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RFID Electronic Toll Collection System Market is segmented by its components that is Hardware, Services, Toll Collection and Management Software also by toll charge that is Perimeter-based Charges, Time-based Charges, Point-based Charges, Distance-based Charges.
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.
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.
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.
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.
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.
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.
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.
The global RFID electronic toll collection system market is estimated to be worth US$ 10 Bn by the year 2031.
The global RFID electronic toll collection system market is expected to witness a CAGR of 6.5% between 2021 and 2031.
The global RFID electronic toll collection system market witnessed a CAGR of 5.5% between 2015 and 2020.
The current trend driving the market pertains to modification of regular systems as “automated systems”. As such, toll plazas, in place of cash, do ask for RFID. Furthermore, the tag or card will be read by making use of RFID scanner or reader.
Growing adoption of Fastag, especially in the developing economies, is driving the demand for RFID electronic toll collection system.
The top 5 players such as Honeywell, Kapsch Trafficcom AG, TransCore, Siemens, ID Tech Solutions Pvt. Ltd. account for more than 70% of the market share.
The top 5 countries driving demand include the US, Germany, UK, Japan, and South Korea.
North America, with the US being at the forefront, holds the largest market share.
Europe is expected to grow at the rate of 5% in the RFID electronic toll collection system market between 2021 and 2031.
The US and Germany are the key producers of RFID electronic toll collection system.