Global Electronic Toll Collection Market Size By Type, By Technology, By Application, By Geographic Scope And Forecast
Electronic Toll Collection MarketSize And Forecast
Electronic Toll Collection Market was valued at USD 6.75 Billion in 2018 and is projected to reach USD 12.7 Billion by 2026, growing at a CAGR of 8.2% from 2019 to 2026.
Global Electronic Toll Collection Market Overview
The global electronic toll collection market is majorly driven by the growing requirement of reduction of traffic congestion, owing to the increasing number of vehicles on the road and growing traffic jams. Government initiatives for cashless transactions, increasing government funds for road sat and control, and increasing the number of smart cities in various countries are some other factors that are expected to propel the growth of the target market. Moreover, the strategic partnerships, mergers, and acquisitions are further supporting the market growth. For instance, in April 2018, TransCore announced the introduction regarding the publication of specific protocols and standards known as Super eGo (SeGo) for the simplification and increased ease in the adoption of transponders and multi-protocol readers.
Global Electronic Toll Collection Market: Segmentation Analysis
Global Electronic Toll Collection Market is segmented based on Type, Technology, Applications, And Geography.
Key Players in Electronic Toll Collection Market
The major players in the market are
- Raytheon Company, Siemens AG
- Thales Group
- Transcore (Roper Technologies)
- Efkon GmbH
- Kapsch Trafficcom AG
- Neology (Formerly 3M)
- Cubic Transportation Systems, Inc.
- Conduent Incorporated (Formerly Xerox Corporation)
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