Global Vehicle Toll Collection and Access Systems Market: Overview
The construction of roads needs constant maintenance and recuperation. The cost required to support and recuperation of parkways, streets, extensions and highways is collected from public. This is known as toll collection. The practicability of this tax collection was first brought up in the European market and after that in North American market. With the APAC and African road infrastructure market still in the creating stage, the vehicle toll accumulation and access system market is relied upon to develop at a considerable rate over the timeframe. The fast innovative advancement in toll collection system in the European and American mainlands has prompted the expedient development of the global vehicle toll collection and access systems market.
Transparency Market Research enlightens the various facets of the global vehicle toll collection and access systems market. The report showcases various aspects of the market including major driving factors, key trends, major developments, and regional potential.
Global Vehicle Toll Collection and Access Systems Market: Notable Development
- August 2017, National Highway Authority of India announced that they are planning to launch FASTag at all 371 toll plazas across the National Highways. Later in the year the country had nearly 365 toll plazas with a single lane dedicating to FASTag users.
- China, in 2017, added nearly 8,130 km of expressways to its toll road networks, resulting in a toll road network at over 171,100 km.
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The global vehicle toll collection and access systems market is moderately fragmented. The market is dominated by some of the major players across the globe. In order to stay ahead of the competition, the players of global vehicle toll collection and access systems market are adopting strategies such as mergers, partnerships, and collaborations. Some of the major players in the market are Thales Group, Siemens AG, Magnetic Autocontrol, Transcore, Mitsubishi Heavy Industries, and other players.
Global Vehicle Toll Collection and Access Systems Market: Key Drivers
The development of the vehicle toll collection and access systems market is driven by upsurge in the security and effectiveness of transportation foundation. Additionally, technological progressions in this industry, for example, GNSS and GPS innovation received by Japan in their electronic toll collection and access system market, have implemented governments over the globe to make overwhelming ventures on toll paths, which fuel the market development. Moreover, government support in surrounding new gauges and guidelines with respect to the usage of these frameworks and tolling has moved the business development.
Some of the major factors driving the growth of the market are the increasing construction of roads and highways in developing countries, vehicle theft detection, fuel efficiency, and limited traffic congestion. As of now, RFID and DSRC commanded the market. In up and coming years video examiner and GNSS/GPS frameworks are relied upon to encounter higher development rate, due to expanding instances of toll infringement, which raise the requirement for an improved vehicle toll collection and access systems solutions promoting the growth of the market.
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Global Vehicle Toll Collection and Access Systems Market: Regional Analysis
North America and Europe have the biggest market for toll collection and vehicle access systems. Various developed and developing economies over the world receive new innovation, driving the market. It is projected that these developments will twofold in these nations during over the forecast period. An expansion in automotive sales in the Indian and Chinese markets, alongside the advancement of roadways and thruway prepares for expanded development of the vehicle toll collection and access systems showcase in the projected period.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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