The electronic toll system market was valued at US $ 5,266. 4 million in 2021 and is expected to reach US $ 10,604. 7 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.
New York, January 07, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Electronic Toll Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Offer, Technology and Application” – https://www.reportlinker.com/p06195581/?utm_source=GNW
Toll system projects are a model of public-private partnership where government agencies or public bodies usually decide on the pricing of tolls. In addition, the purpose of toll collection has a profound influence on vehicle classification and dynamic pricing for different categories of frequent travelers.
However, the joint efforts of state and central government agencies to initiate a streamlined transit transaction process through toll gateways, plazas, parking systems and traffic management have gained ground. during the last years. operation involved in tolling processes such as vehicle identification (AVI), vehicle classification (AVC), in-transit traction and enforcement of fines for violators, thus simplifying the process and greatly improving efficiency system compared to conventional inhabited toll plazas.
In addition, the efficient deployment of ETC systems has versatile benefits such as reduced congestion and vehicle pollution, transparent transit transactions and intelligent transportation services on highways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems in various emerging economies and provide profitable business opportunities for market players during the forecast period.
The COVID-19 epidemic has negatively impacted the overall growth rate of the global electronic toll systems market in 2020. This can be attributed to the decline in revenues of companies operating in the market, due to disruptions in the market. supply and demand throughout the value chain.
However, in 2021, with the easing of lockdown restrictions and the start of the vaccination process, the shipment of raw materials resumed. Many countries and toll companies have embraced digital transformation to effectively manage their businesses in these difficult times.
Electronic toll system providers are also focusing on providing new solutions, partnerships and collaborations to overcome the COVID-19 epidemic. Hence, this factor is helping to create a positive scenario in the growth of the Global Electronic Toll Systems Market.
The electronic toll systems market is segmented on the basis of supply, technology, application, and geography. Depending on the offer, the market is segmented into physical equipment and services.
In 2020, the service segment led the electronic toll systems market and represented 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 systems market and accounted for the largest market share. Depending on the applications, the market is segmented into highways and urban areas.
In 2020, the motorway segment led the market for electronic toll systems and represented a larger market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share of the global market.
The major players operating in the global Electronic Toll System Market and presented in the market study include Continuum Electroproducts LLP; Conduent, Inc .; Efkon GmbH; Kapsch Trafficcom SA; Mitsubishi Heavy Industries Machinery Systems, LTD. ; Neology; Qualix Information System; Skytoll; Siemens SA; and Thales Group.
The overall Global Electronic Toll System market size has been derived using primary and secondary sources. To begin the research process, a comprehensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process is also used to get an overview and forecast of the Electronic Toll Systems market for all segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insight on the topic.
Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as valuation experts, research analysts and key opinion leaders specializing in the electronic toll systems market.
Read the full report: https://www.reportlinker.com/p06195581/?utm_source=GNW
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