An intelligent transportation system aims to achieve traffic efficiency and safety by reducing traffic problems. ITS using geographical information systems (GISs) and GPS put in place to record information of vehicles. Both, GISs and GPS, are useful in managing toll plazas. The adoption of IoT solutions for transportation offers accurate data and real-time visibility, enabling systems to increase their productivity. This convenience factor is anticipated to fuel the growth of the global RFID electronic toll collection system market during the forecast period.
Modernizing Urban Highway Infrastructure
The role of transportation in urban areas has become an even more important part of city life. RFID electronic toll collection systems have been developed, which aims to eliminate the delay on toll roads by collecting toll electronically. Urban highway development is also often associated with lower use of motorized transport and shorter distance. Modernizing urbanization involves an array of sophisticated technologies that offer many benefits.
Increasing Demand for RFID-based Asset Tracking Systems to Propel Market Growth
Asset tracking combines barcode scanners, desktop software, mobile devices, and barcode labels to streamline the tracking of assets. RFID is a combination of sensors and communication technologies that helps companies track their assets and manage the shipment of their products. RFID-based asset tracking systems are particularly useful for operations with small but expensive movable items. RFID-based asset tracking uses a system of RFID electromagnetic readers, RFID tags, and RFID antennas. These systems are increasingly gaining more popularity in the toll industry and manufacturing industry. RFID-based asset tracking systems in transportation decrease logistics costs and increases sustainability in freight flow.
Technology Development in Toll Plazas
In the era of technology development, most of the regular systems are modified as automated systems. Technologies such as Zigbee and RFID are used for advanced electronic toll collection systems. At toll plazas, instead of paying cash, one has to show an RFID card. The system will read the card or tag by using the RFID reader or scanner.
APEJ Remains Leading Market; Investors Encounter Heavy Losses Due to COVID-19 Pandemic
South Asia Pacific is poised for notable growth in the global RFID electronic toll collection system market during the forecast period. Increasing adoption of Fastag in electronic toll collection systems, particularly in India, operated by the NHAI (National Highway Authority of India), is most likely to bolster the RFID electronic toll collection system market in the country. This would thereby push the market prospects of APEJ. However, recently, investors in Asia’s infrastructural developments are staring at heavy losses due to the COVID-19 pandemic. Social distancing, lockdowns, and stay-at-home orders are adversely influencing the overall toll collection sector, thus holding a cascading impact on the adoption of RFID-based electronic toll collection systems. A majority of toll centers in the region are privately owned by foreign investors, who will continue to be challenged for a while due to the suspension of toll collection.
RFID Electronic Toll Collection System Market – Competition Landscape
Introduction of new products and collaborations & partnerships are key strategies followed by top players in the RFID electronic toll collection system market to increase their business revenue. RFID electronic toll collection system manufacturers and service providers are focusing on innovation in products/services to improve their market positions.
Some leading players in the RFID electronic toll collection system market are Kapsch Trafficcom AG, TransCore, Siemens, Vaaaninfra, Neology, Inc., Honeywell, ID Tech Solutions Private Limited, and TagMaster.
In this market study, the global RFID electronic toll collection system market is tracked in terms of market value, and is correlated and adjusted to obtain market revenue estimates for the forecast period of 2020–2030. The global RFID electronic toll collection system market is anticipated to witness an increase in revenue from US$ 5 Bn in 2019 to US$ 9.4 Bn by 2030. Technological developments will be the main driving force behind market growth.
RFID Electronic Toll Collection System Market – Report Scope
The research study on the RFID electronic toll collection system market offers a close look at the evolving aspects of the market, as well as the dynamics impacting market growth. The research study focuses on the key developments that have made their mark in the RFID electronic toll collection system market and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the RFID electronic toll collection system market.
A direct market overview provides the growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the RFID electronic toll collection system market during the forecast period. This report includes a detailed and considerable amount of information, which will help new manufacturers in the most comprehensive manner for better understanding.
Several stakeholders in the RFID electronic toll collection system market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the RFID electronic toll collection system market report also helps new market entrants in expanding their bases in the market.
The report elaborates the historical and current trends molding the growth of the RFID electronic toll collection system market. The performance journey of the market has been drawn and analyzed in such a way that the lucrative side is evident to readers. The competitive landscape presented in the RFID electronic toll collection system market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.
RFID Electronic Toll Collection System Market: Segmentation
PMR’s research study on the global RFID electronic toll collection system market offers a detailed market segmentation, wherein, key segments have been discussed in detail. The segmentation of the RFID electronic toll collection system market has been done on the basis of component, toll charge, application, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
RFID Electronic Toll Collection System Market: Key Questions Answered
The research study on the RFID electronic toll collection system market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Key insights offered in the report answer some of the most salient questions that assist stakeholders in gauging all emerging possibilities.
RFID electronic toll collection system Market: Research Methodology
A unique and promising research methodology forms the base of the RFID electronic toll collection system market report for the forecast period. The report has been prepared after a comprehensive analysis of market happenings, and then, riveting insights have been compiled meticulously. Research methodology of the RFID electronic toll collection system market has been a two-step process, which comprises primary and secondary research. Key stakeholders, which include manufacturers, suppliers, and distributors, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals, have been interviewed.
Secondary sources referred to garner report findings include investor presentations of manufacturers, World Bank, and many other credible sources.