Market Leadership - Electronic Toll Collection Market
The overall electronic toll collection (ETC) market is estimated to grow from USD 7.1 billion in 2018 to USD 10.7 billion by 2023, at a CAGR of 8.54%. The increased allocation of funds for the deployment of ITS by various governments, effective solution to overcome traffic congestion with improved traffic flow per lane, reduced environmental pollution using ETC systems, improved convenience due to cashless travel facility, and development of smart cities across the world are the major factors driving the ETC market growth.
The ETC market is highly competitive with the presence of many global and regional market players, such as Kapsch, Raytheon, TransCore, Conduent, and Thales. These companies develop electronic toll collection solutions and systems based on extensive R&D, ensuring large market shares. These companies are among the top players based on their market presence, client/customer base, revenues, and recent developments related to products, geographical footprint, growth strategies, partnerships, agreements, and collaborations in the ETC market. A few major strategies adopted by these players to compete in the ETC market have been product developments, partnerships, collaborations, and agreements. Other players in this market are Cubic Transportation, Siemens AG, EFKON, VINCI, and Neology.
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Kapsch TrafficCom AG ranked first in the overall ETC market in 2017. The company provides intelligent transportation systems in the fields of smart urban mobility, tolling, traffic management, traffic safety and security, and connected vehicles. In January 2017, Kapsch took the initiative to develop an on-board unit (OBU) for electronic toll collection by partnering with Axxès (France), a European electronic toll service (EETS) provider. With this partnership, the company launched a new OBU that can be used on the entire EETS-capable toll road network in Europe, even in Italy wherein different communication technologies are used. In April 2016, the company acquired Schneider Electric’s Transportation business. Thus, the company’s adoption of inorganic strategies has helped it to bring out organic growth and strengthen its position in the market for the intelligent transportation system and electronic toll collection systems.
Raytheon secured the second rank in the electronic toll collection market in 2017. The company provides state-of-the-art electronics; mission systems integration; and other capabilities in the fields of sensing; effects; and command, control, communications, computing, cyber, and intelligence (C5I) systems, along with mission support services. In January 2018, the company partnered with a research firm called Physical Sciences Inc. to form a team that will demonstrate advanced technologies for a nationwide project called the Radiation Awareness and Interdiction Network, or RAIN.
Related Reports:
Electronic Toll Collection Market by Technology (RFID, DSRC, & Others (ANPR/ALPR, and Satellite-Based)), Offering (Hardware, and Back Office and Other Services), Application (Highways and Urban Areas), Type, and Region - Global Forecast to 2023
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