Electronic Toll Collection System Market Size, Share and Industry Forecast 2028
Posted by mahesh on October 21st, 2022
Electronic Toll Collection System Market report by “The Insight Partners” sheds light on the key drivers and opportunities attributing to Market expansion over the analysis period. It also gives in-depth information pertaining to the challenges and threats poised to hinder revenue generation in the forthcoming years. Additionally, the report also provides crucial information regarding leading companies in this business sphere and the trends that are likely to prevail in the near future.
The toll collection systems projects constitute a public-private partnership model where government agencies or state bodies usually decide the toll pricing. Also, the objective of toll collection has a profound influence over the vehicle classification and dynamic pricing for different categories of frequent travelers. However, state and central government agencies’ joint efforts for initiating a streamlined transit transaction process across toll gateways, plazas, parking systems, and traffic management have gained traction in the past few years. Moreover, through collaborative efforts among different state bodies to participate in joint toll collection systems that are accepted by larger government agencies and offering simplified toll collection for different users will going to drive the market growth.
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This electronic toll collection system operates on a pre-paid account-based system that various state agencies adopt for a seamless array of fright fees, tolls, and fines across the globe. The electronic toll collection system market was valued at US$ 5,266.4 million in 2021 and is projected to reach US$ 10,604.7 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.
Continuous technological advancements and automation are allowing manufacturing companies to achieve greater productivity and profitability. Conduent, Inc.; Kapsch; Thales Group; Mitsubishi Heavy Industries Machinery Systems, Ltd.; and Neology are among the key companies in the electronic toll collection system market. The major stakeholders in the electronic toll collection system market include hardware & component providers, electronic toll collection system manufacturers, system/technology integrators, government agencies & regulatory bodies, and end users. Due to the rise in the number of vehicles and issues like traffic congestion, the demand for electronic toll collection systems is also rising.
Leading Electronic Toll Collection System Market Players:
Huawei Marine Networks Co., Limited
Hawaiki Cable Limited
Sumitomo Electric Industries, Ltd.
Mitsubishi Electric Corporation.
Electronic Toll Collection System Market – Global Analysis to 2028 is an exclusive and in-depth study which provides an exhaustive analysis of the Market including the current trend and future amplitude of the Market with respect to the products/services. The report provides a detailed rundown of the Electronic Toll Collection System Market keeping in mind detailed segmentation by type, application, and region. This report provides an expert assessment of the leading companies in this business sphere by listing the products and services unveiled by them in order to help business owners to understand the Market positioning of these players. PEST analysis of each region and country is documented as well.
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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About the Authormahesh
Joined: September 20th, 2022
Articles Posted: 71
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