Also, the growing emphasis towards reducing vehicle pollution and the popularity of intelligent transportation services are projected to drive the market growth of electronic toll systems in the region.

The market for electronic toll collection systems is globally has been segmented into two segments namely: offerings and technology used. Based on technology, the market is broadly classified into ANPR, DSRC, GNSS, and other major technologies that are being used for delivering electronic toll collection systems. Whereas, the offerings segment is divided into hardware equipment and services that are offered by various market players.

The global electronic toll collection systems market is dominated by few major players that specialize in intelligent transportation-related service and provide a broad range of solutions for seamless toll collection at locations attracting significant traffic volume.The companies have facilitated in significant adoption, installation, and maintenance of state of the art technology enabled electronic toll collection systems across North America, Europe, and Asia- pacific regions.

Some of the leading players that are currently present in the Electronic Toll Collection Systems Market are Kapsch Group, SkyToll, a. s., Mitsubishi Heavy Industries Machinery Systems, Ltd. Conduent Inc., and Thales Group among other market players.

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The report segments the global electronic toll collection systems market as follows:

Global Electronic Toll Collection Systems Market - By Offerings
Hardware Equipment
Service

Global Electronic Toll Collection Systems Market - By Technology Used
ANPR
DSRC
GNSS
Others

Sameer Joshi
The Insight Partners
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