The Asia Pacific Electronic Toll Collection Market would witness market growth of 6.8% CAGR during the forecast period (2022-2028).
One of the main factors propelling the market's expansion is the creation of intelligent transportation systems coupled with the rising demand for efficient traffic management solutions. In addition, emerging countries are rapidly adopting ETC systems to manage the additional traffic at toll plazas on roads as well as highways as a result of the quickly growing population around the world, which is leading to an increase in on-road traffic.
The introduction of radio-frequency identification (RFID) sensors and the use of real-time tracking and monitoring systems for automobiles are two further technological developments that are promoting industry expansion. These devices help manage over-speeding vehicles and track stolen cars in addition to collecting tolls. Other factors are expected to fuel the market, such as significant research and development (R&D) efforts, and rising levels of automation in the automotive industry.
The presence of barriers increases travels time, fuel consumption, and consequently, road pollution, even though in this system the toll is directly collected from the drivers. The Indian automotive sector is quickly growing as a result of rising commercial vehicle demand, rising transit & transportation vehicle production, and rising use of road freight transport due to the challenging topography in the nation. The demand for commercial vehicles such as low-duty trucks, heavy-duty trucks, buses, etc. increases with the increasing development of desert lands, hilly terrains, and other challenging terrains, which will fuel the expansion of the India commercial vehicle market over the next five years.
The China market dominated the Asia Pacific Electronic Toll Collection Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $971.4 million by 2028. The Japan market is estimated to grow a CAGR of 6.1% during (2022 - 2028). Additionally, The India market would experience a CAGR of 7.4% during (2022 - 2028).
Based on Type, the market is segmented into Transponder-/Tag-based Tolling Systems and Other Tolling Systems. Based on Technology, the market is segmented into RFID, Dedicated Short-Range Communication (DSRC), and Others. Based on Offering, the market is segmented into Back-office & Other Services and Hardware. Based on Application, the market is segmented into Highways and Urban Areas. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electronic Toll Collection Market is Projected to reach USD 11.6 Billion by 2028, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., Raytheon Technologies Corporation, Kapsch TrafficCom AG (Datax Handels Gmbh), Conduent, Incorporated, Cubic Corporation, Siemens AG, TransCore (ST Engineering), Efkon GmbH (STRABAG SE), and FEIG ELECTRONIC GmbH.
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