Industry Background:
Generally, the toll is collected at toll plazas and public-funded projects by cash collection, smart cards, and other collection methods. In these types of methods; there are certain types of deficiencies like long queues at toll plazas, lack of transparency in collection, unavailability of traffic data for project planning, and also no enforcement is possible in these conventional systems. With an Electronic toll collection (ETC) system, many of these problems are solved. ETC system uses a vehicle to toll plaza communication technologies like Radio Frequency Identification (RFID) to perform monetary transaction to toll plaza and passing vehicle. In India Apex committee set up by GOI finalized passive RFID for use in toll plazas and tag associated with it was called FASTag.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Zebra Technologies (United States), Alien Technology (United States), Avery Dennison (United States), Tagmaster (Sweden), FEIG Electronic (Germany), Metro Infrasys (India), Celect (India), Infotek software and systems (India), VaaaN Infra (India) and Star Systems (India) |
According to AMA, the market for RFID Electronic Toll Collection System is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Increasing Demand to Increase Time Efficiency of Toll Collection and Growing Demand to Track Vehicles.
Globally, a noticeable market trend is evident Introduction of RFID Electronic Toll Collection System to Get Latest Toll Rates
Major Players, such as Zebra Technologies (United States), Alien Technology (United States), Avery Dennison (United States), Tagmaster (Sweden), FEIG Electronic (Germany), Metro Infrasys (India), Celect (India), Infotek software and systems (India), VaaaN Infra (India) and Star Systems (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Electronic tolling systems are now becoming new standards of toll collection in the whole world. With this, the demand for RFID ETC system providers is also rising. In this market; clients providers large orders and not very often orders. In this case, a good reputation for reliability and dependability is a must to provide. Many times, a large toll plaza can integrate their whole system with ETC. The market is fairly fragmented and does not have any market leader as such. Local players are dominant in many nations. Niche offerings and cost-effectiveness are key things in this market.
Key Developments in the Market:
In October 2021, Singapore Technologies Engineering Ltd announced that it has entered into an agreement to acquire all the ownership interests in TransCore Partners, LLC and TLP Holdings, LLC from an indirect wholly-owned subsidiary of Roper Technologies, Inc. (the Acquisition).
In March 2021, South Delhi Municipal Corporation (SDMC) announced that they will install RFID tags at all 124 entry points in the city. According to SDMC, in the first phase, they had already installed 13 key points and now it aims to install at the remaining 113 points. Mayor of the city said “The system ensures that all commercial vehicles will have to pay the tax and ECC through RFID and the move will promote a cashless system”
Influencing Trend:
Introduction of RFID Electronic Toll Collection System to Get Latest Toll Rates and Immediate Transaction and Verification on Mobile by RFID RFID Electronic Toll Collection System
Market Growth Drivers:
Increasing Demand to Increase Time Efficiency of Toll Collection and Growing Demand to Track Vehicles
Challenges:
Lack of Awareness in General Public About RFID RFID Electronic Toll Collection System
Restraints:
High Cost of Initial Installation of RFID Electronic Toll Collection System
Opportunities:
Rising Use of RFID RFID Electronic Toll Collection System Due to Mandatory Standards of Government and Increasing Adoption of RFID RFID Electronic Toll Collection System By Developing Nations
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in RFID Electronic Toll Collection System Market
- Analysis about New Entrants in RFID Electronic Toll Collection System Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, RFID Electronic Toll Collection System Study Sheds Light on
The RFID Electronic Toll Collection System Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the RFID Electronic Toll Collection System industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where RFID Electronic Toll Collection System industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.